Veteran home loan is a great loan facility offered by the United States government to the war veterans, active military members and the surviving spouses to buy a home with less difficulty. It is a dedicated service that helps the veterans to purchase and refinance their homes with competitive rates and plans. As a VA home loan agency in Texas, our job is to offer a helping hand to the war veterans in their home buying and refinance requirements. Our goal is to provide maximum guidance to the military members in the process of finding a good house and educate them about the whole process. The Texas veteran home loan comes with a lower interest rate unlike a conventional loan and this is one of its main benefits.
Texas VA Mortgage Rates
The current VA mortgage rate is fixed at 4.375% and it is available for a duration of 15 to 30 years. If you are dwelling in Texas, then it will be as low as 4.26 percent and it is approved by the Texas Veterans Land Board. The disabled veterans can enjoy this loan at a rate much lower 3.76 percent
The veterans can apply for a loan a maximum of $484,350, with no monthly payment requirements. You can get yourself pre-qualified for a VA loan by filling out an application form in the right manner.
The United States Government has given its backing to the VA loans
The government provides a guarantee that even if there is any default in payments the lender can approach the government and claim his losses. It creates a great relief for the lenders. As the loan itself comes with low interest rates, it makes it affordable for a veteran to maintain the loan.
Do You Know about VA Streamline?
A veteran already using a VA mortgage may be eligible for VA streamline refinance loan or in other words, the Interest Rate Reduction Refinance Loan (IRRRL). It gives a veteran the ability to cut down the current interest rate. There is no fresh appraisal required for this refinancing option. Its approval will work through the original qualification for the existing VA loan.
No income verification document or job verification will be required for this process. The standard credit requirement is that the veteran should be on his existing mortgage and have no more than one mortgage payment due in the past 30 days out of the entire year.
There is no closing cost involved with this loan. A veteran will require to pay only a minimum of 0.5 percent funding fee which can be clubbed up in the mortgage.
There are many such VA lenders who would try to misguide the veterans while processing of the home loan or exploring refinancing opportunities. It is good to contact a trusted VA mortgage expert agency who can provide you with the best professional and error-free guidance in these matters.
To better know about the eligibility options for this loan, one will be of great help if he contacts an approved Texas VA home loan lender like us. We make your home buying a less complicated affair by handling everything right from applying for this loan to the finalization of your new home.
Have a glance at our website and contact us if you want to clarify any doubt about the VA loan rates. Let us help you with your residential financial needs.