Energy Efficiency is a Big Deal

VA – Home Purchase Loans

National Oceanic and Atmospheric Administration and Commissioned Officers of the Public Health Service are considered to be active duty members and veterans, once discharged.

Veterans must have been discharged under conditions other than dishonorable.

Length-of-service requirements apply in most cases.

You will need to have a valid Certificate of Eligibility (COE). You may obtain one from the VA or from your lender. 

If you need to obtain your COE, please contact your lender about obtaining your COE. You can also download the VA Form 26-1880. You can get complete details on where to complete the form and mail it. You can also call Toll free number: 1-888-244-6711 or email the “U.S. Department of Veterans Affairs“.

Great Loan Terms

Market Interest Rate, VA funding fee and no pre-payment penalties. Maximum loan term cannot exceed 30 years. No maximum loan amount.

Application Process

Contact your lender to discuss qualifying for the VA loan. Your lender will help you find out the basic requirements, including the following:

The loan must be for your primary residence.

The home has to appraise for the loan amount or higher.

You need enough income to meet your monthly mortgage payments, maintain the home, take care of your other debts, and have enough money left over to cover daily expenses.

You have to have a good credit history to qualify.

A VA lender is the best way to find out if and how to qualify for a loan and get the pre-qualification process started. You can always get up to date info from the VA Home Loan website.

If you have any interested in getting an ARM (Adjustable Rate Mortgage) loan, please note that that the loans are being offered as a traditional 1 year ARM and also as hybrids with 3, 5, 7 and 10 year fixed rates. Consult with your VA lender to be sure they are still offered.

Program Contact Information

Please call or email me for more info. I have a great VA lender that can answer all your questions.

A Guide to Mortgages

With just a little bit of research and some foresight, however, getting a mortgage that will work now and into the future can be easier than you think. First, you need to review your finances and decide what sort of monthly payment you can afford today. Be realistic. It`s easy when you have a house in mind to tell yourself that you can afford something that you can`t. Think about it from all angles. You don`t want to end up “house poor” with no money left over after paying all of your bills.

Once you have this figured out, it is time to think about mortgage terms. The most common mortgage type is a 30-year note with a fixed interest rate. Rates are still near multi-year lows, so be sure to shop around to find the best rate for your mortgage. If paying your house off as quickly as possible is your goal, consider a 15-year fixed rate mortgage. With a shorter term, banks will generally offer a more desirable interest rate. If you go the 15 year route, be sure that you aren`t overextending yourself, as these notes will result in much higher monthly payments than their 30-year counterpart.

More exotic options can be found in loans called adjustable rate mortgages (ARMs). ARMs can give you a lower rate on the front end, but this rate can generally adjust every year, creating a significant difference in your monthly payments. A lot of folks choose ARMs due to the lower up-front costs under the pretense that they will either earn more money in the future to be able to afford a higher payment, refinance the mortgage into a fixed-rate loan before the rate adjusts, or only live at this residence for a short period of time. Be extremely cautious when going in this direction, however. Plans change and banking on never having to deal with an increasing interest rate can be a dangerous game. A lot of recent foreclosures have come as the result of homeowners not being able to afford their monthly mortgage payment after their ARM was adjusted higher.

After you go through the process of deciding on the best mortgage to fit your needs and the ink is dry on the loan papers, all that`s left to do is move into your new residence. The last thing you want to worry about is moving all of your furniture, so definitely consider looking at some moving companies to help you with the heavy lifting associated with a move.

Disclaimer

This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice