Posts By Leesa Sandoval
Location
Dallas, Texas
Phone: 972-725-9110
Posts
Before applying for a VA loan you will want to be sure you can obtain a Certificate of Eligibility, or COE for short. Depending on your branch of service there will be different ways to obtain the COE.
So what do you do in Texas if you find youself upside down on your VA mortgage loan? The simple answer is to refinance your current loan! In today’s economy home values just aren’t where they used to be so it’s not uncommon to have purchase a home a few years back using your VA benefits but now be upside down. Luckily you used your VA eligibility to purchase and have options.
In Texas, if you apply for a VA mortgage loan you should expect to pay a VA funding fee at closing. This is true for purchases and refinances unless of course you are exempt. The nice thing is that this fee is financed into the principle amount of the loan. It will vary depending on how many times you have used your VA entitlement, if you are refinancing and the type of duty you performed.
Now that you have decided to purchase a home in Texas using your VA eligibility, you may be curious as to how this process actaully works. Since the VA only guarantees loans and does not actually write them your first step is to find a lender offering VA mortgage loans. Once your application is approved the VA will guarantee a certain amount of the loan for the lender.
So you may be asking yourself why would I want a VA loan instead of a Conventional Loan in Texas? Well the primary reason is with a VA loan you will be eligible to receive 100% financing of the purchase price. Furthermore, rates on VA loans, historically, are 0.50% lower than those of Conventional loans. As an eligible veteran this is a benefit that should not be overlooked!
Across most of Texas and the US the VA home loan limit is $417,000 for borrowers purchasing or refinancing a primary residence. The purchase of a primary residence is the only option under the VA program. VA does not allow for the purchase of investment or second homes.
A VA compromise sale is designed to help veterans in Texas who have a VA mortgage and need to sell their home, but would end up taking a loss in the process. Various reasons can make you eligible for this program: needing to move overseas from a station change, or a divorce.
Honorably discharged veterans during World War II and later are eligible for VA loan benefits. Veterans with at least 90 days of service and who served during : World War II to Korean conflict and Vietnam era are eligible. Serving during peacetime would require 180+ days of active service. Since about 1980 though the requirement has moved to 2 yrs of service in most cases.
In Texas a VA (Veterans Administration) eligible borrower is one of the few people that can purchase a home with 100% financing of the loan. Applicants that qualify for this program are active, non active, Reserve, National Guard and retired military of the armed forces.
Foreclosures and more foreclosures are what we keep hearing in Texas. So how do you take an average property and make it a great property? The first thing that helps is for you to imagine the home the way you would want to have it and then let the Fannie Mae HomeStyle Renovation Loan do the rest.
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