If you are a Veteran and have served our great Country, there is a home mortgage for you and your family. It is a VA home loan that allows up to 100% financing. Wow - what other way can you purchase a home in America with little or no out of pocket expense to you?
It is a VA home loan with loan limits for 100% financing up to $417,000.00. Anything above this limit, the Veteran only needs to come up with 25% of the difference. This is great as there are no income limits or geographical location restrictions on the property to qualify!
The Highlights -
True 100% financing; No Mortgage Insurance - only a Funding Fee that can be added to the loan which can be waived if the Veteran has been determined to be disabled (only by 10% or more); the Seller can pay up to 4% toward closing cost and the 4% can be used to pay down the debt of the Veteran to get the ratios in-line; the Veteran can reuse the home loan benefit and the VA-backed home loans are assumable, as long as the person assuming the loan qualifies.
To be eligible, the Veteran must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.
Who's Eligible for a VA-Backed Loan?
• Active Duty Personnel
• Reservists/National Guard members
• Some surviving spouses and spouses of active duty personnel who are (a) missing in action, (b)captured in line of duty by a hostile force, or (c) forcibly detained by a foreign government or power
The Veteran will need a Certificate of Eligibility COE for the home loan benefit. In addition, the Veteran will need Proof of Military Service. In order to provide proof of military service to qualify for VA financing, the Veteran will need the DD Form 214, Certificate of Release or Discharge from Active Duty.
If the Veteran is still on active duty, a statement of service signed by, or by the direction of, the adjutant, personnel office, or commander of the unit will be required.
Here is a great opportunity to purchase and own a home with little or no out of pocket expense to the great men and woman who serve and have served our Country.
There are guidelines, and just like any other mortgage requirement, one must qualify based on income and credit before loan approval is granted.
Fairway Independent Mortgage Corp is a VA LAPP authorized Lender providing 100% home financing to our Veterans in the great State of Texas to include the cities of Houston, Dallas, Fort Worth, Austin, San Antonio, Lubbock, Corpus Christi, Midland and El Paso.
If you are a Veteran looking to purchase a home in Texas, please call our offices at (713) 528-0333 to discuss your home loan benefit options.
What can we do for you?