Texas VA Lender

Veterans Affairs (VA) Loans – Frequently Asked Questions

The Best Loan Program for Men & Women Who Serve

VA Loan Austin VA Loans offer 100% Financing up to $417,000 for military personnel & veterans.* Every day, military personnel and veterans enter the real estate market, unaware there is a financing option exclusively for them.

Call The Leaman Team today: (800) 301-3405.

There is no cost to apply for a VA loan with The Leaman Team. Great Rates, Low Fees, Close On Time™
 

Who qualifies for a VA loan?

  • Veterans
  • Active-duty service members
  • Reservists & National Guard who have served or currently serve on active duty.

 

What benefits are there to VA loans?

  • 100% Financing for purchase or refinance*;
  • 30-year fixed rate or adjustable-rate loans;
  • You may qualify for a VA loan with less than perfect credit;
  • Available to veterans & their spouses.

 

Other Benefits Include:

  • No monthly mortgage premiums;
  • Appraisal for the property’s value.

 

What’s the difference between a VA loan and an FHA loan?

  • FHA loans are guaranteed by the Federal Housing Administration and require a minimum 3.5% down payment.*
  •  

  • VA loans are guaranteed by the Veterans Administration and offer 100% financing.* Borrowers must have served in the armed forces for a specific time period.

 

What property types qualify for VA loans?

  • 1-4 Family residential properties;
  • VA and FHA-approved condos;
  • Townhomes.

 
Farm residences are ineligible for VA loans; however, there is no maximum acreage for a property and funds can be applied to home construction, repair, alteration & improvement.

 

What’s the minimum and maximum amount a person can borrow?

The maximum VA loan amount with no down payment is $417,000. With a down-payment, qualified borrowers can obtain loan amounts beyond $417,000. In specified “high-cost” areas, that loan limit can peak at $1,000,000.*

 

Do VA loans take longer to close than other loan programs?

The Leaman Team can close your VA loan in 30 days or less.

 

There is no cost to apply for a Texas VA loan with The Leaman Team. If you or someone you know has questions, please contact our expert VA mortgage team today: (800) 301-3405.

*Assumptions