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Get Pre-Qualified for a loan in Texas
Take the first step toward your home buying goal with our free pre-qualification consultation. Complete this quick form to get a pre-qualification of you loan in Texas.
We’ll contact you when you are ready and provide a no-obligation pre-qualification consultation to help you estimate how much you may be able to borrow.
So are you ready to start the va home loan process? If so, simply fill out the quick one minute form or give us a call at (866) 935-1112
Why should I get a VA Loan?
The VA Home Loan is the very best mortgage available today to those who have earned the benefit. When comparing the pros and cons of the VA Loan to both a conventional loan and an FHA loan you will quickly find out that the VA Loan cannot be beat.
VA Loans require 0% down payment in most cases whereas conventional loans generally require at least a 5% down payment and sometimes up to 20% required. FHA loans require a minimum of 3.5% down. And with a VA loan, Veterans also do not have to pay any monthly mortgage insurance which cannot be said about a conventional or FHA mortgages.
What is VA Refinance?
The VA refinancing program allows qualified borrowers to lock in a lower monthly rate for the remainder of their VA Loan and/or take out cash from their home’s equity. But you must act quickly as interest rates are at historical lows!
There are a few different ways to lower your interest rate with a VA Loan Refinance, including a VA Streamline Refinance and a Cash Out Refinance. A VA Streamline Refinance, sometimes referred to as an IRRL, allows you to lower your current loan interest rate. A Cash Out Refinance allows someone who currently has a VA Loan, and has built up equity to cash out part of the loan to pay off bills such as credit cards and/or auto loans.
Should I choose a Jumbo Loan?
Many veterans have already taken advantage of their VA loan benefits. With relaxed qualification standards and more flexibility, it is proven to be the right choice for many to purchase and refinance their homes through this program. However, in most counties, the conforming loan limit with no money down is $417,000.
When your home costs more than this, the solution is the VA Jumbo Loan. A VA jumbo loan is any VA loan greater than $417,000. Qualifying veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan plus receive all of the benefits of the general VA loan.
These are the key benefits that Security America can offer for a Home loan in Texas
We offer VA, FHA, and All home loan types.
$0 Down payment for VA Loans.
No Need for Private Mortgage Insurance.
Very Low Interest Rate.
Easier to Qualify.
Relaxed Credit Standards.
Have a look at our most recent blog posts about VA Loans
Active service members with at least 90 continuous days of service and Veterans who’ve been honorably discharged from the armed forces can apply for a VA loan. Get started today!
VA Loan Overview
VA Loans In Texas are home loans made available to military veterans, reservists, and active-duty members for the purchase of a primary residence. The Veterans Administration does not lend money for VA loans; instead, it guarantees the top twenty-five percent of the loans made by private lenders, such as Security America Mortgage, to those who qualify.
Qualified veterans can use the VA Home Loan Benefit to purchase a home with zero money down, no private mortgage insurance, and have the sellers pay all of their closing costs. These benefits, along with highly competitive interest rates, are making the VA home loan for the preferred loan choice for many veterans.
VA Loan History
The VA Loans In Texas program was enacted by Congress in 1944 as a way to extend benefits to returning veterans as part of the Servicemen’s Readjustment Act. The government set up a system in which private lenders would make home loans to veterans and in return, the government would guarantee the lender against any loss in the event of a default.
In 1992 the VA Loan program was expanded to allow Reserve and National Guard members the ability to obtain a VA home loan provided they had at least six years of honorable service. As of today, more than 18 million veterans have used their VA home loan benefits. In the wake of the 2007 housing crisis, the VA home loan program has seen increased usage as many lenders throughout the country have tightened their lending standards.
VA Loan Interest Rates and Cost
Veterans home loans Texas have the same cost associated with closing as all other home loan products. There are two key differences in terms of closing costs with a VA home loan. First, if negotiated into the purchase contract, all closing costs and prepaid items can be paid by the seller, totaling up to four percent of the purchase price. Second, the Department of Veterans Affairs charges a VA Funding Fee on every loan it guarantees.
The VA Funding Fee is paid directly to the VA and helps to pay for the VA Home Loan Program for all current and future homebuyers. The VA Funding Fee ranges from 1.25 percent to 3.3 percent but is waived for veterans with service-connected disabilities. The VA Funding Fee can be paid in full at closing or rolled into the loan at closing.
Typically, Veterans home loans Texas interest rates are lower when compared to Conventional and FHA loans. VA Loan Calculator can help you determine your payments.
If you are looking for a VA Loans In Texas, don’t hesitate to fill out the form above to get started!
Veterans Home Loans Texas Benefits
– No Down Payment For VA Loans
Saving enough money for a down payment can be very difficult for active duty service members who are moving from base to base. With no down payment required for a VA home loan in Texas, many veterans can purchase a home with little to no money out of pocket.
– Lower Interest Rate
Because the Department of Veteran Affairs guarantees each loan, interest rates are typically 0.25 to 1 percent lower than those of conventional loans.
– No Mortgage Insurance
Since the VA guarantees the lender the top 25 percent of the loan, no mortgage insurance is required. Most conventional loans require a borrower to put down at least 20 percent of the purchase price or pay mortgage insurance. Mortgage insurance can be costly and does not ever go towards reducing your principal balance.