VA Home Loans
Top VA Home Loans in Texas
At HomeSoon Lending Team, we are proud to offer a wonderful selection of lending solutions including the VA home loans program. This program is designed to assist Veterans, Servicemembers, and eligible surviving spouses on their journey towards becoming a homeowner.
Our goal is to assist applicants with an easy-to-understand process, fair rates, and access to the VA home loans program.
What Mortgage Rate Can I Get?
Before coming up with a figure, a qualified loan specialist will take the opportunity to assess your case. This includes determining your “maximum purchasing power” (i.e. the most expensive property you can buy under the program), assets, income, and liabilities. Each component plays an important role in the interest rate you are offered by the HomeSoon Lending Team.
We even take the time to go through relevant details involving potential mortgage payments you qualify for, what the total loan amount will be, and how this is going to factor into the eventual purchase price of your home.
In Texas, the Vet Limit is set at $484,350 with the conventional mortgage limit in VA being $510,400.
By choosing to go beyond the $510,400 limit, applicants can sign up for what is known as a VA Jumbo Loan. This is only possible when a pre-determined down payment is included in the deal for the amount. Please note, being eligible for a VA home loan does not mean a qualified applicant can immediately sign up for a VA Jumbo Loan. The review process will still take the time to assess your assets, income, and liabilities along with additional spousal information (if applicable) before making a determination.
Each VA home loan is tailored based on the applicant’s financial situation. This is why it’s highly recommended to take the time to call the HomeSoon Lending Team at 621-254-2147 to get started with your quote.
Understanding the APR
With a VA home loan, it’s important to recognize what the APR or Annual Percentage Rate is. Remember, this is different from the interest rate on your loan.
The APR on your VA loan refers to the interest rate + fees on your mortgage. There are several factors taken into account before determining the APR including – Closing Agent Fees, Interest Rate, Origination Fees/Costs, Transactional Fees, and Discount Rates.
On average, the APR Is going to be higher than the base interest rate on your VA home loan. This APR can be a wonderful tool to gauge different mortgage loans and determine what’s financially viable and what’s not.
Can Use a Fixed Interest Rate on VA Loans?
Yes, VA home loans can use what is termed as a “rate lock,” where borrowers can fix their interest rate for a set number of months. In most cases, this tends to be for 1-2 months depending on the situation. These rate locks are essential when it comes to managing fluctuating mortgage rates and the accumulation of interest.
For those interested in a rate lock, it’s recommended to have a contractual agreement in hand from the loan specialist. From this point, the loan specialist will go through various factors including the economy, type of loan, and personal factors to determine whether or not a borrower is eligible for a rate lock.
For more information on this, feel free to speak to a qualified loan specialist at the HomeSoon Lending Team right now.
To make sure borrowers feel in control of the situation and gain access to a competitive mortgage rate, our team offers a selection of discount opportunities based on your financial situation. This will vary from person to person and is going to be offered during the application process.
These rates are in line with state standards and will make the VA home loan program a perfect fit for your needs. Get started right away and take advantage of these discounted rates.
Why Choose the HomeSoon Lending Team?
When it comes to the best VA home loans in Texas, our team remains committed to understanding your needs and financial situation. We take pride in going the extra mile for borrowers and focusing on offering a competitive interest rate.
If the goal is to find a fair home loan and a straightforward application process, we remain the number one lender in the region. Our VA home loans are easy to understand, don’t involve hidden fees, and continue to offer the best rates.
For first-time homebuyers, there is nothing better than going with a reputable lender in the heart of Texas.
To learn more about the HomeSoon Lending Team and our VA home loans program, please call 877-712-8490. A qualified loan specialist will be more than happy to take you through the process step-by-step. This is a wonderful opportunity to learn more about the program, what it has to offer, and why it can be a life-changing solution for you.