Tulsa VA Loans

Tulsa VA Loans Help Veterans

At 1st Capital Mortgage, we are proud to help Oklahoma and Tulsa veterans buy their homes by offering Tulsa VA loans. These loans offer many benefits that make home buying for veterans a much easier process. In this article, we will cover the necessary information, requirements, and eligibility in order to obtain a VA loan. We love helping individuals who have courageously served in our military buy a home that they can call their own. Give our team a call today if you like to learn more specific details about these loans. You can reach us by dialing 918-274-1519 now.

The VA loan program was created with the Servicemen’s Readjustment Act back in the year 1944. The Tulsa VA loans program was formed in order to assist Oklahoma veterans in purchasing a new home by offering a number of different benefits that made home buying more affordable. It also offered another alternative for the various financing options that veterans may have not had access to. VA loans are mortgages that have been guaranteed partially by the United States Department of Veterans Affairs. The VA has guaranteed these mortgages to veterans and allows them to receive incredible loan terms and benefits in comparison to most popular mortgages.

If you’re interested in applying for Tulsa VA loans, you must be able to meet a number of different requirements in order to be eligible for these loans. These VA loans are available generally for any person who is served in the military, is a veteran, or the spouse of someone who served in the military but is now deceased. Also, if you are a current active duty military member, and served for a minimum of six months, you are qualified for this loan as well. The loans are also available for those who have served in the National Guard or in the reserves. If you have served the National Guard or the reserves, you must have served a minimum of six years before being eligible for this loan. If the national guardsmen or someone in the reserves has gone into active duty, they can be eligible for this loan after 181 days.

There’s a very specific process whenever applying for a Tulsa VA loan. The very first part of this process is to obtain a certificate of eligibility. This certificate is very important and absolutely required whenever applying for a Tulsa VA loan. Without this certificate of eligibility, you cannot apply for the VA loans. Here at 1st Capital Mortgage, we can help you obtain the certificate and assist you with the rest the process. Once a certificate is obtained, the preapproval process can begin.

There are so many different advantages with VA loans for veterans. The first of these advantages is that Tulsa VA loans do not require any form of down payment upfront. Veterans won’t have to worry about waiting years and saving thousands of dollars in order to make a down payment on their first home. VA loans make it easy for veterans to move into their home and makes the whole entire process much more affordable. Unless the appraised value of the home is more than the sale price of the home, there is no down payment required. You also do not need prior mortgage insurance for VA loans.

The additional benefits of Tulsa VA loans are that there are no prepayment penalties. Whenever you receive a VA loan, you have to stress about the risk of prepayment penalties. You also won’t have to worry about any closing costs either. Whenever you are approved for a VA loan, the closing costs are first of all limited by VA regulation and will be paid for by the person who is selling the home. The VA offers funding fees that are able to be used to finance some of the loan up to at least 3.3%. The maximum loan amount for VA loans is $417,000 for single family home, but maybe higher in certain counties.

There’s a very specific breakdown of the loan limits based upon the family size for Tulsa VA loans. As mentioned before, the limit for a single family within Oklahoma is $470,000. If you are in a two family, then $533,850 will be the maximum limit on your VA loan. Three families will be able to receive a maximum limit of $645,300. Those who have a four family are offered a limit up to $801,950. To learn more about the specifics of this breakdown, feel free to give our team a call today.

Keep in mind that the VA loans will not require a minimum credit score. Lenders will still look for a credit score of at least 620 whenever you apply for a loan, but there is some possibility to be abl to qualify for the loan if your FICO is below that amount. For those who have a score below 620, it is very likely that your interest rate will be higher than those with better credit. Whenever applying for a loan, you must feel provide proof of income. This can be provided through either W-2 statements, pay stubs, or other forms of income verification. You must also be able to provide documentation of other assets which may include investments, saving accounts, checking accounts, and any other notable asset as well.

At First Capital Mortgage, we offer three different types of Tulsa VA loans. The standard purchase loan is the most common loan which offers veterans great terms, flexible down payment options, and various rates for purchasing your new home. There is also the cash out refinance loans that allow veterans to use their home equity to obtain a new loan and can cover the expenses of home improvements and other debts. There is also the interest rate reduction refinance loan that we offer which allow veterans to refinance their home at a lower rate for this loan, if available.

Our team would love to help you obtain a VA loan. We desire to honor our servicemen and women by giving them the benefits that are included in this loan. Whether or not you’re buying a home for the first time, or wanting to refinance your current loan with a lower rate, our team would love to help you today. Give us a call in order to learn more information or if you have any questions to be answered. We love to get you started on the qualification process today. Please call us at 918-274-1519 now.