Owasso VA Loans For Veterans
Here at 1st Capital Mortgage, we do all that we can to help Owasso veterans. One of the biggest ways that we are able to help veterans in the Owasso community is by offering them Owasso VA loans. By offering these loans, we are able to make home buying a much easier and more affordable process for those who currently serve or have served in the military. We pride ourselves in being able to help our military servicemen and women afford their dream homes. Please give our team a call today to learn more about the specific details regarding these loans by dialing 918-274-1519.
Our Owasso VA loans were created to help veterans and those currently serving in the military. This loan program reaches back to the year 1944, created with the Servicemen’s Readjustment Act. This loan option was created to offer veterans an alternative financing option to the many options that were available but veterans may not qualify for. The VA loans are simply mortgages in which the United States Department of veteran affairs has guaranteed for veterans. Veterans are able to obtain great loan terms and benefits when compared to other mortgage options, as guaranteed by the VA.
For those that would like to apply for an Owasso VA loans, there are number of requirements that need to be met before being eligible for the VA loan. First, these VA loans are exclusively available for people who have served in the military, are a veteran, or maybe a spouse of someone who once served in the military but has tragically deceased. Those who are active duty military members and have served in the military for minimum of six months will be eligible to receive the VA loan as well. The loan is also offered for those who served in the National Guard or the Army reserves too. However, one must have served a minimum of six years before being made eligible. The only exception is if someone in the National Guard or Army reserves were called to active duty. Once called active duty, people in the National Guard and reserves are eligible for the VA loan after 181 days.
There is a process that one must follow whenever they apply for Owasso VA loans. Before applying for one of these loans, one must receive a certificate of eligibility. One cannot apply for this loan without first obtaining the certificate. Without proven certificate of eligibility, one will not be able to apply for the VA loan. At First Capital Mortgage, we will be able to help you obtain the certificate and answer any questions that you may have. When you receive the certificate and once a certificate is obtained, one may begin the process of preapproval.
There are many different advantages whenever veterans receive Owasso VA loans. One of the greatest advantages and benefits is that these loans do not require any form of down payment. We like to assist veterans by getting them into their home quickly, so they don’t have to wait years while saving up to make a large down payment. The loans are great because veterans are able to move into their homes quicker and easier by making the entire process much more affordable. The only reason why there might be a down payment required is if the appraised value of the home is worth more than the sale price of the home. Also, you will not need prior mortgage insurance in order to obtain these loans.
There are other benefits that come with Owasso VA loans as well. Another huge benefit is that there are no prepayment penalties. By receiving a VA loan, you won’t have to worry or stress over having to pay a prepayment penalty. Furthermore, you won’t have to worry about covering closing costs as well. Once you’re approved for a VA loan, the seller of the home will be required to pay the closing costs, which are limited by VA regulation. The Department of Veterans Affairs will also offer funding fees that can be used to finance a loan up to at least 3.3%. It is important to remember that the maximum loan amount one can receive with the VA loan is $417,000 for single family home.
Depending on the family size, you may be eligible to receive more money when applying for a Owasso VA loans. As mentioned in the previous article, if you have a single family in Oklahoma the maximum loan amount you’ll receive is $417,000. A two-family is eligible to receive $533,850 as regulated by the VA. A three family is eligible to receive a maximum limit of up to $645,300. Lastly, a four family can receive a maximum loan amount of up to $801,950. You can learn more about the various specifics and details about these breakdowns by giving our team a phone call today.
VA loans do not require a minimum credit score. To be clear, a lender will look for a credit score of at least 620 when applying for a loan. If one has a score below 620, your interest rates will likely increase and be higher than those who have a higher credit score. You must also provide proof of income whenever applying for VA loan. This proof can be offered through W-2 statements, pay stubs, or another official form of income verification set by our firm. When applying for a loan you must also provide documentation of assets such as investments, savings accounts, and checking accounts.
There are three different types of VA loans that our firm offers. The first type of VA loan is called the standard purchase loan and is the most common loan. This loan offers great terms, flexible down payment options, and a number of rates to choose from. There is also another form of VA loan called the cash out refinance loan which allows veterans to use their home equity to obtain a new loan and can cover the expenses of home improvements and other debts. Lastly, there is the interest rate reduction refinance loan. This offers veterans an opportunity to refinance their home at a lower rate than their current mortgage offers.
At First Capital Mortgage, we would love to help you learn more information about these loans and obtain the best loan for you. We believe that those who serve in our military should be honored and given benefits whenever purchasing their home. Regardless of where you’re at in the home buying process, our team would love to help you today. Please give us a call to learn more information about the various lending options we have available or if you’d like to have any questions answered. You can reach us by dialing 918-274-1519 today.