You’ve served our country well and now it’s time to come home. For most of our Veterans coming home means finding an affordable loan to begin the process of mortgage financing. In Fort Worth Texas there are many options to find affordable VA Home Loans that offer low rates, low fees, and fast closings.
Seeking any mortgage loans Fort Worth TX? Before beginning your research, there are a few things you may want to know about Fort Worth VA Home Loans. Regardless of what part of Texas you live in, affordable loans at low rates are available for you. The U.S. Department of Veterans Affairs helps veterans, and surviving family homeowners with a home loan guaranty that generally serves as the outline that most lenders use to service veterans seeking home loans.
Service Requirements for VA Mortgage Loans
A prerequisite for qualify for a government approved loan requires active duty in the military. The number of years and time in service are used by the The Department of Veterans Affairs to help you determine the advantages and benefits available for your loan. Generally, your local lender guidelines will seek the following service requirements for eligibility:
- The spouse of a service member who was killed in the line of duty
- 6 Years of National Guard Service or Reserves
- 181 Days of Peacetime Active Duty
- 91 Days of Wartime Active Duty
Documents Required for VA Home Loans
Military service, along with financial income documentation is needed to begin the process of seeking a loan. In most cases these documents include a copy of your DD214, two months of your recent bank statements, the past two years of your W2 statements, and your Veteran’s VA Certificate of Eligibility (COE). These loans offer a very low interest rate with up to 100% financing of the purchase price of your home, often with no payments. With no prepayment penalties, some VA loans have seller’s concessions as low as four percent. Additionally, the funding fee can be financed in most cases as well.
With competitive interest rates in today’s market, a purchase loan helps you to purchase a home without a downpayment or private mortgage insurance. Ask your lender for details about the Cash Out Refinance loan. This loan allows you to cash out of your home equity which will allow you to take care of unexpected concerns that may require you to use emergency funds. These amazing benefits apply to the purchase of most manufactured homes, providing that specific safety standards are met. Talk to your local Fort Worth Texas lender to find out more about these benefits.
Arranging a Budget for your VA Loan
While most VA loan seekers can afford a home with priced at two or three times their gross annual income, monthly expenses and other debts should be considered in the initial stages of budgeting for your loan. Your budget should include expenses for vacations, lunch at work, credit cards, car loans etc. The amount left over after your budget calculations is the amount that you will likely use for homeownership expenses.