VA Home Mortgage Loans
Veterans and active military members have always played a key role in history fighting for the best interest of Americans and countries around the world. At Gold Financial Services, we honor our veterans and value their service. We are here to assist you to get into a place of your own that you can call home. Gold Financial Services is here to help you secure a mortgage loan if you are an active member of the military or a veteran and their eligible spouses, by guiding you through the process of acquiring a VA loan for a home in the San Antonio area.
To be an eligible participant, you must be a veteran of the United States, currently in the military on active duty, in the National Guard, or are a reserve member of the armed forces. Spouses can also apply if you are a spouse of a soldier who died while in service, a spouse of a service member missing in action or prisoner of war, or the spouse of a disabled veteran.
Further eligibility requirements for the type of home you are seeking to acquire through the VA home loan program with the assistance of Gold Financial are as follows: It must be the primary residence and located in San Antonio. Properties that can be approved include single-family homes, town homes, condominiums or duplexes; other multi-family home units require that they were built at a minimum 5 years prior to the closing date of your loan.
We will help you in the application process and in order to move the process along in a timely manner, it is best to get your documentation organized in advance for review. First, it is mandatory to acquire a Veteran’s VA certificate of eligibility, providing proof of your service. This can be obtained online by working with your chosen lender or requesting an expedited copy from the Department of Veterans Affairs. If you are still on active duty, a Statement of Service form will be asked for in place of the Veterans VA certificate of eligibility. Make sure to have your past two year’s W2 statements on hand and most recent LES or pay stubs covering one full month. Also, two months of your most recent bank statements and past two years of your tax returns will be required for the start of the application process.
VA home loans are unlike any other mortgage options in many ways. First, there is no mandatory down payment required! Another bonus under the VA program is that approval is not completely based or driven by credit score. Some of the focus will be placed on your past timely payments with other debt accounts and credit history over the prior year. The VA loan, however, will require a minimum credit score of at least 600, but this is a very flexible number compared to the credit requirements of other loans available to the regular consumer. Furthermore, the VA home loan program has an exemption from the VA funding fee if you are a veteran with a 10%, or greater, service connected disability rating. Also, if you are a disabled veteran whose injury was caused on active duty, you will be quite likely find yourself eligible even if the minimum required service time was not met; this can range from 90 to 180 days. You may be able to apply for a specially adapted housing (SAH) grant to receive modifications to permanent or temporary residences you are interested in. If you are a veteran receiving compensation from the US Department of Veteran’s Services due to a disability, it may be possible to for you to be eligible for a property tax exemption for all or part of the value of your loan.
If you are taking the advantage of your VA eligibility for the first time, the funding fee will be 2.15% of the loan amount. The funding fee is not paid out of your pocket, but is rolled into the mortgage amount you are approved for. The fee can vary based on several factors such as, whether this is your first VA home loan, your down payment amount – if that is the route you have chosen, whether you are a veteran who was in the National Guard or in the Reserves, and if it is a VA mortgage refinance loan. Expect closing costs to include the lender, recording, and title fees. We also would like you to remember to account for the included escrow pre-paid items for homeowner’s insurance and property taxes.
A great prospect upon the closing of a VA loan is that as a veteran you are not required to pay certain fees that are common in a traditional real estate transaction. The VA considers you exempt on such fees. These fees can be paid by the seller when you are purchasing the house through a VA loan.
Gold Financial Services wants nothing more than to work with those who have selflessly served to protect the freedom we enjoy as Americans. Contact one of our VA Loan Specialists so that we can get you into your home by calling us at 210-802-4665. You can also take advantage of the online tools provided in this website.