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TEXAS
VA MORTGAGE – FAQ (Back to the Home Page)
 What
is a VA Mortgage?
This is a mortgage that is made by a private company to a veteran, where the
federal government insures the mortgage in case of default.
Does the VA loan mortgage
funds directly?
No, they only guarantee the loan against default. The loan is done by a private
lender, like us for example!
What does it take to qualify
for a VA mortgage?
Entitlement of VA loan guarantee benefits requires service and discharge under
conditions other than dishonorable. For reserves the minimum service time is 6
years. For active duty in the Army, Navy, Air Force, Marine Corps, or Coast
Guard, the minimum service is 2 years. An exception is for service in war time
and that is generally 90 days. You will also need to meet lender qualifications
for things like credit and income.
What are the benefits of a VA
mortgage?
Benefits include 100% LTV, low interest rates, and no private mortgage insurance
(PMI) required.
If I qualify, is this always
the best type of mortgage?
No, in some cases another type of mortgage may be better, especially if you want
to make a large down payment.
Can I get a VA mortgage and
not pay anything to close?
It is common to get a VA mortgage for 100% of the homes value. There is a VA
funding fee required and that is usually financed. Other closing costs are
required and that is typically 3% of 6% of the sales price. You can ask the
seller to pay your closing costs and if they do you may only need a small amount
of cash to close (like the appraisal cost for example).
What kind of credit
requirements are there?
In general you will need to have no credit or good credit to qualify. Your
credit history for the most recent 1 – 2 years is especially important. There
should not be more than one 30 day late payment on your credit report in the
last year. Stable employment and sufficient income for the loan size requested
are important. You should not have a bankruptcy in the last 2 years, or a
foreclosure in the last 3 years. Other guidelines apply so please check with one
of our loan officers for more information.
 Is
there a certain credit score required to qualify?
This is becoming more of a factor recently. Experience has shown that most
applications with scores above 620 get approved. Applications with scores less
than 6000 are frequently declined.
What size loan can I qualify
for?
This depends on a number of factors including your income and what credit
obligations you already have. Please contact a loan officer for a free
pre-qualification.
Should I get pre-qualified
first or shop for a home first?
We suggest getting pre-qualified first. This will help you know what price range
is workable and what kind of payment you will be looking at. Many realtors will
require that you are pre-qualified before they show you homes. You will also
usually need a pre-qualified letter when you are ready to make an offer.
Do you also do VA refinance
mortgages?
Yes.
How do I get started?
You can put an inquiry or application in on our website. Or we can take your
application by phone. We will evaluate your information and answer any questions
you have. Then we will give you a written good faith estimate. Then if the GFE
is acceptable to you we can process your mortgage.
What area do you do loans for?
We do home mortgages anywhere in Texas.
Why should I get my mortgage
with your company?
We offer low rates and superior service. At Texas Capital Mortgage there are no
lines to wait in, and live people answer the phones. Our policy is to make the
loan process as easy as possible for you.
What if I have more questions?
Call us toll free at 1-866-443-0500.
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Mortgage Home Page
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