VA Loans

In 1944, the Servicemen’s Readjustment Act was passed to provide veterans as well as their surviving spouses with a number of benefits. The VA loan program was one of the benefits made available through this act. By insuring home loans, the Department of Veteran’s Affairs (VA) makes it possible for veterans to receive various benefits when purchasing a home such as 100% financing, no private mortgage insurance, and limited closing costs. Vince Gutierrez Mortgage is proud to offer VA loans to the many veterans located throughout Spring, Texas.

Most veterans, military, and spouses of deceased military members will be eligible to apply for a VA loan. Veterans can apply at any time if minimum active duty service requirements are met. Before an active-duty member can apply, they will need to complete a minimum of 6 months of service. National Guard and reservists must wait 6 years before reaching eligibility. If they are called to active duty during this time, they will reach eligibility after just 181 days of service. Regardless of service status, all applicants must acquire their Certificate of Eligibility (COE) before applying for a VA loan. Vince Gutierrez Mortgage can assist you with your COE if you have not yet obtained it.

Veterans will find that VA loans offer numerous benefits when compared to the alternative mortgages available.

Spring VA Loan Benefits

  • 100% financing (appraised value cannot exceed sale price)
  • VA funding fees can be financed with the loan (up to 3.3%)
  • No private mortgage insurance (PMI)
  • No pre-payment penalty
  • VA regulation limits closing costs
  • Up to $424,100 loan amount (certain counties may be higher)

Spring VA Loan Limits

County Single-Family Two-Family Three-Family Four-Family
Harris $424,100 $543,000 $656,350 $815,650

The VA does not require a specific minimum credit score to qualify for a VA loan however, most lenders will require that a borrower have a credit score of at least 620. Since there is no minimum credit score requirement set in place by the FHA, we can be flexible with each borrower based on their individual situation. For example, it could be possible to approve a borrower with a lower credit score if they are able to offer a larger down payment. Be prepared to provide information such as W-2 statements, recent pay stubs, and documentation of checking accounts and savings accounts to verify your income and ability to repay the loan you are requesting.

Veterans who currently hold an VA loan can take advantage of refinance programs offered through the VA as well. Those who may need extra cash for expenses such as home improvements or high-interest debt consolidation can utilize a VA cash-out refinance loan. If you are simply looking to lower the rate on your current VA loan, the Interest Rate Reduction Refinance Loan (IRRRL) is available. The IRRRL is commonly referred to as the VA’s streamline refinance loan.

At Vince Gutierrez Mortgage, our goal is to help the many veterans throughout Spring, Texas, with their VA loan needs. For more information or for any questions you may have on Spring VA loans, contact Vince Gutierrez Mortgage today.