If you are a veteran residing in Frisco, TX, and are looking for home financing options, we can help you find the best solution for your situation. Often, this solution is a VA home loan. The U.S. Department of Veteran Affairs (VA) insures loans for U.S. Veterans, which covers the risk to lenders. This allows them to offer lower interest rates and lend to less financially qualified borrowers than would normally be possible.
VA Loan Description
VA loans have a number of benefits if you are a veteran. First of all, there is no down payment required on mortgage amounts up to $417,000, though you can certainly pay one if you wish to. The funding fees can also be financed by the loan, making it very affordable.
VA loans have negotiable interest rates and no monthly mortgage insurance premiums. This means that it is possible to get monthly payments that fit well within your current income level.
Since the VA covers the risks associated with the loan, the lender can generally offer better loan terms than would normally be possible. It is important to remember that the VA does not loan money. It only insures the loan. A private lender is the one who actually lends you the funds.
If you so desire, you can pay off a VA loan early without risking any associated fees.
In order to qualify for a VA home loan, you must be one of the following:
- A U.S. Veteran
- The surviving spouse of a U.S. Veteran (but only in some cases)
- On active duty
- A member of the National Guard or a reservist
You must also provide financial information as well as documentation of your military service. The latter is usually in the form of a DD Form 214, or Certificate of Release or Discharge from Active Duty.
How VA Loans Can Help You
Qualifying U.S. veterans can gain many benefits from a VA home loan, which can help with future investments and financing options.
- Home Equity: You can use home equity to consolidate debts and pay off large expenses. Equity is built as you pay off your home’s mortgage, so without mortgage insurance premiums, early payment fees, or high interest, it can be easy to quickly build home equity with a VA loan.
- Refinance Mortgage: It can be easy for veterans to refinance their mortgage to a VA loan in order to reduce interest. VA loans can also be useful for building credit, which can help you qualify for more attractive refinancing options later on.
- Cash Out Refinance: While the state of Texas does not permit cash out refinancing with a VA loan, using your loan to build credit can help you qualify for conventional cash out options in the future.
For those who need financial assistance, the VA also offers aid to veterans if they are in danger of defaulting or foreclosure.
VA loans can help veterans qualify for financing opportunities that they might otherwise be unable to access. They do this by providing the following benefits:
- Less stringent qualification guidelines
- Loan covers funding fees
- No down payment as long as the loan is within the maximum loan limit
- No mortgage insurance premiums
- Flexible terms
- Lower interest rates
- Needed assistance from the VA to negotiate (or renegotiate) the terms of a loan
Why Choose Patty Newby
For close to 100 years, my family has served in branches of the armed forces to serve and protect our country. If you’ve served our country, a million thanks from the bottom of my heart for both your service and the
If you are a U.S. veteran residing in Frisco, TX, we are ready to serve you. Our team has over a decade of experience helping people find the right mortgage solution for them. We provide superior service by matching the perfect solution to your specific financial situation, taking into account income, net worth, assets, and so forth. In order to see what we can do for you, contact us today!
About Frisco, TX
Located 25 miles from the DFW International Airport, Frisco, TX, was the fastest growing city in the United States from 2000 to 2009. Forbes rated it the seventh best place to move to in the country, and the city is home to numerous sporting venues, including the Dr. Pepper Ballpark, the Dr. Pepper Arena (for basketball and hockey), Toyota Stadium (for soccer and local events), and the newly announced Cowboys center, called The Star.