VA Loans Killeen, TX

Killeen TX, VA Loans

I’m not just a loan officer, I am a veteran myself. Before I go over all of the VA Loan benefits I first want to say thank you for your service.

Because I specialize in VA Loans, I know just how important it is for veterans to have access to the best financing options for their purchase or refinance.

I believe that a VA loan is the best available mortgage option available for homebuyers and homeowners with VA benefits.

What Are VA Loans?

VA Loans are a type of loan program that is guaranteed by the US Department of Veterans Affairs (VA). This loan program is designed to help veterans, active-duty service members, and surviving spouses buy or refinance a home.

VA Loans have lower interest rates, no private mortgage insurance, no down payment requirements, and are generally easier to qualify for compared to conventional loan programs.

Eligibility Requirements for VA Loans

Not everyone qualifies for a VA loan, to be eligible you must meet certain eligibility requirements.

  • Veterans who have served in the US Military for a certain length of time. The specific service requirements vary depending on your era of service, but generally speaking, you must have served for at least 90 days of active duty during wartime, or 181 days of active duty during peacetime.
  • If you did not meet those requirements due to a service related disability or were discharged due to hardship you may still qualify for a VA loan.
  • Active-duty service members who have served for at least 90 continuous days.
  • National Guard and Reserves who have completed at least six years of service.
  • Surviving spouses of veterans who passed away as a result of a service-related disability or who passed away during active duty.
  • Surviving spouses who have not remarried may be eligible for a VA loan if the veteran passed away after their service, but still due to service-related injuries.
  • Spouses of an active-duty service member who is missing in action (MIA) or a prisoner of war (POW).

Eligibility can sometimes be tricky, if you have any questions at all please reach out and I would be happy to help answer any questions.

VA Loan Limits

As of January 2020 there is no limit on the amount you can borrow with a VA loan. However, some lenders do have restrictions on the amount they will lend. Generally speaking, most lenders will lend up to $1M+ on VA loans.

The VA Loan Process

The VA loan process is similar to the process for any other mortgage loan. You’ll need to complete a loan application, provide documentation of your income and assets, and undergo a credit check. However, there are some additional steps you’ll need to take to get a VA loan.

First, you’ll need to obtain a Certificate of Eligibility (COE) from the VA. This certificate proves that you meet the eligibility requirements for a VA loan. You can apply for a COE online, through your lender, or by mail.

Once you have your COE, we can start working on your VA Loan. I’ll be working closely with you every step of the way from pre-approval all the way to closing!

Pros and Cons of VA Loans

Like any other type of loan, VA loans have both pros and cons. Some of the pros of VA loans include:

VA Loan Pros:

  • No down payment requirements
  • No PMI requirements
  • Lower interest rates
  • Flexible credit and income requirements

VA Loan Cons:

  • There may be funding fees associated with VA loans
  • VA loans may take longer to process than conventional loans
  • VA loans may have stricter property requirements

Is a VA Loan Right For You?

If you’re a veteran or active-duty service member who wants to buy a home in Killeen, TX, a VA loan may be a great option for you. However, it’s important to carefully consider your options and determine whether a VA loan is truly the right choice for your specific situation.

I have helped many veterans and active-duty service members secure VA loans and achieve their dreams of homeownership. If you’re interested in exploring your options for VA loans, please don’t hesitate to get in touch, my goal is to help as many veterans as I can!

Neil Johnson Loan Officer

Neil Johnson

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