The American dream of owning a home can come with certain barriers. The largest barrier that most people face is financial. For the majority of home loans, you need to meet specific criteria and be able to put down a large down payment. For most people, this can take years of scrimping and saving and raising credit scores. The process can be daunting and seem out of reach. 

For veterans and service members there is, fortunately, another more affordable option. Although former and current members of the military can qualify for a conventional loan, most can also qualify for a VA or veteran home loan. A veteran home loan makes homeownership more accessible for our veterans. At Manuel Mortgage in Cypress, our expert mortgage brokers can help veterans navigate the loans that are available to them.

Call to action button that asks if you qualify for a VA home loan.

Who Qualifies?

Veterans, service members, and eligible surviving spouses can qualify for veteran home loans. This includes both current and former service members. Other criteria are taken into consideration as well, such as credit scores, income level, and stability. These loans can’t be used for investment or vacation properties, only primary residences. The best way to determine if you qualify for a veteran home loan is to consult with a professional and experienced mortgage broker. 

VA Loan

United States veterans, service members, and eligible spouses can qualify for VA loans (Veteran Administration). This is a flexible lending option that guarantees our veterans and service members affordable rates and payments. By taking advantage of the VA loan, veterans can obtain VA-backed home loans that work with their unique financial situations. 

There are several benefits that come with a VA loan. These benefits include easy qualification standards, zero down payment required, no mortgage insurance requirement, and loan limits as high as $453,100. Additionally, there are no prepayment penalties so you can pay off this loan as quickly as you would like to without penalty fees. Typically, we suggest that veterans and service members get pre-qualified and pre-approved for their VA loan prior to the home search. This allows you to determine what home prices you can afford, and pre-approval letters can show realtors that you are a strong buyer. VA loans allow our veterans to experience a much more affordable home-buying and mortgage process.  

New Construction Home Loan

Many people have heard of the VA home loan, but don’t realize that it can also be used for new home construction. One of the accepted uses of a VA loan is building a new home on a tract of land. Current and former members of the military can apply for a VA loan and opt to use it as a new construction mortgage. Using the VA loan in this way can help pay for the cost of materials, costs associated with designing your home, construction firm fees, and other miscellaneous expenses. To determine if you qualify to use your VA loan for new construction, it is best to consult with a professional mortgage broker. 

Contact Manuel Mortgage Today

At Manuel Mortgage in Cypress, we offer a wide variety of loan and mortgage types for Texas homeowners and buyers, so you are sure to find one that is a match for you. Whether you are just starting the process of searching for a home or need to apply for a mortgage today, our expert staff is eager to help. For veterans, service members, and qualifying spouses our expert team is happy to help navigate the world of VA home loans. 

If you have questions or would like more information, call Manuel Mortgage today. We can’t wait to hear from you!