VA Loans in Austin TX

picture of family welcoming home military fatherVA loans are mortgage loans given by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). These types of loans help U.S. military veterans purchase homes with competitive rates, no down payments, and no required private mortgage insurance. This program is also designed to offer a long-term loan options to U.S. military veterans.

To be clear, the government doesn’t make the loans; it simply promises the loans will be made by qualified mortgage lenders. Veterans make all the arrangements themselves with the help of lenders like HomeVantage Mortgage. The government’s role is to protect the lender against loss should the buyer default on the loan. It is usually easier to qualify for an Austin VA loan than a conventional loan. For veterans and service members, the VA loan is a much better option.

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How to Apply for VA Loan

The VA Loan can only be used to finance a new home. You cannot use a VA Loan for purchasing property for a business. Homes available to those with an Austin VA Loan are varied. If you have the Loan, you can:

  • Build a New Home

  • Purchase and Improve an Old Home

  • Purchase a Manufactured Home or a Lot for a Manufactured Home

  • Purchase a Home or Condominium Within a VA-Approved Region

  • Create Energy-Related Improvements Focused on Making a Home More Efficient

Eligibility comes from the Department of Veterans Affairs, who issues a Certificate of Eligibility. Qualifying applicants with good credit and steady income must submit to a mortgage lender of their choice. This must also be coupled with documentation of proof.

Length of Service

Eligibility for home loan benefits may be determined by an individual’s length of service, service commitment and/or duty status. For instance, anyone who served prior to 1980 and would like to get a VA Loan must have served between 90 and 181 days minimum. Past 1980, one must have served for either 24 continuous months or give proof of the full period you were called to serve in active duty.

Rules are similar for those on active duty. What separates those currently serving and those who have served are the date requirements. While Veteran status is broken up into certain time periods by the VA (which you can find here), there are no date stipulations for those currently serving. They must only prove service for a minimum of 90 days in either active or continuous service.

Spouse of a Veteran

Unmarried widows of fallen service members can also benefit from VA help. The Department of Veterans Affairs wants to take care of as many spouses as possible. Therefore, services have been placed to assist. If a spouse is still unmarried after the death of their spouse, they can apply. This also counts for the spouse of a service member who was pronounced a prisoner of war or missing in action while in service. A surviving spouse whose significant other was a service member and also disabled, yet did not pass away due to the disability, is also eligible to file for a VA loan.

Certificate of Eligibility for VA Loan

Once you have basic eligibility, you will need to prove it. The United States government provides a method to do that in the form of a Certificate of Eligibility. There are many ways to obtain a Certificate of Eligibility.

Gathering Your Evidence

Prior to getting the Certificate, you must gather more evidence. While you have established eligibility, you will need written documentation as proof. Once the evidence has been gathered, you will be able to submit the evidence along with your application for the Certificate of Eligibility.

If you are active duty or a National Guard member who has yet to be called to active duty, your paths are similar. You will need a written statement from a superior officer, the personnel office, or an adjutant. This will state that you are part of the service and how you’ve served.

Also, you will need to supply your full name, social security number, birth date, date of entry into the service, the amount of any time lost, and the command which provides this information. For those in the Guard, you will also need to state the number of creditable years served.

For Veterans or Activated Guard Members, there is a simple form to fill out. You will need to procure DD Form 214. This form will give the specific information on the circumstances of your leaving of the service. It will also indicate the quality of your character while you were in the Service.

For any other cases, there are a variety of forms depending on your background. In order to procure the correct forms, visit the Certificate of Eligibility page. Here, you will be able to see what additional forms you may need in order to gather complete evidence.

Apply for a Certificate

Once you have gotten all of your documentation, you can finally apply for a Certificate of Eligibility. HomeVantage Mortgage can help you with this application process. We have a thorough background in military service, which gives you an advantage. We’ll be able to walk you through the process step by step and procure your Certificate easily.

Interested in Applying?

If you are interested in applying for the Certificate of Eligibility, contact us by phone or E-Mail. We can schedule an appointment to talk or sit down and discuss the specifics of your VA Loan application and your Certificate of Eligibility. Together, we can do the paperwork and get you your loan sooner.

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