VA Home Loans

If you’re a veteran, active-duty military member, or eligible spouse, Financial Concepts Mortgage in Edmond, OK, can help you understand the benefits of and apply for a VA home loan in Oklahoma, Kansas, Arkansas, Alabama, or Texas. VA loans are partially backed by the U.S. Department of Veterans Affairs and help past and present members of the military purchase, build, repair, retain, or adapt homes for their own personal occupancy. Interested in learning about VA and other loan options? Our team is here to walk you through the process and answer any questions you may have.

Who Is Eligible for a VA Home Loan?

As mentioned previously, VA loans are available to veterans, active-duty military, and spouses. However, there are additional eligibility requirements set forth by the U.S. Department of Veterans Affairs to determine who can acquire a VA loan, including when you served, your length of service, and separation. Generally, active-duty members must serve for at least 90 days. Reserves are eligible with at least 90 days of active service or six creditable years with the Reserves or National Guard. If you’re a spouse of a former military member with a service-related disability or who has died in the line of duty, you are eligible if you have not remarried. Those who serve during times of peace must be active for at least 181 days. If you or your spouse’s separation was for a reason other than honorable discharge, the following are acceptable for VA loans:

• Hardship
• Government convenience
• Reduction in force
• Certain medical conditions
• Service-connected disability

You’ll need a Certificate of Eligibility (COE) to get a VA loan, which you can obtain through the VA or Financial Concepts Mortgage.

VA Loan Benefits

VA loans provide many other benefits when compared to conventional loans or FHA loans. These loans are not limited to members or veterans of the Army, Navy, Air Force, and Marines. Those in the Coast Guard, National Oceanic Atmospheric Administration (NAOAA), and Public Health Services (USPHS) are eligible if they meet their requirements. Our loan experts will help you decide which best fits your needs and situation. Benefits of choosing a VA home loan include:

• No required down payment
• No required mortgage insurance
• No loan limits for those who have full VA loan entitlement
• Lower interest rates than FHA or conventional loans
• Closing costs (the fees and expenses you pay to get a mortgage) are limited to no more than 1% of the loan amount
• No penalties for prepayment
• VA loans are assumable
• Two available refinancing options
• Foreclosure avoidance advocacy is available

In most areas, the limit homebuyers can borrow when taking out a VA loan to purchase a single-family home is $584,250 (as of 2021). Some areas where the median home price is higher will have higher limits.

VA Home Loan Guidelines

There is no minimum credit score requirement set by the Veteran’s Association to obtain a VA loan. However, private lenders can set their own minimum standards, which are usually between 580 and 660. A debt-to-income (DTI) ratio of 41% or less is preferred. The property you wish to purchase must also meet the VA’s minimum property requirements. Based on your needs, we offer a variety of loans to help you with your purchase, including:

• Purchase Loan: Standard mortgage used to purchase a new home
• Cash-Out Refinance Loan: Replaces your mortgage with a new loan and allows you to access 100% of your home’s equity to pay off debt or make home improvements
• Interest Rate Reduction Finance Loan (IRRRL): Allows homebuyers with current VA loans to refinance at a lower interest rate or transition from an adjustable-rate loan to a fixed-rate loan
• Native American Direct Loan (NADL) Program: Allows Native American veterans or spouses to buy, build, or improve a home located on Federal Trust Land
• Adapted Housing Grants: Helps veterans with service-related disabilities buy, build, or modify homes for better livability