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What You Need to Know About VA Loans in Port Aransas

VA Loans in Port Aransas - Port Aransas Homes for Sale

If you’re a veteran of the U.S. Armed Forces, you’re most likely eligible for a VA loan.

Unfortunately, many people aren’t aware of all the benefits that go along with a loan backed by the Veterans Adminstration—or even how they work.

VA Loans: The Basics

It’s not exactly accurate to call it a VA loan. The funding doesn’t actually come from the Veterans Administration; it comes from a private lender. We call it a VA loan because the VA guarantees a portion of it. (That includes the VA reassuring lenders that if you default on your loan, the lender can go to the Veterans Administration to recoup their investment.)

Benefits of VA Loans

If you choose to use a VA loan, the benefits include:

  • No down payment required, as long as the home’s sale price doesn’t exceed its appraised value
  • No private mortgage insurance premium requirements (most people have to pay PMI if they’re putting down anything less than a 20 percent down payment)
  • The VA limits how much the lender can charge you for closing costs
  • Sellers are permitted to pay your closing costs
  • Lenders can’t charge you an early repayment penalty if you pay off your house before the length of the mortgage is up

Finally, if you run into trouble making your mortgage payments, the VA may be able to help you.

The Maximum Debt Ratio for VA Loans

There isn’t a maximum debt-to-income ratio for a VA loan. The lender does have to provide the VA with “compensating factors” if your DTI is over 41 percent, though. Many lenders have a maximum DTI, and in some cases, it’s lower than 41 percent.

Minimum Credit Scores for a VA Loan

The Veterans Administration does not have a minimum credit score requirement. Many lenders do, however.

Lenders must look at a veteran’s entire financial profile before making a lending decision, even if the vet’s credit isn’t as high as what the bank would typically require.

Are You a Veteran Buying a Home in Port Aransas or the Surrounding Communities?

Whether you’re looking for a home for sale in Port Aransas or North Padre Island, we’d love to help you find the perfect place to live.

Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll start searching right away.

In the meantime, check out our:

  • All-in-one mortgage calculator
  • Free homebuyer handbook
  • Free eBooks about buying a home (and more)

 

Posted in: Blog, Buying, Financing, VA Loans Tagged: Buying, Financing, How to Use a VA Loan, VA Loan Benefits, VA Loans

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Port Aransas Texas Real Estate
Julie Woodward, Broker/Associate

Address: 1900 State Highway 361
Port Aransas, TX 78373-4894
Direct: (361) 563-7788 (Mobile)
Phone: (361) 749-6000 (Office)
By Fax: (361) 749-5337 (Fax)
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Hot Port Aransas Real Estate

This charming home was recently featured in the Caller Times home section! Spacious and inviting 4 bed, 4.5 bath home in Island Park Estates, a beachfront community with a pool and beach cart accessible dune crossover. "Are We There Yet" is a completely renovated beach house beautifully furnished with a coastal flair. Large open kitchen, dining, living and wet bar with views out every window. Huge covered deck to enjoy the views plus a covered porch for alfresco dining, grilling and relaxing. Third floor master has a private deck with spectacular Gulf views and remodeled bath with ceramic shiplap planked walk in shower and quartz countertops. Luxury vinyl plank flooring throughout and new exterior Duxxbak decking system. Ground floor has 2 beds & baths with a second spacious living area ideal for kids and cart garage. Lots of natural light throughout the home with many outdoor options for views and relaxation. A popular rental it sleeps 18. Excellent investment opportunity! Wow! $995,000 Active

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