Security America Mortgage has developed a useful tool called the VA loan calculator, which can help you determine your potential mortgage payment including taxes and insurance. To use the calculator, you will need to input information such as the home price, your funding fee (if applicable), the interest rate, and the loan term.
It is important to note that not all veterans are required to pay a funding fee. Disabled veterans, military spouses, Purple Heart recipients, and veterans receiving disability payments are exempt from paying the fee. Additionally, VA loans typically have competitive interest rates, making them a great option for those who do not have a down payment.
Security America Mortgage offers a variety of VA loans, including traditional VA loans, VA construction loans, VA renovation loans, and VA refinance loans. While they are headquartered in Texas, they serve many states across the United States. Texas is a particularly desirable location for veterans due to its thriving economy and numerous benefits for veterans, such as property tax exemptions and tuition-free college through the Hazlewood Act.
The VA loan process involves several steps, including determining your eligibility, obtaining a Certificate of Eligibility (COE) from the VA, finding a VA-approved lender, getting pre-approved for a loan, searching for a home, making an offer and acceptance, going through underwriting and appraisal, and finally closing on the loan.
When using a VA loan to purchase a home, buyers may be required to pay up to two months of property taxes upfront at closing. They may also be required to pay for the first year of homeowners insurance upfront at closing. VA loans do not have mortgage insurance like conventional and FHA loans, but they do have a VA funding fee which works in a similar way.
VA home loans often offer competitive interest rates when compared to other mortgage products. This is because they are guaranteed by the U.S. Department of Veterans Affairs, which helps to lower the risk for lenders. Interest rates can vary depending on factors such as credit score, loan-to-value ratio, debt-to-income ratio, and loan term. It is important to shop around and compare rates from different lenders to find the best VA loan interest rate for your specific financial situation.