San Antonio VA Mortgage Loans
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San Antonio, because it is home to several, major military installations, including Lackland Air Force Base, Fort Sam Houston and Randolph Air Force Base, among others, has countless military relocations occurring simultaneously at any given time.If you are relocating to San Antonio through the military, you may qualify for a San Antonio VA mortgage loan. Now may be the time to purchase a home in San Antonio!
San Antonio is often chosen by military families as a place to purchase a home because of the fantastic housing options available here. In addition, when compared to other cities its size, San Antonio boasts great affordability for its homes.
If you are a first-time homebuyer, or if you’re purchasing your first home through the VA, you may have questions regarding the VA mortgage loan process. Here are a few things you should know about San Antonio VA mortgage loans:
- VA home loans are loans guaranteed by the federal government. As such, they are reserved for those individuals in the military. VA mortgage loans are usually easier to qualify for; they require no down payment; they do not require perfect credit; and they usually come with better interest rates than traditional home loan programs.
- Military families can apply for VA mortgage loans through any mortgage lender that participates in the VA home loan program. Typically the mortgage lender requires you to receive a Certificate of Eligibility through the VA before you can begin the VA home loan process.
- A Certificate of Eligibility is quite easy for you to obtain, as you need only complete a form and send it to the VA, along with proof of your military service. Often times your mortgage lender may be able to get your Certificate of Eligibility through the ACE, or the automated certificate of eligibility system. In fact, this process takes only minutes if the VA has sufficient information about your military service in its database (the VA encourages mortgage lenders to submit your claim through the automated certificate of eligibility system to save time); otherwise it is best to submit an application on your own.
- Some of the documents the VA will accept as proof of military service include: an original statement of service signed by your personnel officer or commander if you are active duty; or a copy of your release or discharge if you were discharged from regular active duty. Individuals discharged from the Selected Reserves or the National Guard must provide the VA with copies of documentation showing at least six years of service.
- Eligibility for San Antonio VA mortgage loans is usually restored if your previous VA loan was paid off and the property released. In other words, your eligibility for a VA mortgage loan can be restored so you don’t have to go through the eligibility process again.
- Unmarried, surviving spouses of veterans who died during active duty or died as a result of a service-connected disability are eligible for a VA mortgage loan. Children of a veteran who has died during active duty or died as a result of a service-connected disability, however, are not eligible to receive a VA mortgage loan.
- VA mortgage loan rates, as well as eligibility, rely on the borrower’s credit history, payment history and the time spent in the military. In other words, not every military personnel, whether an active duty member or veteran, will qualify for a VA mortgage loan. In short, your eligibility for a VA home loan is dependent upon many factors, not just your employment in the military.