Austin VA Loans
Austin is a beautiful city, one that many people are deciding to make their permanent home. Because of this, housing prices tend to be a bit higher here than in other US cities, making it difficult for families to afford the house of their dreams. Luckily for veterans, the entire loan process is much simpler and more affordable when done through the VA. The VA makes this possible by extending great benefits through its VA Home Loan Guaranty Program. Take a look at just a few of these wonderful benefits.
No Down Payment
The greatest feature of the VA Loan Program is the zero-down benefit. While conventional loans can charge anywhere between 5 to 20% for a down payment, this fee is completely waved when you go through the VA to obtain your loan. This really helps all veterans afford new homes, especially those who don’t have the necessary capital saved up for a big down payment.
While it is possible to sometimes find conventional loans with a low or no-down payment feature, they generally make up for it by making the borrower pay a lot for private mortgage insurance (PMI). Veterans, however, will not be required to pay PMI because a portion of the loan is already guaranteed by the VA.
With a VA Loan you are eligible for really competitive interest rates. Even if the rates are high when you apply for a loan, you might be able to negotiate with your lender for one that is below the current mortgage market rate, making your monthly payments that much more affordable.
Once you have your VA Loan, refinancing is incredibly simple. If you are looking to obtain a lower interest rate, you can apply for the Interest Rate Reduction Refinancing Loan (IRRRL) which requires no additional paperwork or out-of-pocket expenses. You can also apply for a VA Cash-out Refinance if you need to borrow money against the house’s equity.
Where do I start?
If you are interested in obtaining an Austin VA Loan today, we can help! Simply fill out our secure 1 minute quote form