VA Loans

Home Loan Options for Veterans

The U.S. Department of Veterans Affairs (VA) backs home loan programs to help veterans, active-duty military, and related groups. Financial Concepts Mortgage serves veteran homebuyers in Oklahoma, Arkansas, and Texas. We’ve listed some VA loan programs below that may be right for you.

VA Loan Programs

  • Purchase loan: VA-backed loan that lenders offer competitive rates for toward buying, building, or improving a home.
  • Interest Rate Reduction Finance Loan (IRRRL): Allows homebuyers with current VA loans to refinance that loan a lower interest rate.
  • Native American Direct Loan (NADL) Program: Loans for Native American veterans or spouses to buy, build, or improve a home located on Federal Trust Land.

You can find more information on VA loan programs, and help with other VA issues, by visiting these state veteran affairs agencies: Oklahoma Department of VA , Arkansas Department of VA , Texas Veterans Commission.

VA Loan Requirements

The U.S. Department of Veterans Affairs sets eligibility requirements for VA loans. These are the basic requirements below. You will need a VA Loan Certificate of Eligibility (COE) to get a VA loan. This can be obtained through the VA, or Financial Concepts Mortgage can do this for you.

Basic VA loan eligibility requirements

  • Have served 90 consecutive days of active service (during wartime)
  • Or have served 181 days of active service (during peacetime)
  • Or have at least 6 years of service in the National Guard or Reserves
  • Or are a spouse (who hasn’t remarried) of a service member with a service-related disability or that has died in the line of duty
  • No minimum credit scores for VA loans, but a lender may want 600-650
  • A debt-to-income (DTI) ratio of 41% or less, but there are more options to lower your DTI for VA loans

Benefits of a VA Loan

The benefits of a VA loan allow veterans to become homeowners in a more affordable way than many other loan programs. These loans are guaranteed by the government for lenders up to a certain percentage. Because of this, lenders offer very competitive terms and interest rates for VA loans, which helps veterans have plenty of attractive options. Here are other benefits of a VA loan.

  • They are easier to qualify than many other loan programs
  • They come in a variety of options: fixed, adjustable, different uses, etc.
  • You won’t have to make any down payment
  • You won’t have to pay for mortgage insurance
  • Closing costs are lower than most other loans
  • There is no penalty for pre-payment
  • They are assumable (transferrable to a future homebuyer)

We’re Here to Help

Main Number: (405) 722-5626

Here at Financial Concepts Mortgage, we believe in offering a variety of loan types to make sure you get what you need. If a VA loan doesn’t seem right for you, we can help you find the loan options that are most beneficial for your situation. It can be difficult to understand the differences between the many home loan types; we are here to answer any question you may have.