VA Home Loans

VA Loans are mortgages partially backed by the U.S. Department of Veterans Affairs (VA) that are available for veterans, active-duty military members, and eligible spouses. Private mortgage lenders, such as Financial Concepts Mortgage, issue these loans. VA Loans help veterans purchase, build, repair, retain, or adapt homes for their own personal occupancy.

Who Is Eligible to Receive VA Loans?

The U.S. Department of Veterans Affairs sets eligibility requirements for VA loans based on length of service or service commitment, duty status, and character of service. You’ll need a Certificate of Eligibility (COE) to get a VA loan, which you can obtain through the VA or Financial Concepts Mortgage.

You’re eligible to apply for a VA loan if:

• You’re an active-duty service member who has served 90 continuous days
• You’re a veteran who was active duty for 90 consecutive days during wartime or 181 consecutive days during peacetime
• You have completed 90 days of active service or six creditable years in the Reserves or National Guard
• You’re a spouse (who hasn’t remarried) of a service member with a service-related disability or who has died in the line of duty

There is no minimum credit score requirement set by the VA to obtain a VA loan. However, private lenders can set their own minimum standards, which is usually between 580 and 660. A debt-to-income (DTI) ratio of 41% or less is preferred. The property you wish to purchase must also meet the VA’s minimum property requirements.

VA Loans in Oklahoma, Kansas, Texas, Arkansas, and Alabama

Financial Concepts Mortgage is licensed to provide VA loans in Oklahoma, Kansas, Texas, Arkansas, and Alabama. As of Jan. 1, 2020, there are no loan limits for active-duty military and veterans who have full VA loan entitlement. 

However, there is a $510,400 loan limit for a single family home if you have one or more active VA loans or have defaulted on a VA loan in the past. This loan limit may differ based on the county you reside in and the type of home you purchase. Click the corresponding button below for a full breakdown of loan limits in your state.

VA Loan Benefits

VA loans provide many other benefits when compared to conventional loans or FHA loans. Our loan experts will help you decide which best fit your needs and situation. 

• No required down payment 
• No required mortgage insurance
• No loan limits for those who have full VA loan entitlement
• Lower interest rates than FHA or conventional loans 
• Closing costs (the fees and expenses you pay to get a mortgage) are limited to no more than 1% of the loan amount 
• No penalties for prepayment
• VA loans are assumable
• Two available refinancing options 
• Foreclosure avoidance advocacy is available 

Types of VA Loans

The VA and Financial Concepts Mortgage offer a variety of loan types to fit your needs:

• Purchase Loan: Standard mortgage used to purchase a new home
• Cash Out Refinance Loan: Replaces your mortgage with a new loan and allows you to access 100% of your home’s equity to pay off debt or make home improvements
• Interest Rate Reduction Finance Loan (IRRRL): Allows homebuyers with current VA loans to refinance at a lower interest rate or transition from an adjustable-rate loan to a fixed-rate loan
• Native American Direct Loan (NADL) Program: Allows Native American veterans or spouses to buy, build, or improve a home located on Federal Trust Land
• Adapted Housing Grants: Help veterans with service-related disabilities buy, build, or modify homes for better livability