The NHL Mortgage Group is a local boutique Texas mortgage lender that focuses on RAVING fan customer service and GREAT mortgage rates!
VA Questions & Answers
WHAT IF I HAVE HAD A VA LOAN BEFORE?
That is fine. If your home was sold or paid off, you have full basic entitlement. If your home was foreclosed on or a short sale, you still can get a VA loan meeting certain requirements.
CAN I GET A VA LOAN IF I CURRENTLY HAVE ONE?
Yes, you sure can! There are some calculations that we will have to go through to determine. Please contact us if this is something that you want to explore. Keep in mind that your new house will need to be a primary residence.
DO ALL LENDERS OFFER A VA LOAN?
Unfortunately, they do not. VA loans require a little more work, and this sometimes scares lenders or loan originators into not being able to help the Veterans look at all their options. We have a lot of experience originating VA loans and can help you explore these options. We can also help communicate to realtors and sellers if needed on the strengths of going VA.
HOW LONG DOES IT TAKE TO GET A CERTIFICATE OF ELIGIBILITY?
We have direct access to the VA portal and may be able to pull your Certificate of Eligibility in just a few minutes. Sometimes VA needs the actual DD214 and other documentation to get this back. The certificate usually comes back within a week or sooner. We can help request this for you at no cost.
WHAT IS THE MAXIMUM LOAN AMOUNT FOR A VA LOAN?
The maximum VA loan amount in Texas is $417,000. VA jumbo loans can go up to $2,000,000+.
DOES VA REQUIRE A DOWN PAYMENT?
For someone with their full entitlement, there is no down payment required for a VA loan less than $453,100. If you have full entitlement and want to do a jumbo VA loan, the calculation is the sales price minus $453,100 multiplied by 25%. This is to ensure that you have the 25% guaranty that VA requires in excess of the $453,100 cap. For instance, if you wanted to purchase a $500,000 house then you would need a down payment of $11,725 ( ($500,000-$453,100)x.25).
IS THERE MORTGAGE INSURANCE ON A VA LOAN?
There is not monthly mortgage insurance on your loan. This is a wonderful benefit of the VA loan.
WHAT IS THE MINIMUM CREDIT SCORE FOR A VA LOAN?
We can go down to a 580 credit score on VA loans. If your score is not at this level, we can help look at your credit to determine a plan to get your score up.
CAN YOU DO A "MANUAL" VA IF VA’s SYSTEM DOESN'T APPROVE THE LOAN?
Absolutely. If VA’s automated underwriting system doesn’t approve your loan, we still have the ability to have a live underwriter look at your file. When we do this type of transaction, we make sure that we give the underwriter the complete story. This entails a very detailed compensating factor letter that is typically 5 pages+- that details out why we feel that you should be granted a VA loan. This is something where our underwriting/accounting background and 25 years of experience comes in very handy. If we believe in your file and ability to repay, we will help do everything possible to get you into a house (if not immediately, we will at least put you on a plan).
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