VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

As an approved lender for the VA Home Loan Guarantee Program, Austin First Mortgage can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don't meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.

Benefits and Considerations

• Low or No Down Payment - A VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.
• Lower Monthly Payments - Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.
• Simplified Approval Process - VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.

Requirements and Qualifications

• Military Members - To be eligible for a VA loan, you must be an active-duty or retired member of the armed forces with at least:
  • 90 days of consecutive service during wartime, or
  • 181 days of service during peacetime, or
  • 6 years of service in the National Guard or reserves.
• Surviving Spouses - Spouses of service members who died in the line of duty or as the result of a service-related disability.
• You will need a Certificate of Eligibility from the VA to show that you meet these requirements -  Your mortgage loan originator can help you obtain this certificate.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice.

Any rates that may be shown above are sample rates for the purchase of a single-family primary residence based on a 60-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your guaranteed rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To guarantee a rate, you must submit an application to Austin First Mortgage and receive written confirmation from a mortgage loan originator that your rate is locked. Application can be made online.