VA Home Purchase Program

The VA Home Purchase Program is the most popular of all VA programs.  These loans are made by VA-approved lenders like ourselves, to eligible and qualified veterans for the purchase of a primary residence. There are many benefits to having a VA loan, such as:

• 100% financing without mortgage insurance
• You may borrow up to $417,000 without any down payment
• Interest rates on VA loans are not determined by credit scores
• The VA funding fee is waived for many disabled veterans
• The VA funding fee is reduced by making a down payment
• Seller contributions may be used to pay all of your closing costs
• You can paydown the principal ahead of time without penalties
• Closing costs are comparable to other financing types
• Counseling and assistance is available to veteran borrowers having financial difficulty or facing default on their loan
• Veterans can use this program more than once

Although mortgage insurance is not required, the VA does charge every "non-exempt" VA loan borrower a one-time per loan funding fee ranging from 1.25% to 3.30% of the loan amount, depending on any down payment and if it is the borrower's first-time use or subsequent use of the program. The VA funding fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount. It may also be waived entirely for veterans receiving VA disability compensation or veterans otherwise considered "exempt" by the VA.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA Home Loan Program. We are approved to originate and process VA loans, so please contact us for further details. Click here to learn about the pre-approval process.

Chad Bowman Mortgage Broker #74698 (512) 646-0800 Email Chad © 2007-2008 Bowman Finance, LLC Bowman Finance, LLC 7217 McNeil Dr., Ste. 109 Austin, Texas 78729 Directions Bowman Finance does not provide tax or legal advice under any circumstances and always recommends you consult with a licensed tax advisor or licensed attorney for such advice.