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600 Lake Air Suite 1B Waco, Texas 76710

Charles@McCullochTeam.com |   254.304.5520

NMLS# 1281536

Copyright © 2019 McCulloch Team created by Social Media Cowboys

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV.
 
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review.  The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials.  HMDA data for many other financial institutions are also available online.  For more information, visit the Consumer Financial Protections Bureau’s Web site www.consumerfinance.gov/hmda

VA Loans

Charles VA Loan Video

If you qualify for eligibility, VA loans are one of the best methods to use when buying a home. Even active duty personnel or a Disabled Veteran may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program. So who qualifies as a veteran? VA mortgage loans cover the Army, Navy, Air Force, Marines, and also the Reservists and National Guardsmen.

 

If you qualify you can get a VA home loan for up to $417,000 with no money down. If the circumstances are right an eligible applicant can even have more than one VA loan at a time.

 

Some of the benefits of the VA Mortgage Loan Program are:

 

  • The VA Mortgage Loans is guaranteed for no money down up to $417,000

  • No monthly mortgage insurance required

  • Many VA Mortgage Loans are assumable

  • It is easier to qualify for a VA Loan than a conventional loan

  • VA Mortgage Loans can be refinanced

 

No Money Down Up to $417,000

 

You don’t have to put any money down to qualify for a VA Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with little or no money out of pocket.  The loan and sales contract can be set so that the financing covers 100% of the price and the seller covers the closing cost.

 

The VA Funding Fee

 

The Veterans Administration assesses a funding fee to all VA loans between .5% and 3.3% and the fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced mortgage insurance required with different types of financing. If you are a Disabled Veteran, with a 10% or more disability, you can qualify to get the fee waived completely.

 

Assumable VA Mortgage Loans

 

VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan at the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.

 

Qualifying for a VA Mortgage Loan

 

The VA offers excellent qualifying standards.  If you have a low credit score but have maintained a good payment record over the past year or so, you may still be eligible. This can be tremendous savings compared to the cost of conventional loans when the borrower’s credit scores are low. Unfortunately, while there is a huge amount of veterans who can qualify for home financing with a VA mortgage in Texas, many realtors shy away from them. If you’re interested in a VA loan and don’t have a realtor yet, please let us know, we have plenty of realtor recommendations. 

 

VA Mortgage Loans may be refinanced

 

VA mortgage loans can even be refinanced to a lower interest rate without all the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan. The veteran can secure a lower interest rate with less documentation, rolling the costs of the transaction into the loan so there aren’t out of pocket costs.

 

We’re Military Home Specialist

 

There are a lot of myths about VA loans. Because of that, some lenders shy away from VA home loans, but not us. All our loan officers are certified by the Boots Across America program as Military Home Specialists! As part of Boots Across America, we are committed to making a difference in the lives of our servicemen and women. We know that the part we play is a tremendous, and we don’t take lightly.  You served our country now let us serve you.