Financial Advice

Buy & Own a Home


Qualifying for Special Home Loans

Purchasing a home is likely the single largest investment you’ll ever make, and choosing how to finance your purchase is just as important as the house itself. There are many different options when it comes to home loans.

Did you know there are special loan programs just for veterans and community heroes? These special loan programs can provide significant savings for qualified applicants. We’ll explain these here so you can get the best deal possible when it comes time to buy.

Read more about home loans, apply online, or call (512) 997-HOME (4663) or (800) 476-8409 to put one of Austin’s top mortgage lenders to work for you.

VA Home Loans
Veterans Home Loans are guaranteed by the US Department of Veterans Affairs, but are provided by private mortgage lenders such as mortgage companies, banks, and credit unions. The government guarantees a portion of the loan against loss and helps lenders provide favorable financing terms. VA home loans usually offer the following benefits:

  • No down payment (or a reduced one) in many cases
  • Lower closing costs, as compared to conventional financing
  • Reduced monthly mortgage insurance premiums

Be aware that many VA loans include a one-time funding fee that can be included in the loan. Many veterans receiving VA disability are exempt from the funding fee. In general, the following people might qualify for a VA loan:

  • Veterans meeting the length-of-service requirement
  • Service members on active duty that have served for a minimum period
  • Certain reservists and National Guard members
  • Certain surviving spouses of deceased veterans

Community Hero Home Loans
Being a community hero is a calling to serve others over oneself. Many credit unions and other financial institutions have special programs that aim to ease their burden by offering valuable home loan savings. In general, the following people might qualify for a Community Hero home loan:

  • Teachers
  • Firefighters
  • Police officers
  • Nurses
  • Military personnel

Community Hero home loans usually offer the following benefits:

  • Lower down payment requirements
  • No mortgage insurance required
  • A greater equity position than other loan programs

When you’re in the market to buy a home, be sure to explore these options and choose a lender who assists these very valuable community members. Tell your lender about your history, and ask them for guidance about current mortgage rates and what you qualify for.