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+++++++++++++++++++++++++ + + +++++++++++++++++++++++++ RISK MANAGEMENT +++ +++ Serving Vets and Their Families By Tamara Tapman M OST EVERYONE WANTS to own his or her own home. For military members, the VA loan program helps make that a possibility by allowing eligible veterans and active-duty military personnel to finance 100% of a home's value with no money down. + 30-year f ixed rate, assumable loans available at historically low interest rates + Flexible credit requirements Special Programs for Texas Vets Did you know the Veterans Housing Assistance Program (VHAP) is available to qualified veterans residing in and purchasing homes in Texas, regardless of where they were born? Additionally, the program can be used every time the veteran is purchasing a primary residence in Texas, as long as only one VHAP loan is open at a time. For more than a century, the Texas Veterans Land Board (VLB) has been keeping the promise to serve Texas veterans for life. In 1983, the VHAP was created to assist Texas veterans in purchasing a home. And, since its creation, more than 200,000 VLB loans have been funded for Texas veterans. VHAP provides flexible loan terms VA loans are government-backed and available to active-duty personnel, Reservists/National Guard members, veterans and some surviving spouses. Since their inception in 1944, the govern- ment has insured more than 18 million of these loans. VA home loans have several ben- efits compared to conventional loan financing, including: + 100% financing available with no down payment or monthly mortgage insurance (PMI) payments + Seller allowed to pay some or all of the closing costs 14 | San Antonio MD NEWS ■ MDNEWS.COM for veterans, even in the absence of VA eligibility. Among the benefits of these loans: + Can be used to finance a primary residence in Texas + 15- or 30-year terms available + Financing available up to $325,000, in conjunct ion with a Federal Housing Administration, VA or conventional loan VHAP can save veterans money. Under the program: + Lender fees are controlled. + Highly competitive interest rates are offered, which often provides for lower monthly payments and a savings of thousands of dollars in interest charges over the life of the loan. + Qualified veterans with a 30% service- connected disability are eligible for an interest rate discount of 0.5%. + Activated National Guard members or Reservists with an existing VHAP loan may be eligible to receive a 0% interest rate from the VLB during their time on duty and for three months immediately following. The program is available to any veteran whose service began after September 16, 1940, as well as the unmarried, surviving spouses of eligible Texas veterans who are missing in action, were killed in action or who died due to service-related issues. Even if you aren't eligible for a VA or Texas Vet Home Loan, your dream of home ownership is still a possibility with other financing options avail- able, including conventional loans, FHA loans and many others. Like all home-loan programs, VA and Texas Vet are subject to credit approval, and other guidelines may apply. Consult a trusted mortgage professional for more information. Tamara Tapman is the VP, VA Mortgage Liaison at SWBC Mortgage, a 24-year-old mortgage lending corporation located in San Antonio. For more information, please e-mail ttapman@swbc.com. ■