How much home can I afford to buy in San Marcos with a VA loan?

If you’re a veteran or an active duty service member considering buying a home in San Marcos, TX as a veteran, you must be wondering how much you can afford to borrow with a VA loan. After all, purchasing a house is a significant milestone in your life, and it’s crucial to have a clear understanding of your budget before you begin househunting.

In this article, we’ll delve into the specifics of the VA mortgage program. By the end of the article, you’ll have a better understanding of how to budget and finance your dream home in Texas.

How Do VA Loans Work in San Marcos?

The VA mortgage program in San Marcos works the same as those in other states. To qualify for a San Marcos VA Loan, you must be able to meet the VA and lender requirements, acquire a Certificate of Eligibility, understand how loan limits work to guarantee that the house you want falls within those parameters, and choose the most suitable VA loan that meets your needs.

Although the VA mortgage process may seem intricate, our team of mortgage experts is here to guide you through each step and simplify the entire procedure. Our goal is to make the process as stress-free as possible for you.

VA Loan Limits

The VA doesn’t impose a maximum limit on how you can borrow unless you have an impacted entitlement. However, when loan limits apply to a VA loan, they’re typically based on the conventional loan limits, which in 2023 start at a minimum of $726,200 for the contiguous U.S. states. Furthermore, mortgage lenders usually use conventional loan limits as the minimum threshold for VA jumbo loans.

Some high-cost regions have higher loan limits. If you need a mortgage that exceeds the limit, you can secure a VA jumbo loan to purchase your dream house.

Use our VA home loan calculator to determine how much home you can afford with a VA loan.

Advantages of VA Loans

If you’re an eligible borrower, VA loans offer multiple benefits that are not usually available with traditional mortgages, including:

• Lower interest rates - VA loans come with lower interest rates since they are government-backed and considered less risky for lenders and investors.
• VA loans don’t require a down payment- One of the primary benefits of VA loans is that they often don’t require a down payment. This means you save cash on upfront costs and have more funds for other projects.

Conclusion

To sum it up, San Marcos is a desirable location for eligible active-duty service members and veterans planning to use a VA loan to purchase their dream homes. By using a VA loan calculator and working with New Horizons Lending, you can identify the amount of home you can afford and take the first steps towards homeownership.

So what are you waiting for? Contact our mortgage specialists at New Horizons Lending and begin your journey toward homeownership in this lovely city today.