Veterans Home Purchase Board
 LOW Interest Rate Home Loans for Mississippi Veterans

1. How do I know how much house I can afford? Answer
2. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
3. How do I know which type of mortgage is best for me? Answer
4. What does my mortgage payment include? Answer
5. How much cash will I need to purchase a home? Answer
6. What are the Eligibility Requirements for the VA Guarantee Program? Answer

Q : How do I know how much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
 
Q : What is the difference between a fixed-rate loan and an adjustable-rate loan?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

Please note:  The Veterans' Home Purchase Board only finances FIXED RATE LOANS.

 
Q : How do I know which type of mortgage is best for me?
A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Veterans Home Purchase Board can help you evaluate your choices and help you make the most appropriate decision.

The VHPB is a VA Only 'Lender' and choices typically range for the loan term and amount.

 
Q : What does my mortgage payment include?
A : For most homeowners, the monthly mortgage payments include three separate parts:
  • Principal: Repayment on the amount borrowed
  • Interest: Payment to the lender for the amount borrowed
  • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
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    Q : How much cash will I need to purchase a home?
    A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
  • Earnest Money: The deposit that is supplied when you make an offer on the house
  • Down Payment: A percentage of the cost of the home that is due at settlement
  • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
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    Q : What are the Eligibility Requirements for the VA Guarantee Program?
    A :  1-  The Applicant is active duty military service and qualifies for eligibility through the Department of Veterans Affairs.

    2-  Reserve and National Guard members are eligible if they have more than six (6) years of service.

    3-  A Reserve and National Guard member activated under Title 10 or the U.S. Code for 90 consecutive days or more.

    4-  Discharged Veteran under conditions other than dishonorable.

    5-  Un-remarried spouse of a Veteran killed in action or died from service connected wounds.

    The Veteran Applicant must provide the Agency a copy of their DD-214 that a Certificate of Eligibility from the VA may be obtained.