The Basic Requirements
If you're one of the many Texas Vets in need of a great home financing option, then the Texas Vet loan is exactly what you're looking for. A Texas Vet loan doesn't require mortgage insurance, requires no down payment, and allows you to have 100% financing for your home. They're guaranteed by the Department of Veteran Affairs and have a lot of benefits.
However, there are basic VA loan requirements to this loan program that you should be aware of. These qualifications are specific to the VA loan program and VA loan lenders, and some of them require additional steps on your part. To help you know if you qualify for a VA home loan, here is a list of VA loan requirements you have to keep in mind:
There are two service requirements for the VA loan: wartime and peacetime. Potential borrowers only need to satisfy one of these VA loan requirements, which are set forth by the Department of Veteran Affairs, to be eligible. The requirements state that a Texas Vet of wartime service needs to have had 90 consecutive days of active duty, and those in peacetime must have served at least 181 days. Veterans of the National Guard or the Reserves must have served for six years. Spouses of service members who died in the line of duty or as a result of a service related disability or injury may also be eligible. You may contact the VA or a VA loan lender to determine your eligibility.
You Need a Certificate of Eligibility
Once the basic service requirement has been met, you will need to acquire a certificate of eligibility from the VA. Lenders use this to verify your ability to get home loan benefits, though you don't need to have this certificate to start the loan process. You can get this document through the Department of Veteran Affairs website, or a VA approved lender.
There are also VA loan requirements for the property that you are interested in. These apply to townhomes, condos, single-family homes, and more. The building or entire complex must meet the VA loan requirements and the VA's approval before financing can be obtained.
Getting a home loan can be a difficult process under normal circumstances, but for Texas Vets of the U.S. armed forces, it doesn't have to be. Check your eligibility with a VA approved lender today to see if you are eligible for a Texas Vet loan.