VA Loan and Texas Vet Loan: The Basics
The Texas Vet Home Loan Program
This program is often referred to as a Texas Vet Loan. It is available to eligible and qualified Veterans residing in Texas, seeking to purchase a home as their primary residence. Rates are established by the Texas Veterans Land Board (VLB), and are updated each week. Veterans with a VA disability rating and surviving spouses often qualify for a rate reduction of 50 basis points.
Veterans can choose either a 15 or 30-year term, and no down payment is required. The maximum loan amount for a Texas Vet Home Loan is $484,350.
Home Purchase with the Texas Veteran Home Loan Program
Veterans who qualify for this program have the opportunity to purchase a home with little or no down payment, at what are often unbeatable rates. The home must meet the following requirements to be eligible for a Texas Vet Loan:
- The home must be located in the state of Texas.
- The Veteran must be purchasing the home to be their primary residence.
- Eligible property types are single family attached or detached, townhomes, condos, or homes within a planned unit development.
- New construction home are allowed, but must meet the EPA’s ENERGY STAR® rating guidelines, and must be ENERGY STAR® labeled and certified OR…
- A HERS (The home energy rating system) index score of 75 or less, and must have an energy rating certificate documenting the score.
Land & Home Improvement Loans
The VA Guaranteed Loan In Texas
A VA Guaranteed Loan shares many of the same features and benefits of a Texas Vet Home Loan. Just like the Texas Veteran Land Board program, the VA Loan Program is made through banks and private lenders. As a division of Benchmark Mortgage, we have originated hundreds of VA loans for our Veterans living in Texas.
A VA loan offers many benefits to eligible veterans and active-duty personnel residing in the state of Texas. Among the biggest benefit is the fact that the VA guarantees 25% of the mortgage against any losses that are incurred if the borrower defaults.
This can be a huge benefit in that borrowers can get very favorable rates, along with no down payment requirement on a VA loan with loan amounts up to $484,350 with no down payment requirement. In addition, unlike other programs such as Conventional or FHA, there is no monthly private mortgage insurance (PMI), or monthly insurance premium (MIP). This can literally save our borrowers hundreds of dollars a month.
If the loan amount of the home you are interested in exceeds a purchase price of $484,350 higher loan amounts are available to eligible and qualified Texas Veterans. Some down payment for VA loans exceeding $484,350 will be required. The amount of down payment needed is based upon the difference between the purchase price and the 2019 standard loan limit of $484,350 for all Texas counties. Generally, a down payment equal to 25% of the difference will be required.
We now offer VA loans down to a 580 FICO for eligible and qualified veterans or active-duty personnel.
Get Started Today With Your VA Loan Request!
If you would like to speak with a loan professional about the prequalification process, please call our toll-free number at 866-704-2826 or click on the button below and complete our quick-and-easy online form and a member of our staff will contact you right away to discuss your options.
We welcome the opportunity to assist you.