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 $647,200.
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. 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.
As of January 1, 2020 there is no loan limit imposed on a VA Guaranteed Loan. Also, as stated in the paragraph above, there is no down payment requirement.
We now offer VA loans down to a 600 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.