Purchasing a Home with a Texas Vet Loan or VA Loan
Veterans and active-duty personnel living in Texas have two great options for financing a home. Because of your service to our country, you can choose between two awesome home loan programs, the TX VA home loan program and TX Veterans home loan and get an incredible rate, with no down payment and no monthly mortgage insurance (PMI). This can literally save you hundreds of dollars each month compared to other types of financing such as a FHA or Conventional mortgage.
The First Option
The Texas Veterans Land Board Program
The first VA program is commonly referred to as a Texas Vet loan. This loan program is sponsored by the Texas Veterans Land Board, or Veterans Land Board (VLB) for short. The VLB is underwritten to the same guidelines as a VA Guaranteed Loan. In fact it is a VA Loan, but it is available only to eligible and qualified veterans and active-duty personnel who are residents of the state of Texas. The VLB does not originate these loans, they simply offer the program. Lenders, like us who are approved with the Land Board originate and close these loans.
The VLB offers excellent rates, which are posted every Friday afternoon, every week. In addition, they offer a reduced rate of 0.05% (1/2%) for disabled veterans who have at least a 30% or greater disability rating.
The Texas Vet Loan is a tremendous program for disabled Texas veterans and we have been originating Texas Vet loans for years and we are proud to offer this program to our military families in Texas.
The Second Option
The VA Guaranteed Loan Program
The second VA Program is the VA Guaranteed Loan, which is offered by the Department of Veterans Affairs. This program is available nationwide to eligible and qualified veterans and even to some active-duty personnel, depending on their length of service. Veterans purchasing or refinancing in Texas with a VA Loan may qualify with a FICO score as low as 580. The VA Loan program offers great rates, no down payment, no monthly mortgage insurance (PMI) and now available down to a 580 FICO.
In addition, loan amounts exceeding a purchase price of $453,100 are available to eligible and qualified Texas Veterans. Some down payment for VA Loans exceeding $453,100 will be required. The amount of down payment needed is based upon the difference between the purchase price and the 2017 standard loan limit of $453,100 for all Texas counties. Generally, a down payment equal to 25% of the difference will be required.
We have been originating the VA Loan and Texas Vet Loan for over 15 years and have closed well over 1000 loans since we started.
Chances are good we can answer any questions you may have regarding either loan program, the eligibility requirements, and also help you get fully preapproved so that you can start working with a realtor, find a home, close on time and move in to your new home.
We look forward to the opportunity to help you choose the option that best serves your needs.
If you would like to speak with a loan professional about the prequalification process, please call us at 866-704-2826 or choose your loan type from one of the buttons 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.