Buy Your Dream Home with Texas Veteran Home Loans

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Buy Your Dream Home with Texas Veteran
Home Loans
Buying a home is a great investment but funding the entire purchase with one’s own
savings is not everybody’s cup of tea. Banks and oth er lenders, therefore, offer loans
to interested home buyers at low interest rates. If you are a veteran, you can obtain a
Texas Veteran home loan at rates that are even cheaper than most home loans. Let
us read further to learn how to obtain a Texas Veteran Home Loan.
What makes Texas Veteran Home Loans Popular
Texas Veteran Home Loans can be obtained through VA approved private lenders
such as banks and mortgage companies. Some of the reasons these loans are so
popular are as follows.
Low Interest Rates
100% Financing available
3.5% Funding Fee can be rolled into the loan amount
Relaxed Credit Requirements
Are you Eligible for a Veteran Home Loan in Texas?
Texas home loan eligibility requirements are:
You must be 18 years or more and an active duty member of the military.
At the time of applying for a loan, you must be a bona fide and legal resident
of Texas.
If you are a veteran and served 90 days of active duty (an exception would be
anyone who was discharged earlier due to a service-connected disability.)
If you have completed 20 qualif ying years of retirement as a reserve
component military member, you are eligible for the loan.
Spouses of veterans who were officially reported as missing in action or
whose death was connected to the service, also meet the Texas Veteran Home
Loan eligibility criteria. They however, shouldn’t have remarried.
You must have successfully closed any previous VLB loan accounts. In case a
loan is still active, it must be in good standing.
Remember Eligibility to participate in the Texas Veteran Home Loan Program does
not guarantee a home loan. All loans are subject to credit approval. Any applicant
that is delinquent in paying their child support, student loan, or any other debt owed
to the state is prohibited from accessing the home loans until they pay the
delinquent amount or make the necessary arrangements.
Conclusion:
If you are eligible for a Texas Veteran Home Loan, realizing your dream of owning a
house in Texas can be easy. The maximum amount that you may borrow in
conjunction with a FHA, VA or conventional home loan is $417,000. The VLB also
offers home loan improvement programs where you can borrow a maximum of
$25,000.