Texas veterans who serve in the military should consider the VA home loan option when purchasing or refinancing their home. VA home loans function through Department of Veteran Affairs backing, enabling home purchases without a down payment.
Texas veterans benefit from this program because it provides them with lower interest rates and simpler approval procedures.
This article explores Texas VA home loan advantages and the speed of loan completion when you choose trusted mortgage companies such as The Texas Mortgage Pros.
About VA Loan Texas
VA mortgages refer to home loans that receive the Department of Veterans Affairs financial assistance. The government will compensate the lender through its assistance program when you cannot pay your mortgage.
The VA operates numerous benefit programs that serve veterans through their offerings. The VA benefits program provides multiple services, including pension payments, education support, disability compensation, mortgage assistance, life insurance benefits, job training, family assistance, healthcare, and funeral benefits.
The government backing of VA loans allows these mortgages to offer improved terms and lower interest rates. The government-backed FHA loan is an alternative financing solution for new homebuyers who need similar benefits.
Types of VA Loans
VA loans offer several strong home financing options for qualified Veterans.
- VA Purchase Loan: This helps borrowers buy, build, fix, or adapt a home. These are often called VA construction loans in Texas for building a house.
- VA Streamline Refinance Loan: The streamlined loan system known as interest rate reduction loans enables borrowers to refinance their terms by obtaining better interest rates and potentially reduced monthly payments.
Who Is Eligible for a VA Loan?
VA loan eligibility follows specific service requirements:
- Service Members and Veterans: Must have served at least 90 days during wartime or 181 days during peacetime periods. Different service eras have specific requirements based on when and how long you served.
- Reserves and National Guard Members: Need either six years of service or at least 90 days of active-duty service (with 30 consecutive days) under Title 32 orders. Recent changes have expanded eligibility for Guard members with certain types of service.
- Surviving Spouses: If your spouse died during military service or from a service-connected disability, or if you receive Dependency and Indemnity Compensation, you can qualify for a VA mortgage. You’re also eligible if your spouse has been a prisoner of war or missing in action for at least 90 days.
Eligibility depends on service length, duty status, and character of discharge. Those with dishonorable discharges cannot access VA loan benefits regardless of service duration.
Texas has VA regional loan centers that can help determine eligibility for complex cases.
Eligibility Requirements to Apply for a VA Mortgage Loan
To qualify for VA direct or VA-backed mortgage loans, you need to fulfill specific service duration requirements along with active duty and service branch specifications. The Certificate of Eligibility (COE) serves as proof that you met these requirements, either for yourself or your spouse.
The lender requires you to fulfill their specific credit requirements and income verification and debt-to-income ratio tests. Most lenders prefer 580-620+ credit score.
The VA home loan program accepts all military veterans who did not receive dishonorable discharge and fulfill any of these service requirements.
- Your active duty service must extend for at least 90 days during wartime periods.
- The requirement to qualify for a VA home loan is serving active duty for at least 181 days during times of peace.
- The National Guard or Reserve service must extend for at least six years.
- You qualify for a VA home loan because your service member spouse died during their active duty service or because of a service-related disability.
Easy Steps to Get a VA Loan in Texas
1. Get Pre-Qualified
The first step in securing your dream home is getting pre-qualified with The Texas Mortgage Pros. Our team of experienced loan officers is here to guide you through the process, helping you understand what you can afford and what loan options are available. We make the pre-qualification process simple and straightforward, ensuring you’re prepared to make an offer on your future home with confidence.
2. Confirm your eligibility
Before moving ahead, verify that you are eligible for a VA loan. Get your certificate of eligibility, which you can request online or through your lender.
3. Submit the loan application
Complete your loan application. You’ll need to give the lender various documents, including:
- Military service documents, like your COE and disability award letter (if you have one)
- Financial documents, such as bank statements and tax returns
4. Close on your home
The process of obtaining a VA loan ends with the closing stage. The process includes payment of three main costs: funding expenses, appraisal fees, and loan origination expenses. VA loan closing procedures usually require between 25 and 30 days for completion.
How Long Does It Take to Get a VA Home Loan?
The Texas Mortgage Pros are determined to speed up VA loan processing, which typically requires 40 to 50 days. The Texas Mortgage Pros team successfully qualifies their VA loan customers in less than 30 days on average.
Submitting your home-buying offer before other potential buyers is crucial because time is essential in this process. Many homebuyers miss out on their desired properties because their loan process extends beyond reasonable timeframes. The Texas Mortgage Pros dedicates its team to speeding up the loan completion process.
Conclusion
VA mortgage loans enable veterans, service members, and their military spouses to purchase homes, complete their financial requirements, and create solid investments.
Contact us now to start your VA home loan application or to gather more information about the program.
