Texas VA Loans
Veterans interested in relocating to Texas, or just moving within the state, should consider taking advantage of the VA Home Loan Guaranty Program. This program was implemented in 1944 with the lofty goals of making homeownership a reality for all current members of the military and veterans. Since then, millions of veterans and their families have taken advantage of the program which has made the VA Loan process an incredibly affordable option.
What are the benefits?
When you apply for a VA Loan in Texas right now, it is possible to qualify for a VA Loan in the upper six-figures without having to supply a down payment on the house. In addition, you won’t be required to pay any private mortgage insurance, which greatly reduces your monthly payments. With conventional loans, there are a lot of hidden and additional costs and fees that really add up, making it difficult for a lot of families to make their payments month after month. The VA realizes this, which is why they also offer low interest rates, flexible repayment plans, easy refinancing and put a cap on the closing fees.
A lot of veterans are not aware of how easy it is to qualify for a VA Loan in Texas. Current military members only need to have served 181 days of service in order to become eligible for a loan. Veterans also qualify for having served this length of time and have been honorably discharged from the military. Before you get started with a VA Loan, you might want to consider filling out the eligibility form on the VA’s website, or have your lender submit the form for you.
What if I already have a loan?
If you have a conventional loan, it is possible to refinance with the VA for a better rate. You will still need to go through the entire loan process to get your new Texas VA Loan. For veterans who have a VA Loan and want to take advantage of lower interest rates, the VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) which requires no out-of-pocket expenses or additional paperwork.
If you want to take advantage of all the great benefits the VA has to offer, take a minute to fill out our secure online form. Get started saving money today!