subject: Texas VA Loans are the Best Options for Veterans [print this page] Texas VA Loans are the Best Options for Veterans
Texas VA Loans are the Best Options for Veterans
For veterans, Texas VA Loans clearly are the best option for buying a home. Banks have tightened their standards for conventional loans, but Texas VA Loans are available to many veterans and The VA Team can help work through the paperwork quickly to get the loan approved.
Texas VA Loans are not government loans. With a VA Mortgage Texas veterans borrow from an approved lender and then the loan is insured by the government.
Texas VA Loans are a crucial component of home financing. Among more than 29 million veterans nationwide eligible for a VA Mortgage Texas veterans are a significant part of that population and the state has 18 active military bases.
Benefits of Texas VA Loans
Since it's easier to qualify for a VA Mortgage Texas veterans who can't meet the standards for conventional mortgages usually will have no problem getting Texas VA Loans. In fact, about 80 percent of veterans who receive Texas VA Loans would not qualify for conventional mortgages. With a VA Mortgage Texas veterans can have monthly payments that are up to 41 percent of a borrower's income while 28 percent is the maximum for many conventional loans.
With a VA Mortgage Texas veterans do not need a down payment because it isn't required for Texas VA Loans. This is a great benefit for first-time buyers because conventional mortgages that don't require a down payment are not as available anymore as they were a few years ago.
Texas VA Loans also have lower interest rates than conventional loans and with a VA Mortgage Texas veterans can qualify for larger loan amounts and are still able to make affordable monthly payments. With a VA Mortgage Texas veterans anywhere can borrow up to $417,000 with no down payment, but up to $729,000 can be borrowed in high-cost counties.
Because no Private Mortgage Insurance is required for a VA Mortgage Texas veterans can avoid this added expense for getting Texas VA Loans. Banks often require mortgage insurance for traditional loans to guard against default. The insurance isn't needed for Texas VA Loans because the loans already are insured by the VA.
With a VA Mortgage Texas veterans cannot borrow money for closing costs, although these costs can be paid by the seller. Closing costs usually are lower for Texas VA Loans than for conventional mortgages.
The funding fee required for Texas VA Loans of about 1.5 percent to 3.3 percent can be added to the mortgage. With a VA Mortgage Texas veterans who are disabled, surviving spouses of veterans who died in service or spouses of veterans who died from a disability related to their service can have the fees waived.
Options for Texas VA Loans
With a VA Mortgage Texas veterans have several options. They include fixed-rate 30-year and 15-year loans as well as the recently improved VA Hybrid ARM, which includes adjustable rate mortgages of three or five years.
Interest rates for the VA Hybrid ARM are based on the value of U.S. Treasury Securities. Under this program for a VA Mortgage Texas veterans have a maximum rate adjustment up to 1 percent after the initial period and no more than 5 percent for the entire loan term. The VA Team can help veterans choose the best option for Texas VA Loans.
Since some banks and credit unions are not approved lenders for a VA Mortgage Texas veterans are better off consulting experts such as those at The VA Team to arrange Texas VA Loans.
Eligibility for Texas VA Loans
To get a VA Mortgage Texas veterans first must obtain a Certificate of Eligibility from the VA. They must have an honorable discharge and served three months of wartime active duty or more than six months peacetime active duty. For a VA Mortgage Texas veterans who are Military Reserve or National Guard members must have six years of service to qualify.
The VA Loan Program was launched in 1944 to help returning World War II veterans buy homes for their families. Eighteen million veterans have received VA loans since the program began.
If they already have a VA Mortgage Texas veterans can get help from The VA Team to refinance their mortgages, get a better interest rate and receive extra money for energy efficient home improvements.
