The veteran home loans are sanctioned under the government of USA through the Texas Veterans Land Board established in 1946 after the end of the Second World War as a mark of respect to the military personnel. Texas has always been an affluent place and a great location to settle for the rest of life. This Texas Veterans Land Board offers homes at a highly competitive rate which can be availed by contacting the various lenders existed in the region that are registered with the veteran’s assistance housing program. The VA loans are given for an extended 15 to 30 years of time and the rate of these loans is constantly updated on a weekly basis. The highlight of these loans is that they do not require monthly installments and is given up to a maximum amount of $ 484,350. If you are a veteran living in the United States and are awaiting a home loan, you can consider checking your pre-eligibility criteria by talking to an expert in veteran home loans in Texas.
Do you know the disabled veterans can have a special benefit under this loan scheme?
Veterans who are physically challenged and those unmarried widows of military veterans are entitled to have a special 50 basis point discount in the interest rate. If you have 10 percent disability then you will need to submit the proof of your VA ratings of disability. It is calculated by the government based on the amount of disability the applicant has. If you have a disability of 10 percent or more then you will be refrained from paying your funding fee.
Texas veteran loans
They are given for purchasing of a new home or refinancing the existing homes. This facility provided by the government can be exercised in the following conditions
- To buy a new home in Texas
- The new home should be a primary residence
- The new home could be a single family home, condominiums or a townhome
How to know if you qualify for this loan?
You should have duly served in the army, air force, Marine Corps, navy, coast guard or National Guard
The duration of your service should be a minimum of 90 days
In case of discharge from the duty, it should be cited as either Honorable Discharge or General Discharge in your discharge document called DD-214 form
If you are active military duty and are being officially relocated to Texas. This is called PCS or permanent change of station which is a practice with the United States military force.
It is also applicable to certain circumstances if your discharge document states that your home of record was a place somewhere in Texas. But when you retire from a location other than Texas but you want to buy a home in Texas then you will first require living anywhere in Texas for a period for 12 months before availing the benefit.
Documents required in the process
As you can see there are different eligibility conditions required for both active and discharge military members to enjoy the benefit of Texas Veterans loans.
- The active duty military members will need to submit a copy of your SOS or statement of service while the discharged members will require showing their DD 214 to the lenders.
- You will also require showing your copy of orders to a base in Texas together with your recent LES records. This LES records or ‘leave and earnings statement’ is provided on monthly intervals to the military members to keep a record on their income and leave status.
As a VA approved lender agency we help individuals to get veteran home loans in Texas with minimum effort. Our job is to simplify your loan obtaining process and save you from difficult paperwork and being misguided by different lenders. To get VA loans in San Antonio and its surrounding areas, you can call us at 888-295-4055.