Texas Vet Loan Benefits

The Veteran Loan program allows veterans to be approved for reasonable home mortgage amounts. These mortgages are offered at competitive terms and interest rates.  Some of the benefits to a VA Home Loan include up to 100% financing, no private mortgage insurance, and the VA Guaranteed Loan Mortgage program allows veterans to be approved for a larger loan amount than through conventional loan programs.

Just the fact that a VA Mortgage does not require the expense of a monthly private mortgage insurance payment like other conventional mortgages and FHA mortgages, means that you have a substantial monthly savings amount.

Also, a VA Mortgage loan allows the seller to help the buyer pay for closing costs.

If you have no down payment and the seller is paying for the closing costs, then that means that you can purchase a home with no money out-of-pocket, and that is truly 100% financing. The amount of the down payment required actually depends on the amount of the Veteran Loan Mortgage you receive and the entitlement.

VA Loan Eligibility

The Texas Vet Loan program is available to active-duty as well as veterans and their spouses, but military service requirements do vary. The amount of the entitlement that a veteran has can be obtained from the local VA office. This is reported on a Certificate of Eligibility that shows the amount of the veteran’s entitlement.

So, if you're a qualifying veteran or active duty, then a Texas Veteran Loan is a great way to take advantage of all of its benefits. If you are a veteran but do not have any available VA entitlement, then perhaps an FHA mortgage loan can help you with your purchase. Either way make sure that you work with a trusted lender so that you can receive competitive rates. You can find the forms to check your VA Loan Eligibility here