Our Texas VA Loan Options
Whether you want to refinance an existing loan into a VA loan or purchase a new primary residence, we’ll find a VA lender who meets your needs.
Texas VA Mortgage Process
Our team can match qualified veterans and service members to private lenders who work with the VA loan program.
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The Department of Veterans Affairs works with private mortgage companies to administer the VA loan program, which offers low-cost mortgages to assist Texas veterans and active duty personnel in purchasing a home. Unlike FHA loans, which are also government-backed loans, these mortgages have no down payment requirements, and they also have lower interest rates and more favorable terms.
Texas VA Loan Requirements
Only eligible veterans and active service members can use VA loans under the legislature created by the GI Bill after World War II. To qualify, you must obtain a Certificate of Eligibility from the VA, which shows that you have the requisite military service and discharge status necessary for the program. Beyond this, you must also meet the following requirements.
VA loans can only be used to purchase a home used as a primary residence. There are no income requirements, though lenders may impose a debt-to-income ratio restriction.
Generally, you need a credit score of at least 620. However, we understand that you may have a slightly lower credit score. We can go down to 500 for a VA loan, so it’s important to contact us to discuss your situation. While VA loans don’t require private mortgage insurance, you must pay closing costs and a funding fee, which helps other veterans access home loans.
Lastly, only a conventional loan is eligible for a cash-out refinance in the Lone Star State. You can only use a VA IRRRL refinance on a VA home loan.
VA Loan Assistance Programs in Texas
Even with a veteran home loan, a home purchase is still a daunting financial prospect. Thankfully, many programs are available for military personnel to aid in the home-buying process or to perform home repairs on existing homes.
The Texas Veterans Land Board (VLB) offers the only program of its kind in the nation that enables veterans to borrow up to $150,000 to purchase land with a 30-year fixed-rate loan.
Additionally, the VLB runs the Veterans Housing Assistance Program, which offers up to $766,550 on a fixed-rate mortgage with loan terms ranging from 15 to 30 years. This must be used on a single-family attached property or, if a multi-unit property, one that has been built in the last five years.
Finally, VLB offers home improvement loans with an interest rate below the rate index score and no down payment required. You can access up to $50,000.00 with a 2—to 20-year term.
Why Choose Arnaiz Mortgage for Your Texas VA Loan Needs?
We’re committed to helping veterans utilize their VA entitlement to purchase the home of their dreams.
Arnaiz Mortgage is built on a foundation of respect for our clients and a belief that forming long-lasting relationships is critical to the mortgage process. Our team of mortgage professionals will take the time to understand your personal financial goals and then match you to lenders that best suit your specific borrowing profile.
We seek out the most competitive rates on your behalf, serving as a bridge between you and your lender. Our familiarity with the VA home loan process enables us to guide you through the entire loan process from start to finish, answering any questions you may have along the way.
