What is the difference between a Texas Vet Loan and a VA Mortgage? - valoanstexas.com

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What is the difference between a Texas Vet Loan and a VA Mortgage?

0
07 Aug 2012
by Shirley

These two loan programs have a lot of similarities, however, the primary difference is the rates for Texas Veteran Loans are set by the Texas Veterans Land Board and the rates on VA Mortgages are market based and set by the lenders who originate the loans with the VA guarantee.  Also, Texas Veteran loans can only be used for home purchases, where as a VA Loan can be used for a home purchase or refinance.

Other differences include:

  • A ½ percentage point discount on the Texas Vet loan for Veterans with a disability rating of 30% or greater.
  • Texas Veteran loans can be originated under the guidelines for a VA Loan, FHA Loan or Conventional loan.  In most cases it will be originated as a VA loan but in certain cases it may make sense to originate the loan as FHA or Conventional.

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*Interest rates are set weekly by the Texas Veterans Land Board and are subject to change based on when you lock your interest rate. Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. Click HERE for an example.
Shirley Mueller
Sr. VP of Veteran Lending
Specializing in Texas Vet & VA Loans
NMLS ID: 336103

3809 Juniper Trace, Suite 100
Austin, TX 78738

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

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