Texas Vet Loans

Introduction to Texas Veterans Land Board - Texas Vet Home Loan

The Texas Veterans Land Board (VLB), established to honor and assist veterans in their post-service lives, offers the Texas Vet Loan program, a unique opportunity for Texas veterans, military members, and their spouses to achieve homeownership. The program underscores Texas’s commitment to its veterans by providing favorable loan options that cater to the specific needs of those who have served.

Through the Texas Vet Loan, eligible participants can access various home loan types, including VA, FHA, and Conventional loans, each designed to offer flexibility and financial benefits suitable for the diverse circumstances of Texas veterans.

Key Features of the Texas Vet Loan Program

Competitive Interest Rates: The program offers rates that are often below market levels, especially beneficial for veterans with service-connected disabilities who receive additional rate discounts.
Weekly Rate Adjustments: Unlike the more common daily adjustments seen in other loan types, Texas Vet Loan rates adjust weekly, providing a stable window for rate locking.
Diverse Loan Options: With VA, FHA, and Conventional loan options, the program ensures that veterans have access to the loan type that best suits their financial situation and homeownership goals.
Disability Benefits: Veterans with a 30% or greater service-connected disability rating benefit from a significant interest rate reduction, lowering their borrowing costs.
Flexibility in Buying Down Rates: While the program does not allow buying down rates below the weekly set rate for Texas Vet Loans, it ensures fairness and simplicity in loan terms.

Texas Veteran Home Loans

Three types of Texas Vet Home Loans Available

The Texas Vet Loan program provides a unique advantage for veterans looking to purchase a home, offering three distinct types of home loans: VA, FHA, and Conventional. This diversity ensures that veterans have access to the benefits that best suit their individual circumstances and needs.

VA Loans: Specifically designed for veterans, active-duty military members, and certain spouses, VA loans are a popular option within the Texas Vet Loan program. They offer significant benefits, such as no down payment, no private mortgage insurance (PMI), and competitive interest rates. VA loans in Texas are backed by the Department of Veterans Affairs, which provides added security for the lender but requires the borrower to have sufficient VA entitlement.

FHA Loans: For veterans who may not have VA entitlement or who prefer an alternative, the Texas Vet Loan program also includes FHA loans. These loans are backed by the Federal Housing Administration and are known for their lower down payment requirements (as low as 3.5%) and more lenient credit score criteria. FHA loans can be an excellent option for veterans who are first-time homebuyers or who may not qualify for a VA loan.

Conventional Loans: The program also offers Conventional loans, which are not backed by a government agency like VA or FHA loans. These loans are ideal for veterans with strong credit scores and who can afford a down payment. While Conventional loans may require a down payment and come with PMI if the down payment is less than 20%, they offer greater flexibility in terms of loan amounts and property types.

The inclusion of FHA and Conventional loans within the Texas Vet Loan program ensures that veterans who do not have entitlement or are not eligible for a VA loan still have opportunities to purchase a home. These alternatives provide viable pathways to homeownership, enabling veterans to benefit from the competitive interest rates and terms offered by the Texas Vet Loan program, regardless of their eligibility for a VA loan.

This comprehensive approach recognizes the diverse needs of Texas veterans, ensuring that the dream of homeownership is accessible to as many veterans as possible. By offering a choice between VA, FHA, and Conventional loans, the Texas Vet Loan program underscores its commitment to serving the varied financial and situational needs of veterans and military families in Texas.

Texas Veteran VA, FHA, Conventional Loans

Feature	Texas Vet VA Loan	Texas Vet FHA Loan	Texas Vet Conventional Loan
Mortgage Insurance	Not required, regardless of down payment	Required, both upfront and annually	Required if down payment is less than 20%
Credit Score Requirements	Generally more flexible, can be as low as 620	Typically requires a minimum of 580 for 3.5% down payment	Higher than FHA, usually 620+, with better rates for higher scores
Loan Limits	Max loan limit is $766,550	Max loan limit is $766,550	Max loan limit is $766,550
Interest Rates	Texas Vet Rates are the same for VA	Texas Vet Rates are the same for FHA Loan	Texas Vet Rates are the same for a conventional loan
Eligibility	Veterans, active military, and certain spouses that have VA entitlement	Veterans, active military, and certain spouses that don’t have to have VA entitlement	Veterans, active military, and certain spouses that don’t have to have VA entitlement
Property Requirements	Must meet VA’s Minimum Property Requirements (MPRs)	Must meet FHA’s property standards and appraisal guidelines	Less stringent than VA or FHA
Loan Purpose	Purchase Only	Purchase Only	Purchase Only
Occupancy	Primary Residence Only	Primary Residence Only	Primary Residence Only
Funding Fee	Yes, can be financed into the loan or paid at closing. Waived for service-connected disabilities	Upfront mortgage insurance premium can be financed	No funding fee, but PMI may apply if down payment is <20%
Loan Type	Only fixed-rate mortgages	Only fixed-rate mortgages	Only fixed-rate mortgages
Loan Term	15, 20, 25, 30 year mortgage	15, 20, 25, 30 year mortgage	15, 20, 25, 30 year mortgage

Texas Vet Rates

Interest

as Low As

1 %

APR

as Low As

1 %

Down payment: 0% & Term: 15, 20, 25 & 30 Yr Fixed
Click HERE for important disclosures

Texas Vet Loan Process Guide - 12 Steps

Navigating your way to homeownership through a Texas Vet Loan can be an exciting journey with the right guidance. This guide, enhanced with professional insights is designed to encourage veterans to embark on the path to owning their dream home confidently.
Step 1: Check Your Eligibility

The journey begins by confirming your eligibility for a Texas Vet Loan. With expert help, this process is streamlined, ensuring all requirements are met and questions are answered.
Apply Online

Step 2: Understand Your Benefits

Learn about the unique advantages of Texas Vet Loans. Expert advice can illuminate how these benefits, including competitive rates and potential for minimal down payment, can aid in your home purchase.

Step 3: Get Your Finances in Order

Organizing your finances is a crucial step. Assistance with preparing your financial documentation sets the stage for a smooth loan application process.

Step 4: Obtain Pre-Qualification

Achieving pre-qualification marks a significant milestone. It provides a clear picture of your buying potential, establishing a foundation for your property search.

Step 5: Start House Hunting

With a budget in hand, you can begin searching for a home that meets your needs and financial capacity. Access to a network of veteran-friendly real estate professionals can make your search more efficient.

Step 6: Make an Offer

When you find the right home, the next step is making a thoughtful offer. Leveraging expert guidance ensures that your offer is both compelling and prudent.

Step 9: Review Detailed Rate Estimate and Closing Costs

Before proceeding further, Shirley will provide a detailed comparison of rate estimates and closing costs for different programs. This essential analysis allows you to select the most advantageous program tailored to your financial needs and goals, ensuring you make an informed choice.

Step 7: Apply for a Texas Vet Loan

With a clearer understanding of your financial options, the application process for a Texas Vet Loan becomes more straightforward. Expert guidance through each step, from documentation gathering to submission, simplifies the journey.

Step 8: Home Appraisal and Inspection

A thorough appraisal and inspection are crucial to ensure the home’s value meets your expectations and loan requirements. Coordination of these processes confirms the property is a sound investment.

Step 10: Close on Your Home

Closing marks the culmination of your homebuying journey. A detailed review of the loan’s final aspects prepares you for this concluding step, ensuring a clear understanding of all obligations and costs.

Step 11: Move In

With the closing complete, it’s time to enjoy your new home, keeping in mind to comply with the loan’s occupancy requirements.

Step 12: Maintain Your Home and Loan

Ongoing maintenance of your home and loan is vital for enduring satisfaction. Remember, expert advice remains available to assist you beyond the purchase.

Ready to Begin?

Veterans interested in exploring their homebuying options through a Texas Vet Loan will find invaluable expertise with Shirley Mueller. Start your path to homeownership with the confidence that comes from having knowledgeable support every step of the way. Reach out today and take the first step towards owning your dream home with a partner dedicated to meeting your needs.

This guide aims to clarify the homebuying process, highlighting the tailored support and professional advice available to veterans at each stage.

Get Started

Start Your Texas Vet or VA Loan

Find Out How Much You Qualify For There is No Cost or Obligation!

First Name*(Required)

Last Name

Phone*(Required)

Email*(Required)

Loan Type(Required)

Loan Amt.(Required)

Mil. Status(Required)

Question/Comment

CAPTCHA

This field is for validation purposes and should be left unchanged.