Texas Vet Loan Rates
The Texas Vet Loan program offers a unique benefit to veterans, providing access to mortgage loans at competitive interest rates that are specifically set by the Texas Veterans Land Board (VLB). Understanding how these rates are determined and when they change is crucial for veterans who are considering applying for a loan through this program. Additionally, veterans with a VA disability rating of 30% or more are eligible for an additional rate discount, further supporting their journey to homeownership.
Understanding Texas Vet Loan Rates
Weekly Rate Updates
- Rate Setting: The interest rates for Texas Vet Loans are set by the Texas Veterans Land Board.
- Update Schedule: These rates are updated once a week on Friday after 5:00 PM. This means the rate you see published for the upcoming week reflects the most current rate available based on the VLB’s latest update.
- Publication: The updated rates are published on the VLB website, prominently displayed in the upper right sidebar area of most pages. This ensures that veterans and their families can easily find and view the current rates at any time.
Checking the Rates
To stay informed about the latest Texas Vet Loan rates, veterans should:
- Visit the VALoansTexas.com website regularly, especially if planning to apply for a loan soon.
- Note the specific area on the website where rates are updated to quickly find the current rate information.
Discount for Veterans with a VA Disability Rating
- Eligibility for Discount: Veterans who have a VA disability rating of 30% or more are eligible for a significant benefit—a discount of 0.5% off the starting loan rate.
- Impact of the Discount: This discount can result in considerable savings over the life of the loan, reducing the monthly mortgage payment and the total amount of interest paid.
- How to Qualify: Veterans must provide documentation of their VA disability rating as part of their loan application to qualify for the reduced rate.
Why This Matters
- Cost Savings: The interest rate on your loan has a direct impact on the monthly payment and the total cost of your loan. A lower rate means lower payments and less money paid out over the life of the loan.
- Planning: Knowing when rates are updated allows veterans to time their loan applications to take advantage of potentially lower rates.
- Accessibility: The Texas Vet Loan program, especially with the disability rate discount, makes homeownership more accessible for veterans, recognizing their service and sacrifice with tangible benefits.
Texas Vet Rates
Down payment: 0% & Term: 15, 20, 25 & 30 Yr Fixed
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