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Types of VA Home Loans

For active duty service members, veterans, and their spouses seeking to understand their eligibility for a Texas Vet or VA Mortgage, the criteria include specific service requirements and other conditions. Additionally, there are important considerations regarding income and credit requirements that influence loan qualification. Here’s a breakdown to clarify these aspects:
VA Loan TypePurposeKey Features
VA Purchase LoanTo buy an existing or new home, condo, manufactured, modular – see all property types

No down payment required

No private mortgage insurance (PMI)

Competitive interest rates

VA IRRRL (Interest Rate Reduction Refinance Loan)To refinance an existing VA loan and lower your interest rate

Lower monthly payments or terms

No appraisal or credit report/score required

VA Cash-Out Refinance LoanTo refinance a non-VA loan to a VA loan or take cash out from a property’s equity. Available to veterans with or without current VA loans Can take cash out for various purposes
VA Construction LoansTo purchase a lot and build a home or to finance a build on your existing lot

Covers the cost of land, plans, permits, fees, and construction

One-time close without the need for a second loan

VA Renovation LoansTo buy and renovate or repair a home

Finance both the purchase and renovation costs

Suitable for all cosmetic and non-structural repairs

Texas Veteran Home LoanTo buy a primary residence in TexasLow-interest rates for veterans buying in Texas
Texas Veteran Home Improvement LoansFor home repairs and improvements in Texas

Offers below-market interest rates for veterans

For improvements such as plumbing, roofing, and accessibility modifications

Available through the Texas Veterans Land Board (VLB)

Texas Veteran Lot LoanTo purchase a lot for a future home

Competitive interest rates for buying land in Texas

Intended for the construction of a primary residence

Available through the Texas Veterans Land Board (VLB)

Get Pre-Approved for your VA loan

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

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VA Funding Fee Calculator

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CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loan in Texas. NMLS License #3029 | MB.803095 | NMLS Consumer Access | CFPB

Shirley Mueller

Sr. VP of Veteran Lending Specializing in Texas Vet & VA Loans NMLS ID: 336103

6601 Vaught Ranch Rd, Suite 101 I, Austin, TX 78730

888-788-4977

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**The advertised rates and points listed are subject to change at any time without prior notice and may not be available to all borrowers. These rates are predicated on specific assumptions and lending scenarios. The actual rate available to you can vary depending on your personal details, such as your credit score, the amount of the loan, your down payment, and our internal lending criteria. The rates provided are for a fixed rate mortgage, but they will differ depending on the loan term and property location. Additional rates, points, and loan terms might be available. Approval of all loans is contingent on credit and property evaluations. Property insurance is mandatory, and flood insurance might also be necessary.

Interest rates for the Texas Vet program 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.

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  CrossCountry Mortgage for current rates and for more information.

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