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)

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