For veterans and active-duty service members in Texas, the path to homeownership comes with unique advantages through the VA home loan program. This powerful mortgage option opens doors to homeownership without the typical barriers of traditional financing, offering benefits that can save veterans thousands of dollars throughout their homebuying journey.
The U.S. Department of Veterans Affairs has created a mortgage program specifically designed to honor our service members’ sacrifices by making homeownership more accessible. Unlike conventional mortgages, VA home loans eliminate the need for a down payment and private mortgage insurance (PMI) while offering competitive interest rates that can significantly reduce monthly payments.
Military service members earn their VA loan eligibility through their dedication to our country. You may qualify if you’ve served at least 90 consecutive days during wartime, 181 days during peacetime, or completed six or more years in the National Guard or Reserves. The program also extends this valuable benefit to surviving spouses of veterans who died in service or due to a service-connected disability.
Beginning your VA loan journey is straightforward. The first step is obtaining your Certificate of Eligibility (COE), which then verifies your eligibility for the actual program. You can secure this document in 3 different ways. You can go through the VA website, through our team at CrossCountry Mortgage, or by mail using VA Form 26-1880.
While many lenders set minimum credit score requirements around 620, our team at CrossCountry Mortgage takes a more flexible approach, with no minimum credit score requirement. We believe in looking at each veteran’s complete financial picture rather than just a number.
Securing your VA home loan follows a clear, structured path. After confirming your eligibility and submitting your application through our portal, we’ll conduct a soft credit pull and review your income to ensure you meet VA requirements. Once pre-approved, you’re ready to begin your home search with a realtor.
When making an offer, remember to include a VA Option Clause to protect your earnest money. After acceptance, the property will undergo a VA appraisal and home inspection to ensure it meets the VA’s Minimum Property Requirements (MPRs) – standards that guarantee the home is safe, sound, and sanitary.
VA loans offer flexibility in the types of properties you can purchase. Beyond traditional single-family homes, you can use your VA loan benefit for condos (VA-approved), townhouses, barndominiums, and even multi-unit properties with up to four units if you plan to live in one of them. Each property must meet the VA’s MPRs, which include adequate heating, electrical systems, and roofing, with no major structural issues.
While VA loans are known for their no-down-payment benefit, they do involve some costs. The VA funding fee, which helps sustain the program, is typically 2.15% of the loan amount for first-time buyers with no down payment. However, this fee may be reduced or waived for veterans with service-connected disabilities. Other closing costs, such as appraisal and title fees, are regulated by the VA to keep them reasonable, and sellers can often contribute to these expenses.
Your VA loan benefits don’t end with your first home purchase. The VA offers refinancing options through the Interest Rate Reduction Refinance Loan (IRRRL) for lowering your rate or switching from an adjustable to a fixed rate. A cash-out refinance option is also available if you need to access your home’s equity.
Best of all, your VA loan benefit can be reused multiple times as long as you have remaining entitlement and plan to occupy the new home as your primary residence. While a down payment may be required in some cases, this renewable benefit provides lasting value throughout your lifetime.
Texas veterans enjoy additional advantages through the Texas Veterans Home Loan Program, which offers competitive interest rates and special discounts for those with service-connected disabilities. These state-specific benefits, combined with the federal VA loan program, make Texas an especially attractive state for veteran homeownership.
The VA loan process typically takes 25-45 days from application to closing, though timelines can vary based on individual circumstances. If you’re ready to begin your path to homeownership, our team is here to guide you through every step of the process, from securing your COE to getting the keys to your new home.
Start your journey today by submitting your inquiry through our website. Our experienced team specializes in VA loans and is committed to helping you maximize your hard-earned benefits while making your dream of homeownership a reality.
For help, questions or to see what you qualify for, give us a call!
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
Sr. VP of Veteran Lending Specializing in Texas Vet & VA Loans NMLS ID: 336103
6601 Vaught Ranch Rd, Suite 101 I, Austin, TX 78730
**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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