Veterans Can Buy A Dream Home With a VA Home Loan
Veterans serve the country bravely and they deserve benefits. One of the main benefits they may be eligible for is a VA loan. Active servicemen, veterans and some surviving spouses can own a home if they qualify. The Veterans Administration (VA) administers the program. Meanwhile, banks and mortgage companies offer the loans. The VA guarantees part of the loan so servicemen can get lower interest rates and other beneficial terms.
First, Texas VA Purchase Loans help veterans buy a home at an exceptional interest rate with no down payment or private mortgage insurance required. Refinance loans are also available to help people lower their current interest rate and/or shorten the term of their existing loan. The Interest Rate Reduction Refinance Loan (IRRRL) helps homeowners refinance a current VA loan and does just that. Additionally, the Native American Direct Loan Program (NADL) helps Native American Veterans finance the purchase or construction of a home on Federal Trust Land. NADL also helps to refinance an existing VA loan. Adapted Housing Grants help Veterans with a service-related permanent disability buy or build a home to accommodate the disability.
Applicants must have a Certificate of Eligibility in order to get a loan. Veterans have to be honorably discharged and meet certain service requirements. For example, Vietnam Veterans must have served for at least ninety days from August 5, 1964, through May 7, 1975. Soldiers who served in Vietnam have a starting date of February 28, 1961. Service members who served in the Gulf War must have served 24 continuous months or the full period of active duty (at least 90 days). The dates of service were from August 2, 1990, to present. Military personnel currently on active duty must serve for at least 90 days before applying. In addition, National Guard and Reserve members qualify if they were honorably discharged. They must have served for at least six years. VA loan requirements also require certain income and credit criteria.
Use of Texas VA home loans
Loans can be used for several purposes, including:
– Buying an existing house or condo in a VA-approved development;
– Building a house;
– Building and buying a house at the same time;
– Making energy efficient improvements to a house;
– Buying a pre-fab home and/or lot.
Spouses can also apply for Texas VA purchase loans. Eligibility requirements include a spouse must be single and the widow of a veteran who died in war or from a war-related condition. In addition, spouses of missing veterans and POW’s are also eligible. A surviving spouse becomes eligible if they remarry after age 57. Spouses of some totally-disabled veterans who died from their conditions may also be eligible.
Certain documents are needed to apply for VA purchase loans in Texas. Veterans need a copy of their DD 214. Active duty soldiers need a current statement of service signed by the commander of their unit. The document must show all applicable information including full name, social security number, and the date they entered active duty. Veterans can go online and apply for the Certificate of Eligibility. They may also apply for COD’s and Texas VA Purchase Loans through banks and mortgage companies, such as Texas VA Loan Center.
For additional information, please contact our VA Home Loan Specialists at 281-860-2533.