Texas VA Loans
Right now is a great time to buy a new house in Texas with a VA Loan. If you are a qualified veteran, you have the option of going through the VA to obtain your loan which comes with many benefits. Since it was implemented in 1944, the VA Loan Guaranty Program has made the loan process easy and affordable for all of its veterans, helping millions of veterans and their families realize the dream of homeownership. Today, with lowered housing prices and increased loan limits in Texas, it is possible to get that big, beautiful house you have your eye on for a great deal.
What are the Benefits?
The greatest benefit of using a VA Loan to purchase your new house is you will not be required to provide a down payment. In addition, you won’t have to pay private monthly mortgage insurance, will have minimal closing fees, flexible repayment options, easy refinancing and low interest rates. Plus, with a VA Loan you will always have the support of the VA if you should ever run into any problems or have questions further down the road.
Who Qualifies?
If you are a current member of the military, you can qualify for a VA Loan after serving a minimum of 181 days of regular active-duty service. Veterans who served 181 days and were honorably discharged also qualify. In order to obtain the loan itself, you will need to fill out an eligibility form through the VA’s website. Once you have been approved, the VA will send you a Certificate of Eligibility (COE) in the mail.
Are There Hidden Fees?
No. The VA wants to make the loan process as affordable as possible, and that includes stating all the costs up front. The VA does charge a one-time fee that is no more than 1% of the loan which is waved in some cases. When you are applying for a loan you will still need to pay for your credit check and all closing fees, but the VA puts a limit on this amount so you never have to worry about exorbitant costs at the end of the process.
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