Home Loan Available in Texas for Veterans and Service members

Veterans and servicemembers living in Texas have plenty of options, when it comes to financing a home purchase. According to the data released by US Census Bureau in 2014, there were approximately 1.5 million veterans in Texas, making it the state with the second highest veteran population in the US. This blog discusses three most-used home loan programs available in Texas for those who risk it all, for the greater good. Let’s take a closer look.

Veteran Housing Assistance Program

This loan program by Texas Veterans Land Board (VLB) is designed to assist state veterans in buying home at a low-interest rate. A veteran, however, needs to meet the eligibility criteria, before applying for the VLB loan. A veteran needs to be an active duty member, in the reserves for a specific qualifying time period for retirement or a member of the Texas National Guard to quality for VLB loan. Veterans who serve for at least 90 active duty days qualify for the loan program.

Multifamily units, single-family home, condominium and townhome in Texas qualify for the loan program. A veteran doesn't need to make a down payment, but it is necessary to show that the applicant has a primary residence in Texas and plans to stay in the new home for a period of three years or more.

Land Loan

A veteran, who wishes to build a house can apply for a land loan program. It gives enough flexibility to build a custom home that meets the accessibility needs of the disabled or injured individuals. A veteran needs to look at the available residential acreage in Texas and apply for a loan amount to purchase the land. A separate VA loan, in addition to the land loan, could be applied for to construct the house.

VA Financing

VA loan, introduced by the U.S. Department of Veterans Affairs, is the last home financing option for veterans. The applicant doesn't need to be a resident of Texas to avail the loan. VA home loan has a low-interest rate and a veteran doesn't need to make down payment at the initial stage. Whether a veteran needs to buy or build a house, VA loan is a great option. A veteran can also apply for a VA loan to install energy efficient lights and water heating system in the house. It is essential for a veteran to qualify the eligibility criteria to get approval for any of the three above discussed programs. Seeking the advice of a VA loan specialist often speed-up the process and makes it hassle-free for the applicant.