VA loans in Texas are some of the best ways to for Texas veterans to get a loan for their dream home. A VA home loan is the perfect solution for those looking to retire from active duty and settle down with their families, without having to cough up a down payment or worry about private mortgage insurance.
The state of Texas offers many benefits and attractive opportunities to those who have retired from military service or military families. For the active duty service member or the eligible Texas veterans, securing a VA loan is as easy as calling private lenders who offer VA loans.
Where Can I Get a VA Home Loan?
Security America Mortgage seeks to help any one who has served in the military service or the National Guard to secure a VA loan for their primary residence. A VA mortgage offers a route to renovate one’s home, construct a new home, refinance, or get a better interest rate, or upgrade certain parts of one’s home.
With the help of a government-backed loan programme, qualifying veterans can finance home improvements or renovations while taking advantage of a va home improvement loan.
If your home needs more work, or you’d like to research the types of home loans available, call a loan officer today to find out more.
Can I Get a VA Cash Out Refinance Loan in Texas?
One type of VA loan is the cash out refinance loan, which allows those with a VA home loan to take out a new loan under more favorable terms. This kind of VA loan allows you to take cash from your home equity or switch a conventional loan into a VA loan.
These loans and their requirements depend on private lenders in your area, and they can be used for debt, school loans, home improvement, or other needs.
However: these VA loans are not available in the state of Texas. The state constitution does not allow government-backed cash out refinance loans. Homeowners can get a regular cash out refinance loan in Texas if they have enough home equity (around 20 percent).
Alternative 1: Home Improvement VA Loan
One type of VA loan allows you to make necessary improvements or renovations to your home after you have purchased it and owned it for a while. These loans do not require a down payment, come with affordable interest rates, and do not require private mortgage insurance.
If you have already made a home purchase, you can borrow how much you’ll need from a lender to renovate your home to make it livable. There are many repayment terms available, from 10 years to 30 years so that you can enjoy your newly updated home right away, but still pay it off over time.
Alternative 2: Conventional Cash Out Refinance Loan
Texas VA home loans exclude VA cash out refinance loans, but homeowners, VA buyers, and active duty service members can still get a conventional loan from lenders who offer them. These kinds of loans require a higher credit score than a VA loan.
They also come with limited closing costs, an 80 percent maximum LTV, and a six-month waiting period between your first mortgage and your refinance loan.
Alternative 3: Personal Loan
If you have a high credit score, can make a regular payment, and need cash immediately, a personal loan will probably help you.
While most lenders have higher standards and eligibility requirements for these kinds of loans, veterans and civilians alike can take advantage of them for purchasing power, renovations, and in case of emergencies.
If you’ve declared bankruptcy or have a history of liens, if you have a low income, you may not be able to apply for this kind of loan.
Alternative 4: Refinance Your Mortgage with a VA Loan
If you’ve already bought a home, but you’re a veteran, then you can apply for a VA loan that refinances your old loan and lowers your monthly payment or your interest rate. Mortgage companies that offer VA loans make sure that you can make the most out of the VA loan program.
However, if you do not qualify because of low or no income, if your service was too short (under 60 days), or if you aren’t a veteran, then this type of loan may not be right for you. You may want to improve your credit or look at other options if you can’t apply for VA home loans.
Alternative 5: Texas Veterans Land Board Loan
Other than VA loans backed by the Department of Veterans Affairs, the state of Texas offers a unique loan that is unlike any other in the country. The VLB Veterans Land Loan Program allows veterans who qualify to borrow up to $150,000 to purchase land.
This loan requires a five percent down payment for land that is more than one acre. For certain VA buyers looking to build a home of their own, this loan can be combined with a VA home loan for construction.
The state of Texas offers many opportunities for building a new home. The state has some of the highest numbers of home construction, which means contractors and building companies are everywhere. You might be able to get a better deal on a new home this way.
Other Benefits for Veterans Living in Texas
Texas VA loans come with many benefits that help to keep communities of veterans united. Home loans and land loans are just some of the many options available to those who have served in the United States military. Other benefits include:
Property Tax Exemption
Veterans who have service-related disabilities can qualify for a property tax exemption of some kind based on the level of their disability and how it relates to their time spent in active service.
For those who have 100 percent disability, they may avoid paying property taxes completely. For those who have a partial disability, they may have to pay less money in property taxes.
No Prepayment Penalty
One benefit of a Texas VA loan is that it comes with no prepayment penalty if you decide to pay off your loan at any time. You can build a path to completely owning your home faster as a borrower and avoid paying extra fees and fines.
No Private Mortgage Insurance
Even if you can’t make a down payment on your VA home loan, you won’t have to pay private mortgage insurance (PMI) and your VA mortgage won’t have additional fees or a higher interest rate because of it. Texas veterans can own a home with a VA home loan without having to sacrifice money or comfort.
How Can I Be Eligible for a VA loan?
If you have served in the military, then you most likely will have a VA certificate or a Certificate of Eligibility that shows lenders that you are eligible for a Texas VA loan. Private lenders will also ask for a credit score, your financial history, proof of income, and how much you play to put into a down payment to determine whether or not you are eligible for a VA loan.
A VA mortgage can help you and your family settle into civilian life. Your certificate of eligibility will let you know how much the Department of Veterans Affairs will secure in your loan–typically up to 25 percent.
Security America Mortgage has loan officers that want to help make available the crucial benefits that help to keep veterans united. Home loans, home improvement loans, and even loans to get more energy efficient appliances are all available to those who want to make a home purchase, move to a new home, or feel that they are eligible for refinancing.
