The Texas VA Mortgage Program Offers Eligible Veterans Both Texas home Purchase and Home Refinance Programs.
VA Mortgage Lenders Advantage Summary
1. No Down Payment Requirement
With the VA Loan, qualified borrowers can finance 100 percent of the home’s value without putting down a dime. Take a look at the chart below to see how much you can save through the no-money-down benefit of the VA Loan.
2. No Monthly Private Mortgage Insurance
Many conventional lenders require borrowers to pay private monthly mortgage insurance unless they’re able to put down at least 20 percent, which is a tough task for many veterans. Private mortgage insurance (PMI) is an insurance that protects lenders in case of a borrower default.
3. Competitive Interest Rates
VA mortgage Interest rates on home loans are based on risk assumed by the bank to finance the loan. The VA backs each VA Loan with a guaranty, and VA mortgage lenders carry less risk and can offer interest rates that are typically lower than conventional interest rates.
4. Easier to Qualify
Select VA mortgagelenders allow approvals down to a minimum 580 credit score!
US Mortgage specializes in good and bad credit VA mortgage loans even no credit score Texas VA loans in every city Texas VA Bad Credit Mortgage Lenders and county in Texas VA Mortgage Lenders VA mortgages are guaranteed by the Department of Veterans Affairs (VA). These Texas VA mortgage loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation. This includes the Army, Navy, Air Force, Marines, Reservists, National Guardsmen, and certain surviving spouses. Also, if you are a disabled veteran, you may qualify for additional Texas VA mortgage benefits. Including reduced or elimination of Texas property taxes. We are proud to provide 100% Bad credit Texas VA mortgage approvals down to 550 fico score va purchase or Texas VA mortgage refinance!
- Easier qualification standards
- Less strict credit and income standards
- 100% Texas VA Mortgage Lenders = No down payment required.
- Bad Credit Score VA loans Down to 550!
- No Credit Score VA Mortgage Loan Approvals
SAME DAY PRE APPROVALS!
VA Mortgage Lenders Serving VA Purchase and VA Refinance Loans In Every city Texas VA Bad Credit Mortgage Lenders and County in Texas!
TEXAS VA MORTGAGE LENDERS ELIGIBILITY REQUIREMENTS
You must have suitable credit score MINIMUM 550, sufficient income, and a valid Certificate of Eligibility (COE) to Qualify with a Texas VA mortgage Lenders. The Texas home must be for your own personal occupancy. The approval requirements to obtain a COE are listed below for Service members and Texas Veterans, spouses, and other eligible beneficiaries. VA mortgage loans can be used to:
- Buy a Texas home, a Texas condominium unit in a VA-approved project
- Simultaneously purchase and improve a Texas home.
- Improve a Texas home by installing energy-related features or making energy efficient improvements
- Get VA approved to buy a Texas manufactured home w/land lot.
- Texas Eligibility Requirements for VA Mortgage Lenders
- Service members and Texas Veterans- To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below
ESTABLISHED VA MORTGAGE LENDERS MINIMUM TRADE LINES
Texas VA Mortgage lenders allow for both traditional and alternative credit trade lines. However, most Texas mortgage lenders require that you must have at least two lines of credit that you have maintained for at least a 12 month payment history.
Alternative lines of credit for NO CREDIT SCORE MORTGAGE APPROVALS for Texas VA mortgage applicants are used to provide the ability and willingness to pay debt. VA alt trade lines defined as continuing proof of payment for direct service provider obligations, such as electric, cell-phone, home-phone bills, rent history, car insurance, which require a timely monthly payment in order to establish a 12 month payment history. To be used as an alternative credit trade line must have existed for at least 12 months.
Texas VA mortgage lenders do not consider absence of a credit history as an adverse factor. However, a minimum 12 month history of the VA mortgage applicant, including residence, income, assets and credit must be proven.
Texas VA Mortgage Lenders Funding Fee Tables
|Type of Veteran||Down payment||Percentage for First time Use||Percentage forSubsequent Use|
|Regular Military||None5%or more
Note:In 2011,funding fees were lower from October 1 through October 5,and November 18 through November 21. The enactment of Public law 112-56,signed November 21,2011,establishes rates at the levels below through September 30,2016.Prior to September 30,2016,we will publish updated information on the fees for loans closed after that date.
Texas Cash-Out Refinancing Loans:
|Type of Veteran||Percentage for FirstTime VA Mortgage Use||Percentage for Subsequent VA Mortgage Applicants|
|Regular Military||2.15%||3.3% *|
|Reserves/National Guard||2.4%||3.3% *|
Note:There are no reduced funding fees for regular refinances based on equity.Reduced fees only apply to purchase loans where a down payment of atl east
*The higher subsequent use fee does not apply to these types of loans if the Veteran’s only prior use of entitlement was for a manufactured home loan.
|VA Status||Qualifying Wartime & Peacetime Periods||Qualifying Active Duty Dates||Minimum Active Duty Service Requirement|
|Texas Veteran||WWII||9/16/1940 – 7/25/1947||90 total days|
|Post-WWII||7/26/1947 – 6/26/1950||181 continuous days|
|Korean War||6/27/1950 – 1/31/1955||90 total days|
|Post-Korean War||2/1/1955 – 8/4/1964||181 continuous days|
|Vietnam War||8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961||90 total days|
|Post-Vietnam War||5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981||181 continuous days|
|24-month rule||9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981||· 24 continuous months, OR· The full period (at least 181 days) for which you were called or ordered to active duty|
|Gulf War||8/2/1990 – Present||· 24 continuous months, OR· The full period (at least 90 days) for which you were called or ordered to active duty|
|Currently On Active Duty||Any||Any||90 continuous days|
|Texas National Guard & Reserve Member||Gulf War||8/2/1990 – Present||90 days of active service|
|· Six years of service in the Selected Reserve or National Guard, AND· Were discharged honorably, OR
· Were placed on the retired list, OR
· Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
· Continue to serve in the Selected Reserve
*If you do not meet the minimum VA service service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.
Spouses The spouse of a Texas Veteran can also apply for home loan eligibility for a VA mortgage under one of the following conditions:
- Un-remarried spouse of a Texas VA who died while in service or from a service connected disability, or
- Spouse of a Texas Service members missing in action or a prisoner of war
- Surviving Texas spouse who remarries on or after attaining age 57, and on or after December 16, 2003
(Note: a surviving Texas spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
- Surviving Texas Spouses of certain totally disabled veterans whose disability may not have been the cause of death.
Active Duty Texas Military Installations
Texas United States Air Force
Dyess Air Force Base
Mission: Heavy bomb wing & airlift support group
Economic Output: $3.22 Billion
Goodfellow Air Force Base
Mission: Joint firefighting & intelligence training
Economic Output: $3.0 Billion
Laughlin Air Force Base
Mission: Specialized undergraduate pilot training
Economic Output: $1.4 Billion
Sheppard Air Force Base
Mission: Technical aviation & allied pilot training
Economic Output: $5.6 Billion
Texas United States Army
Corpus Christi Army Depot
Mission: Helicopter repair Center of Excellence
Economic Output: $2.5 Billion
Mission: Ground combat maneuvering & artillery training
Economic Output: $24.1 Billion
Mission: Ground combat ready forces & helicopter training
Economic Output: $35.4 Billion
Red River Army Depot
Mission: Center for Maintenance of Tactical Wheeled Vehicles & Rubber Products
Economic Output: $2.1 Billion
Texas United States Navy
Naval Air Station Corpus Christi
Mission: Primary pilot training
Economic Output: $2.1 Billion
Naval Air Station Fort Worth Joint Reserve Base
Mission: Tactical fighter & airlift mission
Economic Output: $6.6 Billion
Naval Air Station Kingsville
Mission: Navy strike pilot training
Economic Output: $2.1 Billion
Texas Ellington Field Joint Reserve Base
Ellington Field Joint Reserve Base
Economic Output: $5.6 Billion
Joint Base San Antonio Texas
Fort Sam Houston
Mission: Medical Training
Lackland Air Force Base
Mission: Basic training for enlisted recruits & technical training
Randolph Air Force Base
Mission: Instructor pilot and graduate level instrument flying training
Combined Economic Output: $46.39 Billion
Although Texas VA mortgage do not have a maximum dollar amount, Texas mortgage lenders who sell their VA loans in the secondary market must limit the size of those loans to the maximums prescribed by GNMA (Ginnie Mae) which is currently 417,000..
Any Texas homestead by a veteran who was honorably discharged with a service-connected permanent and total disability and for whom a letter from the United States Government or VA or its predecessor has been issued certifying that the veteran is totally and permanently disabled is exempt from taxation, provided the veteran is a permanent resident of the state on January 1 of the Texas tax year for which property exemption is being claimed or on January 1 of the year the veteran died.
- No money down for Texas VA loans up to $417,000.
- Seller paid closing cost up to 4%.
- No PMI (Private Mortgage Insurance)
- Government regulated Texas VA loan closing costs.
- VA streamlined refinance loans can be closed in 7 to 14 days
- VA BAD CREDIT TEXAS MORTGAGE DOWN TO 580 FICO.
- No limit to the number of times a veteran may use a VA mortgage.
- NO CREDIT SCORE TEXAS VA HOME LOANS USING ALTERNATE TRADE LINES.
In addition to these benefits, the VA Mortgage Loan program offers default assistance to veteran borrowers in financial difficulty through a higher level of service and a greater range of alternatives to avoid foreclosure. Delinquency and foreclosure rates for VA mortgage loans are substantially less because of the VA mortgage protections in place.
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The VA mortgage funding fee is added into the VA mortgage amount of the loan to be paid over the life of your VA mortgage loan. The VA mortgage Funding Fee replaces the much higher priced Texas (PMI) Mortgage Insurance required when you get a conventional home loan. Disabled Texas Veteran homebuyers may even qualify to get the fee waived completely.
The VA offers excellent qualifying standards. The VA does not use credit scoring as their primary analysis of the loan. Texas VA mortgage applicants with some past financial difficulties may still qualify for a VA mortgage loan. The VA mortgage can be a tremendous savings compared to the cost of conventional loans for those veterns with past credit issues.
Texas VA mortgage loans have built in features allowing a Texas VA mortgage to be refinanced to a lower interest rate without all of the criteria normally red tape associated with a conventional mortgage. This is called an Interest Rate Red
ALL TEXAS SITUATIONS ARE WELCOME- SERVING EVERY city Texas VA Bad Credit Mortgage Lenders LOCATION IN TEXAS INCLUDING:
BAD CREDIT TEXAS FHA MORTGAGE LENDERS: Down payment only 3.5% of the purchase price. Gifts from family or FHA Grants for down payment assistance and closing costs OK! Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid. No reserves or future payments in account required.
3.5% DOWN BAD CREDIT TEXAS MORTGAGE LENDERS Read More. 3.5% DOWN BAD CREDIT TEXAS MORTGAGE LENDERS Read More. 3.5% TEXAS FHA Mortgage Lenders Min 580 FICO!! Read More.TEXAS MORTGAGE LENDERS Read More. TEXAS Mortgage Lenders Programs Read More. TEXAS VAMORTGAGE LENDERS – MIN 580 FICO Read More.
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Texas VA Mortgage Lenders
Lenders are persons or entities (private sector or government) that originate, hold, service, fund, buys, sells or otherwise transfers a loan guaranteed by the Department of Veterans Affairs. The links below are provided as resources for VA lenders.
Texas VA Mortgage Lender Resources
- Lenders Conference Information
- Quick Reference Instructions for Prior Approval Loan Processing for Lenders
- Quick Reference Document for Condo Approval for Lenders
- Correct COE Quick Reference
- LGY Newsletter
- Lender Loan Volume Reports
- Loans by State
- Loan Volume by County
- Lender’s Certificate of Eligibility (COE) Tutorial
- Lender/Servicer Administrative User Guide
- Lender’s Handbook
- Stakeholder Videos
- Training Broadcasts for Industry Partners and Program Participants
- Regional Loan Centers
- VA Loan Guaranty Circulars
- VA Loan Eligibility
- VA Loan Limits
- State Fees and Charges Deviations
- Veterans Information Portal