Veterans Administration loan, popularly known as VA loan, is a mortgage loan available for veterans and active duty members as a part of a home loan scheme started by the United States Department of Veterans Affairs in 1944. Under the program, eligible individuals can get a loan from a private home loan lender at special interest rates. Like other states, an interested borrower in Texas can easily reach lenders and get the benefits of a VA home loan.

In the state, VA home loan is guaranteed by the US Department of Veterans Affairs, and an eligible individual can get the loan from one of the VA home loan lenders in Texas. The department gives the guarantee of the candidate and allows a lender to approve a loan with special benefits to the qualified individuals.

  • Who Can Have A VA Home Loan?

Started in 1944, VA home loan is a special mortgage home loan program for veterans, active duty members, national guards, retired armed force members, and their spouses. What differentiates these loans from traditional mortgages is their benefits. They come with lower interest rates than traditional loans. Apart from that, an applicant does not need to pay any down payment to get the loan to build their dream homes.

Veterans who have served for at least 90 days during the wartime or 181 days during the peacetime are eligible to apply for the loan. Those who served as National Guard or Reserves for at least six years can apply for the special loan.

In the case of surviving spouses, it is necessary that the deceased veteran was on active duty. However, children of the deceased veteran cannot apply for the loan.

  • What Are The Benefits Of VA Home Loan?

VA home loans come with lots of attractive benefits for eligible candidates, and a low-interest rate is one of them. Some other common benefits of the scheme include the following:

  • VA home loan comes without down-payment. An eligible candidate does not require to pay an amount of money to get the loan.

  • It is not necessary for an applicant to maintain a high credit score. Many private lenders in Texas accepts VA loan applications with a low credit score, while there are also a few lenders who do not ask for credit scores.

  • No Private Mortgage Insurance (PMI) is required.

  • One can use the loan amount to buy a new house or refinance an existing mortgage.

  • When it comes to buyer closing costs, there is no limit.

  • VA Home Loan Requirements In Texas

VA home loans are easy to get approved and come with flexible options. However, there are some necessary requirements that an applicant has to fulfill. These requirements are the same throughout the nation, including Texas.

  • Certificate Of Eligibility: The US Department of Veterans Affairs guarantees the home loan, but it is necessary for a candidate to prove eligibility for the loan type. One can easily get the Certificate Of Eligibility (COE) online.

  • Statement Of Service: This is required in the case of active duty members. When it is about discharged veterans, DD214 will work for them.

  • Form 180: It serves as evidence of military service.

There are many home lenders in Texas that allow flexible options to apply for VA home loan. However, their procedures and requirements can be different from each other which an applicant should know to speed up the loan process. Apart from that, it is also important for an interested borrower to collect and submit all important documents before beginning the loan process.

Here are some basic steps to follow and ensure everything goes as per the plan:

  • Step 1: Determine the VA home loan eligibility and collect documents to be eligible for the loan.

  • Step 2: Search for authorized lenders in Texas and contact them for further inquiry about them.

  • Step 3: Compare the VA home loan lenders in Texas to check who is easy to get the loan.

  • Step 4: Get the Certificate Of Eligibility.

  • Step 5: Apply and finalize your loan by fulfilling all the requirements.

  • Quick VA Home Loan In Texas

Quick VA Loans is one of the most reputed and experienced VA home loan lenders in Texas. The lender has been helping veterans throughout the US to get their dream homes easily at the lowest possible interest rates. Apart from that, veterans and active duty members can purchase or refinance a house using the lender’s services. No origination fee and 100% financing make Quick VA Loans a trusted VA home loan lender to choose in Texas and other US states.