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Rules have recently changed regarding loan limits for VA
loans. For more information visit
VA Loans
A VA loan is a type of mortgage loan guaranteed by the
government. In the case of default the government agrees to
compensate any losses that occur.
Loans are part of the original GI Bill and are administered by
the Department of Veterans Affairs.
The
loan offers eligible veterans specialized home financing
created just for them.
While VA loans are
designed for eligible veterans, and in some case spouses of
veterans, it offers the ability for 100% financing, meaning
zero down payment. It also allows the seller or lender to pay
a portion of closing costs associated with the loan. Private
mortgage insurance ( PMI ) is not required for a VA loan.
VA loans are also the only loan program that restricts what a
borrower can pay in the form of costs. The benefit of this is
less cash required at closing, and can often times mean no
cash when you close.
VA financing, requires the
veteran to purchase the home as their primary residence. The
veteran must also have eligibility to purchase the house. Talk
to a fully approved lender that has what is called a LAPP
designation to determine eligibility.
The Texas Veterans Land Board and Texas Veterans Housing
Assistance Program
(TVLB and TVHAP)-in short the
program offers a wide array of special benefits exclusively
for Texas Veterans, including below market interest rates for
homes and for land. When buying land, Veterans can purchase one acre or
more, up to $80,000, for a 30 Yr Fixed rate with only 5% down.
For Home Loans, the TVHAP also gives discounts for Veterans with
Disabilities and a Service Era Discount on the purchase of a
primary residence up to $325,000.
To utilize the TVLB program you must be a legal resident of
Texas.
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