Eligibility rules for VA home loans are strict in some people’s opinions, but these loans have major advantages. That being said, checking your eligibility should be the first thing you do. Texas Veteran Loans are what you want to look into when it comes to VA loans for Texas residents. These loans do have more requirements, but you can easily look at the criteria and learn more about the program available to veterans when it comes to housing assistance.
When you look at a Texas Veteran Loan and a VA mortgage side by side, they look rather similar when it comes to requirements. Of course the obvious requirement for a Texas Veteran Loan is that you have to be living in Texas, or you have to be a resident of Texas. You might currently be outside the state serving elsewhere, but are you a Texas resident? You need to know that Texas Veteran Loans have credit score requirements, and there are other eligibility requirements surrounding your military service and financial situation.
Are the spouses of military members eligible for Texas Veteran Loans as well? The answer is yes, but again eligibility requirements must be met before you get all excited. Furthermore, the surviving spouses have to get their certificate of eligibility prior to applying for the home loan. One of the requirements for spouses is that they can’t be married at the time. Having remarried wouldn’t keep spouses of veterans from being eligible, as long as they aren’t currently married when applying for a Texas Veteran Loan. That being said, if the marriage ends for one reason or another, spouses are again eligible to apply. VA loans for spouses have a little extra red tape, but the program is still available to them if they are in need of a home loan.
Some veterans are concerned about disabilities and whether or not they affect eligibility for these loans. Disabilities do not affect eligibility, but of course you still have to meet the other requirements. There can be an exemption for honorably discharged disabled veterans in case you aren’t active duty. If the information presented doesn’t invoke confidence in VA loans for disabled veterans, there are some advantages. For example, the disability benefits can sometimes be counted as income, and the funding fee can sometimes be waived.
Remember that credit scores are still important when it comes to VA loans or Texas Veteran Loans. While you will certainly see that a particular credit score isn’t required according to eligibility standards, lenders can definitely step in with their own credit requirements. This means that it can certainly matter what lender you choose, as you don’t want to get denied for a VA home loan.
It is more about your monthly bills and budget though. If you are concerned about the possible credit score requirements that lenders may have, speak with them about it. There are times when lenders can even help make credit improvement suggestions before consumers start applying for loans. Veterans can take advantage of this advice as well as knowing credit score requirements and other requirements ahead of time.