Are you married to an individual in the Military? Are you wondering whether you are eligible for a veteran loan in Texas? Well, the answer is yes. You can apply for a certificate of eligibility, of which you must meet a few requirements. Of course, one of the main requirements is that you are not eligible if you are currently married to an active individual in the military. If you are remarried after the death of your spouse in the military, you are also eligible. The same goes if you are divorced from military personnel.
When deciding whether you should be awarded the loan, the lender will look at your debt to income ration. This refers to the ration between amount paid each month for debts and the gross monthly income. The debt payments here are viewed as a whole figure. If your percentage is less than 41, you’re eligible for a loan. To find out whether or not you’re eligible for a loan, you need to discuss your incomes and debts with the lender. In some cases, they might make some allowances reducing your debt to income percentage considerably.
The amount you can get for a VA loan differs between lenders. However, most of the VA lenders in Texas have a maximum of $424,100. Of course, you can always get a VA Jumbo loan if you want a higher amount. Therefore, you should scan a few lenders and find one who can give you the amount you want at a very considerable interest rate. You can always look online for the best lenders in Texas or ask for referrals and recommendations. Don’t rush into choosing a lender without doing a lot of research first. That way, you can always rest assured that you are getting the most lenient interest rate.
Keep in mind that a Veteran loan in Texas is almost alike to the VA mortgage. Most of the eligibility requirements for the two loans are quite similar. Of course, you can only apply for a veteran loan in Texas if you are a resident. If you are military individual, you might be serving outside the country with the intention of staying in Texas once you are done with your service. Just like the VA mortgage, you need to meet the eligibility requirements such as military service, financial score, credit score and housing requirements to apply for a Texas Veteran loan.
Are you a disabled individual with a previous or current military record? Well, you should know that when applying for a VA loan in Texas, your current condition would not affect your eligibility. If you were honorably discharged from active duty because of your disability, you are still eligible for a loan but you must discuss your current situation with the VA when applying for a loan. There are some VA lenders who will count disability allowances as effective income. Remember, disabled veterans who are still in active service are exempt from the funding fee offered by the VA and as such as VA loan would be a great way of acquiring some extra income.
You will save a lot of time and money if you consider all the aspects of eligibility when applying for a VA loan. Use these tips to find out whether or not you’re eligible for a VA loan in Texas.