How much money you can borrow on a VA mortgage varies among lenders. However, both VA loans and Texan Veteran loans have a $424,100 cap. That doesn’t mean that borrowing more money is impossible. If you need to borrow more than $424,100, then you will need a VA Jumbo Loan. Whenever you are trying to decide which lender to get a VA mortgage from, how much money you want to borrow will impact who can provide the best rate to you.
In order to qualify for a VA loan, there are basic VA loan requirements that you must meet. You also need to get an eligibility certificate from the VA. The same thing is true for a Texas Veteran Loan. There are various requirements that you need to meet in order to be eligible to receive a VA loan. You can either be actively serving in the military or be a veteran. During times of war you need to have served for 90 consecutive days, or during peace time, 181 consecutive days. If you are in the National Guard or the Reserves, you will need to have served for six years at least in order to be eligible, unless you are eligible already through active duty.
Most eligibility requirements for the Texas Veteran Loan are the same as for a VA mortgage. However, you must be a resident of the state of Texas in order to apply for the Texas Veteran Loan. You can be serving outside of Texas, but you must live in the state – and have the intention of living in Texas after you complete your service. A Texas Veteran Loan, like the VA mortgage, has house, credit score, financial and military requirements that you need to meet in order to be eligible for a loan.
Before you apply for a Texas Veteran or VA Loan, consider all eligibility aspects first. This will save you lots of money and time, and will allow you to easily move through the process of getting the amount you need to borrow.
Before you decide to use a VA loan on a house, you must meet certain requirements in order to get a Texas Veteran Loan secured. The property of course must be located in the state of Texas. However, it also has to be your primary residence that you will be living in for a minimum of at least three years. If you are wanting to buy a rental property or second property, you cannot use a Texas Veteran loan for these purposes. The property must be a condo, town house or single family home, and cannot be an apartment. The property that you purchase can be within a duplex. However, it has to be five years old at least at the loan’s closing date, and all new houses are required to have either a HERS Index score up to 75 or Energy Start certification.
Many people often ask if military spouses can be eligible for obtaining a Texas Veteran Loan. The answer to that question is yes, and surviving military spouses can apply for the certificate of eligibility. However, there are certain requirements that come with it. The only way you can be considered eligible is if you are not married currently. You can apply if you are remarried following the death of your spouse, however if you are still currently married then you will not be eligible. If your marriage ends due to death or divorce, you can then apply for a loan.