Surviving military spouses often as if they would be eligible for a VA loan in Texas. In order to qualify for a VA loan, the surviving spouse will need to apply for and receive a certificate of eligibility. There are certain requirements that must be met to obtain a certificate of eligibility. These requirements state that you may not be currently married. This does not mean that you would be ineligible if you remarry. However, you are ineligible if you are currently married. If your marriage ends in divorce or death, you would become eligible for this type of loan.
Lenders will also qualify you based on your debt to income ratio. The debt to income ratio takes your gross monthly income and your total monthly debt payments and compares them against one another. The VA loan officers in Texas do not separate your housing expenses from your other debts. Typically, your debt to income ratio must be under 41 percent; however, this ratio is not set in stone. Speak to a loan officer to determine if you will qualify based on your debt and income levels as they can make allowances depending on your unique financial situation.
The amount of money you can borrow with a VA loan in Texas can vary from lender to lender; however, Texas veteran loans do have a cap of $424,100. This does not mean that it is impossible to borrow more than this. If you require a loan larger than the cap, you may qualify for a VA jumbo loan. These loans allow you to borrow more than the max cap. Just like all other VA loans, you will have to have an acceptable debt to income to qualify for a larger loan.
When deciding on a lender, visit several as the interest rate can vary from lender to lender. In addition to this, the amount you will qualify for, how quickly the Texas veteran loan will close and the steps needed to close the loan can also vary between lenders.
The Texas veteran loan is similar to a VA mortgage. Most of the eligibility requirements are the same. However, in order to qualify for a Texas veteran loan, you must be a resident of Texas. If you are serving outside the state, but intend to return to Texas after your term of service, you can qualify for a Texas veteran loan. Both the Texas veteran loan and a VA mortgage has requirements that must be met- credit score, financial and military requirements. Furthermore, the house you are buying must meet the eligibility standards set forth by the Texas veteran loan guidelines.
Disabilities will not impact your ability to qualify for a VA loan in Texas. If you have been honorably discharged due to a disability, you may be exempt from the active duty service requirement on these loans; however, this is something that you will need to discuss with Veteran’s Affairs. Some VA lender will count your disability payments as income. Furthermore, service connected disabilities make you exempt from the VA funding fee, which makes a VA loan the perfect choice for disabled veterans.
By understanding the eligibility requirements and getting your certificate of eligibility before applying for a Texas veteran loan or a Va mortgage, you can speed up the loan process.