Depending on the lender, you are eligible to different amounts. For VA loans and Texas Veteran loans, the maximum amount is $424,100. You can always apply for a VA Jumbo loan if you need more than this. Therefore, depending on the amount you wish to borrow, you should be able to find a lender who can provide you with the best rate.
With any loan application, you need to meet the basic requirements and obtain a certificate of eligibility. The same goes for a Texas VA loan application. Other requirements you need to meet to be eligible for a VA loan in Texas include the following:
- A veteran
- An active member of the military
- Served at least 90 days during a war period
- Or served 181 days when the country is in peace
- Served 6 years in the National Guard or Reserve
If you compare the VA mortgage and Texas Veteran loan, you will find that most of the eligibility requirements are similar. Of course, you are only eligible for a Texas Veteran loan if you are a resident of Texas. If you are in active duty serving out of the country, you should have the intention of living in Texas once you are done with your service. You must also meet the housing, credit score, financial and military requirements to apply for both VA mortgage and Texas Veteran Loan.
Before applying for a loan, you need to consider all the factors of your eligibility and save a lot of time and money. That’s because, you will be able to move through the process a lot of easier if you meet and provide all the required documents for your eligibility. For instance, are you thinking about applying for a VA loan for your home? Well, there are some requirements that you should meet.
First, you need to own property in Texas. Also, the property must be your primary residence for at least 3 years. If you are looking to rent property in Texas or buy another property, you might not be eligible for a veteran loan in Texas. Of course, you will not qualify for the loan if the property is an apartment. That’s because you can only qualify if the property is a town house, single family home or condo. It’s possible to purchase property in a duplex. However, by the closing date of the loan, it should be at least 5 years old.
If it is a new home, there should be a HERS Index or an Energy Start Certification of 75% and above. Are you a military spouse? Are you wondering whether you are eligible for a VA loan? Yes, surviving military spouses can apply VA loans but you must meet some eligibility requirements. For instance, you are not eligible if you are currently married or your military spouse is still alive. Of course, if you remarry after your spouse has passed, you are eligible for the loan. The same goes if your marriage ended because of divorce or death of the military spouse.
As a rule of thumb, you should always inquire the requirements for applying for a VA loan before presenting the documents. Look at different lenders in Texas to find one with the best rates. You can always ask for referrals or recommendations or find a good lender in Texas. Remember, different lenders might have a varying maximum amount and you might be eligible for more than what one lender tells you. So, look around to find the best one.