One question that gets asked often is whether or not military spouses in Texas qualify for a Veteran loan. The answer is that yes, surviving military spouses can apply for a certificate to determine their eligibility. Obtaining this requires certain things but you can only be eligible if you are not married currently.
This does not mean that you cannot apply once you remarry following your spouse’s death. You are, however, not eligible if you are married at the time of applying. You can apply for a VA loan if your marriage ended in death or divorce.
One thing that VA lenders look at is an applicant’s debt-to-income ratio before deciding to give a veteran a loan in Texas. The lenders will look at the amount you pay every month in debt payments and compare any of your debts to the gross income you bring in each month. Texas veteran lenders are different from other lenders as they look at these debt payments together rather than separating them from housing costs.
Ideally, an applicant should have a debt-to-income ratio of 41 percent or lower. If yours is higher, you may be able to make certain allowances to get you your loan.
Lenders offer applicant different amounts for VA mortgages. Both VA and Texas Veteran loans are capped off at $424,100. Even though these caps are in place, you may still be able to borrow more. If you want more than the cap, you can apply for a Jumbo VA loan. Consider the amount you want to borrow before choosing the lender to apply for your VA mortgage from. This will allow you to get the best rate possible.
Texas Veteran loans are a lot like VA mortgage loans. The vast majority of requirements are similar but with a Texas Veteran loan you can only apply for it if you live in the State of Texas. You might be serving in the military outside of the state but you have to be a resident intending to live in Texas once your service is complete to get a Texas Veteran loan. Just like VA loans, Texas Veteran Loans have various military, credit score, income and house requirements that have to be met in order to qualify for them.
If you are disabled and a vet and want to get a VA loan, know that your disability will not impact your eligibility if you meet certain requirements. You must meet the same requirements as other applicants, but you might be exempt from the active service requirement. This is the case if you received an honorable discharge because of your disability but understand that this must be talked about with the VA because some lenders will consider disability as income.
Note that if you are a service involved disabled veteran you are exempt from the funding fee charged by the VA. This makes a VA loan the perfect choice for those veterans like you with disabilities.
If you take all the elements of eligibility into consideration, you can save a lot of money and time with VA Texas loans. You will speed through the borrowing process easily so that you can get into the home of your dreams.