Every lender is going to have different amounts that can be borrowed for a VA mortgage, yet the max for both the VA loan and Texas Veteran loan is $424,100. You will have the ability for borrowing more cash if needed. In fact, if you do need to go over the max amount, you can apply for a VA Jumbo Loan. When you are considering which lender to borrow from, it is best to know the desired amount as to then you can know who will give you the best rate.
As with any VA loan, there are going to be various requirements that need to be meet in order to obtain a certificate of eligibility. The same requirements will hold true of a Texas Veteran Loan. In order to be considered eligible for a VA loan, there will be various requirements. One of the first is the need to be an active member of the military or a veteran. Furthermore, you must have served 90 consecutive days during wartime or 181 consecutive days at peace. If you are a member of the National Guard or Reserve, the amount of eligible time is six years, unless you are considered eligible through active duty.
A Texas Veteran Loan is similar to the VA loan with many of the same requirements in place. One of the main differences is you must be a resident of Texas in order to be considered for this loan. You must reside in the state of Texas, you may be serving outside the state, but must have the intent to come back to the state after service. As with the VA loan, the Texas Veteran Loan requires specific credit, financial, housing, and military requirements be meet in order to be considered eligible.
One of the best things that you can do is understand all of the specific requirements that are needed in order to get approved for either the VA or Texas Veteran Loan. This will ensure that you are able to borrow the amount of money you need in the shortest time frame possible.
Before you consider using your VA loan in a specific home, there are other requirements that you must consider. Obviously, first and foremost, the home must be located in the state of Texas, and it will need to be considered your primary residence for at least three years. This cannot be considered a second home or investment property in order to obtain a Texas Veteran Loan. It cannot be ab apartment either, it needs to be a single family dwelling, condo, or townhouse. However, you can purchase a home within a duplex, it must be at least five years old at the time of closing on the loan. In addition, it needs to have an Energy Star certification as well as a HERS index score of 75.
One question that many people have s whether that are eligible for a Texas Veteran Loan if they are a military spouse. The answer to this question is yes, however, there are requirements. You will only be deemed eligible if you are currently unmarried. Of course, this does not mean you cannot apply after the death of the spouse. But if you have remarried, you must wait until either divorce or death. Once you are no longer married, you will be able to apply for a certification of eligibility and begin the process.