TEXAS VA LOANS

VA Advantages

VA loans offer several notable advantages for eligible veterans, active-duty service members, and their families. One of the biggest benefits is the option for zero down payment, which significantly reduces the upfront costs of purchasing a home.

Highlights

• Low Rates
• 100% Loan to $766,550
• 2024 Loan Limits $766,550
• Jumbo VA Loans Available over $766,550
• TX VET Program Available
• Easier Qualifying
• Alternate Credit OK
• 4% Seller Concessions
• No Prepayment Penalties
• Funding Fee can be Financed
• Manufactured Housing OK (subject to restrictions)

VA loans also come with competitive interest rates and no private mortgage insurance (PMI) requirement, potentially lowering overall monthly payments. Additionally, the program provides flexible credit requirements, making homeownership more accessible to those with varied credit histories. VA loans are assumable, meaning they can be transferred to a new buyer if you sell your home, and they offer protection against foreclosure through specific safeguards and support. These features combine to make VA loans a powerful tool for achieving and maintaining homeownership.

Benefits of a VA Home Loan

VA home loans offer a range of benefits, including the ability to purchase a home with zero down payment and competitive interest rates, which can significantly reduce your upfront costs and monthly payments. With no private mortgage insurance (PMI) required, you’ll save even more over the life of the loan.

1. No Down Payment: One of the most significant benefits is the ability to finance up to 100% and have zero down payment. We offer Zero down 100% Finance Options. 

2. No Private Mortgage Insurance (PMI): Unlike conventional loans, VA home loans do not require PMI, which can save you hundreds of dollars each month.

3. Competitive Interest Rates: VA loans often come with lower interest rates compared to conventional loans in Texas, which can result in lower monthly payments and less money spent over the life of the loan.

4. No Prepayment Penalties: You can pay off your VA loan early without prepayment penalties.

5. Credit Requirements: At Lone Star Financing we can go down to 620 FICO for Texas VA loans.   This is a much lower credit qualification than other loans in Texas. 

6. Assumable Loans: VA loans, much like FHA loans in Texas, are assumable, meaning that if you sell your home, the buyer can take over your existing VA loan, which could be a great selling point.

Additionally, VA loans come with flexible credit requirements, making homeownership more accessible, and feature protective measures against foreclosure. These advantages make VA home loans an exceptional choice for veterans, active-duty service members, and their families looking to secure a stable and affordable home.

Texas VA loans are a specialized loan product, and the loan of choice for all US Vets. To learn more about VA loans, please visit VA.gov on how to maximize your hard earned benefits. 

Things to know before you apply for your VA loan in Texas: 

• Zero Down Payment: VA home loans typically require no down payment, reducing the initial cost of purchasing a home.
• Competitive Interest Rates: Often lower than conventional loan rates, saving you money over the life of the loan.
• No Private Mortgage Insurance (PMI): VA loans do not require PMI, which can lower your monthly payments.
• Flexible Credit Requirements: Easier credit standards compared to conventional loans, making homeownership more accessible.
• No Prepayment Penalties: You can pay off your loan early without incurring additional fees.
• Assumable Loans: VA loans can be transferred to a new buyer if you sell your home, potentially making your property more attractive to buyers.
• Foreclosure Protection: The VA offers support and resources to help borrowers avoid foreclosure.
• Funding Fee: While VA loans don’t require PMI, a funding fee is often charged, but it can be financed into the loan amount.