Texas VA Loans
VA loans are up to 100% financing with no loan limits provided the veteran applying has full entitlements. Here are a few need to know details about VA Loans in Texas:
* True 0 Down Loan Option
* No monthly mortgage insurance
* Simple Qualifying
* Seller Paid Closing Costs up to 4%
* Flexible Underwriting
* Higher Debt-to-Income Ratios
* Lower Credit Scores OK
About the VA Loan: The VA loan was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment (or great credit). This program has guaranteed more than 25 million VA loans, helping US Vets, active duty military members and their families purchase or refinance a home.
4 Types of VA Loans:
- (NADL) Native American Direct Loan
- VA-Backed Purchase
- Cash-Out Refinance
- (IRRRL) Interest Rate Reduction Refinance
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 that will provide you with more details on how to maximize your hard earned benefits.
If you’re ready to start your VA loan, check your eligibility or have specific questions, then don’t hesitate to contact us. As a VA approved lender in Texas, we close thousands of VA loans every year. Our loan officers can help answer and questions and help check your eligibility.
Do you Qualify for VA?
VA loans are beneficial because they don’t require a down payment. They also have lower interest rates and lower credit scores. They don’t have monthly mortgage insurance and VA loans have more lenient credit requirements than many other mortgage programs.
You must meet at least one of the following criteria to qualify:
- Served 181 days of active service during peacetime.
- Served 90 consecutive days wartime active service.
- Served more than 6 years of service (Reserves & National Guard)
VA Spouse: if you’re the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried (but there are exceptions), as well as other requirements for spouses getting Texas VA home loans.
Minimum FICO Credit Score
Minimum Down Payment
Maximum Loan To Value
Maximum Debt To Income
Except Onse To 50%
Years Since Bankcruptcy
Years Since Foreclosure
Years Since Short Sale
Special Qualification Requirements
Must be U.S.
Why Lone Star Financing ?
Headquartered in Grapevine, Texas, Lone Star Financing specializes in VA new home loans and VA mortgage refinance. We specialize in Texas VA loans and our loan officers have the experience to structure your loan tailored to your individual needs. Lone Star Financing is an approved VA lender in Texas. Thank you for your service and we look forward to earning your business!
What is a Certificate of Eligibility (COE)?
You will need to provide your COE during your loan application. This government document will confirm your military eligibility for your VA loan. To get a COE, you need to demonstrate proof of service and this proof varies based on whether you’re an active-duty military, a veteran, national guard, or veteran surviving spouse, etc. Learn more about how to request your COE.
Requesting your COE is only one step of the loan process. Next your loan officer will request a VA appraisal (assessment) of the house. An appraisal estimates the current market value of the property at the time of inspection.
VA Loan Documents You'll Need
Veterans will also need to submit DD Form 214. Your DD Form 214 is a certificate that verifies your honorable military discharge. You can request your DD Form 214 online. Your VA loan specialist can help with any questions.
Active-Duty Service Members
You will also need a statement of service and loan application signed by your personnel officer (or an adjunct/unit commander). The statement of service must include your full legal name, social security and date of birth.
Lone Star Financing - VA Home Loans
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