You can apply for VA loans in Texas with little to zero down payments. However, that does not mean you do not need to shell out an amount from your pocket, as there are other fees to pay in the processing. Nonetheless, you can start right with your applications by fulfilling the following minimum requirements:
- Not lower than 18 years of age
- A bonafide and a legal resident of Texas on the date of application
- An active-duty Military Member
- Or a member of the Texas National Guard
- Or a reserve component Military Member (completed 20 qualifying years for retirement)
- Or a Veteran having served at least 90 active duty days (unless discharged sooner due to a service-connected disability)
- Or A surviving spouse of a Veteran listed as missing in action or whose death was service connected.
- Has not been discharged dishonorably
Do the items above sound complex? No worries; our team here at Homeplus Mortgage can guide you through the application process.
But here are the basics you should know about when you apply for VA loans in Texas:
- Having a reputable broker/lender is a great help (VA loans in Texas are so much easier to navigate if you have somebody on your side who is an expert on the job)
- You need to get a VA Certificate of Eligibility as it is one of the documentary requirements to submit.
- Be ready to produce your financial information for applications, including your income, assets, and credit information, as these will help determine the maximum price of the home you are qualified to purchase.
- The lender contacts the VA and sends out a representative who will do the appraisal – he will do a thorough inspection of the property.
- After the appraisal and if the property passes for underwriting, they will inform you that your loan application meets the VA loan requirements. Your application approval for a VA loan should follow after that.
- After the approval, you will attend the loan closing and sign the documents as required. They will explain the loan terms along with the monthly obligations.
Online looking for a reputable mortgage company that offers VA loans in Texas? You might want to include Homeplus Mortgage in your list of prospects.