The Texas Veterans Land Loan Program offers an opportunity for Texas Veterans to buy their own land in the state of Texas. Under the program, eligible borrowers may obtain a low-interest loan up to $125,000 to buy a tract of land one acre or more. The maximum borrowing term is around 30 years and there is no prepayment penalty for repaying the loan before the end of loan term. Here are the requirements for applying for a Texas Veteran Land Loan.
Eligibility Requirements A Veteran, an active military member or their spouse are eligible for a loan if They are at least 18 years old. The applicant is a bona fide, legal Texas resident and meets one of the below mentioned criteria. i) If they are currently serving in the military. ii) If they are a Texas Army National Guard member. iii) If they have completed 20 years or more of service as a member of the reserve component military. iv) If they are a veteran who completed 90 days or more of active duty service. In case they were discharged earlier due to a service related disability, that would be considered as an exception. v) If they are a spouse of a Veteran who went missing or lost their life during war. Land Requirements
Last Few Words The low interest rates and down payments, coupled with a long-term loan repayment facility makes this one of the most lucrative and affordable ways to own land of your own. In addition to land loans, the VLB also provides VA loans without a down payment, home loans and home improvement loans. If you are looking for any of these loans, get in touch with one of Texas mortgage experts so they can guide you through the process.
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Federally-backed mortgage enables veterans to fulfill their dream of buying a home. The US Government has VA approved lenders which provide mortgage benefits to veterans, especially those with disabilities, with minimum hassles. Many veterans with a disability qualify for exclusive benefits associated with VA loans to adapt their homes to their disabilities. Veterans with a disability receive all the benefits of VA along with certain additional advantages. The blog discusses four benefits that are exclusively for disabled veterans. Read on.
1. VA Loan Funding Fee waiver VA loan funding fee is a percentage of the loan, going straight to the VA. Regular military borrowers need to pay 2.15 percent for the first time and 3.3 percent for subsequent VA loan use. If a disabled veteran receives disability benefits and they have not yet closed on the VA loan, the funding fee is waived. Veterans who close on VA loans prior to getting the benefits, the funding fee is refundable. Buyers, without exception, can either ask the seller to pay this fee or pay it themselves, up front or over time by incorporating it into the mortgage. In such a case, once the disability benefits are approved, the veteran needs to apply in writing to initiate the refund amount to the state’s VA Regional Loan Center. 2. Specially Adapted Housing Grants Veterans with disability are also get Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant. The grants are available for making mobility modifications in order to make their homes more accessible. The SAH helps deserving veterans with assistance to:
3. Tax Credits and Exemptions Veterans with a disability also eligible for some additional tax credits and exemptions when they buy a new home using VA loan. The Disabled Veterans Property Tax Exemption reduces the amount a disabled veteran needs to pay every year in taxes. The amount, however, varies in each state, so it is necessary to check with the local VA office and discern the state-specific benefit. Veterans can also get the information online at the VA’s eBenefits portal “Benefits by State.” Availing VA loan also enables veterans for a Mortgage Credit Certificate (MCC). The certificate is issued at the state level and enables a disabled veteran to claim a tax credit on a portion of the mortgage interest payable per financial year. Last Few WordsMortgage benefits provided by VA-approved lenders provide substantial relief to veterans with disabilities, in terms of money and modifying their homes with special modifications to negate their disability. Veterans, however, need to check with the local VA office and discern the state-specific benefits. Additionally, they need to apply for a disability rating, prior the mortgage The thought of owning a house is always alluring, however, financing it is not like drawing a financing plan on a piece of paper, as elements that need consideration here move from your borrowing power to the down payment you can afford. You need to secure a loan and simultaneously ensure that unmanageable debt is not the end result. The foremost step is to get pre-approved for a loan that lays the foundation for the rest. On this basis, we list tips that benefit you when your borrower has evaluated your qualification and informed you about the amount of credit he is willing to offer you.
Ascertain Borrowing Capacity Determining your borrowing capacity or the amount of loan you can afford to borrow to meet your obligations on time is the first step to take when pre-approved for a loan. It is, in fact, your first benefit that saves time from aimlessly looking at houses without the real knowledge about your borrowing capacity. This is one big reason good loan officers and real estate owners always tell you to search houses later and first initiate the pre-approval process. Devise and Analyse Monthly Mortgage Payments Refinancing conventional loans may have limitations and are not as easy as VA loans -- meant for veterans and servicemen -- that have no limit for refinance. Given this, for other people , it becomes even more important to budget their monthly mortgage payments. The reason is that once you buy a home, you are obliged towards a monthly payment, no matter you finance or refinance a loan. You have to look for the interest rate on the mortgage, besides the payment for mortgage insurance and property taxes. This monthly obligation should cater to your overall budget. Evaluate Down Payment There are pros and cons with VA loans and other government backed loans, however, the biggest advantage they provide is the ability to secure a home without any down payment, which is not the option with conventional loans. Consequently, determining your down payment becomes more than important if you have been saving for a while. In fact, pre-approval from your lender lets you evaluate the amount of money you can afford to put down, and the money you need to finance. Conclusion Buying a home is one of the biggest steps in life, and certainly not the easiest. It requires considering various elements from evaluating your savings, credit worth and many guess works. To ease out this process a bit, pre-approval stands as a great step, as it gives you the confidence to take other steps cardinal to reduce the gap between you and your new home. If you are tired of seeing your money wasted on rent, and considering buying a home instead, then start your process by educating yourself on the various types of home loans on the market. Remember, you buy the loan just as sure as you buy the home. Give as much attention to the quality of your home loan as you do to the specifications and design of your home. If you live in Texas, then you are in luck. There are a host of programs geared specifically for first time home buyers in Texas.
Securing a Home Loan There are many programs for first time home buyers, especially in Texas. They include: ●My First Texas Home Program – Also known as the “Texas Mortgage Program (TMP)”, this program offers down payment assistance of up to five percent of the loan amount. ●Home Sweet Texas Home – If the accumulated annual income of you and your spouse is less than 80% of the Area Median Family Income. You can qualify for five percent of the loan as a grant to use towards a down payment and closing costs. ●Homes for Texas Heroes – If your income is higher than the limit specified above, you can still be eligible for the five percent grant if you are a Veteran, Peace Officer, School Counselor, EMS Personnel, Public Security Officer, Corrections Officer, Faculty of Nursing and Allied Health, Classroom Teacher, School Librarian, Teacher Aide, School Nurse or a County Jailer. ●TSAHC Program – TSAHC stands for Texas State Affordable Housing Corporation, which offers housing finance assistance specifically to first time homebuyers. TSAHC grants five percent of home loan amounts as a downpayment. ●5-Star Texas Advantage Program – The SETH or Southeast Texas Housing Finance Corporation offers this program, which is much like the TSAHC program, and also offers a five percent grant. However, unlike TSAHC, this benefit is not restricted to first time buyers. Also, a lower fee is charged in the SETH program for closing the loan. ●USDA, VA and FHA loans – The United States Department of Agriculture (USDA), Department of Veterans Affairs (VA) and Federal Housing Administration (FHA) also offer competitive rates for these mortgages that are available across the U.S. Whether you are looking for cost beneficial programs for first time home buyers in Texas or need assistance in obtaining a VA home loan despite your bad credit, start by doing your research. Reach out to the top rated mortgage companies in your area with expertise in Texas loan programs. If you are a veteran living in Texas who has served in the armed forces or are the spouse of a veteran who sacrificed their life in a service-related cause, then you have probably heard that you may qualify for a VA loan. The best part about qualifying for a VA loan is the fact that you won’t need to come up with a down payment to get the loan. Read on to learn what VA home loans in Texas are all about.
As far as borrowing home loans in Texas is concerned, different lenders may have different criteria, but a veteran planning to buy a home in Texas would have to keep certain basic things in mind. The house they wish to buy must be their primary residence, and it should be located inside Texas. Borrowers can go for condominiums, town homes, a completely detached home or a single-family attached home. The eligibility could also extend to modular or manufactured homes. A borrower will be required to occupy their home within 60 days of the closing of their loan and as mentioned before, the home must serve as the primary residence of the veteran for a minimum of three years. There are certain guidelines vis-à-vis energy efficiency that newly constructed homes may be required to adhere to. When a veteran is suffering from physical disabilities, they could be offered a reduction on the interest that is going to be charged on their loan. The same can happen when a spouse of a deceased veteran remains unmarried. Don’t think that the reduction offered would fail to make any major difference. In the end, the loan amount could get reduced by thousands of dollars. A VA loan could also be used for paying off an amount that was borrowed for the purpose of interim financing. This is very much possible as a qualified and eligible veteran is given the ability to borrow a VA loan that totals up to $417,000. Keeping advance knowledge may definitely allow a prospective borrower of a VA loan to make an informed decision. The Texas Connection Is Texas the place where your heart lies? Well, apart from the emotional connection, there are numerous other reasons that could be good enough to make you want to become a Texan. Some of these reasons are music, food, festivals, zero state tax and of course beautiful homes. Once a Texan, always a Texan! Ask anyone in the state and you are likely to get this answer. People who have to go away for the call of duty may miss the moments that they spent in Texas. Especially if you had served in the military and went to a far-off place, your silent yearning must have always hymned “Texas, my Texas”. You made a resolution that once your duty is complete, you will be back to Texas and lead a peaceful life with your family. The first step towards that dream is to buy a nice home in a cozy neighborhood, and VA Loans in Texas can make the job easier for you. How Serving the Nation Can Get Rewarded VA or Veterans Affairs home loans are offered by the U.S Department of Veteran Affairs. These loans have specifically been designed for retired and active-duty military servicemen. There is also a specific mortgage program called the ‘Texas Veteran’s Loan’ being offered by the Texas Veterans Land Board. A portion of the VA loan is guaranteed by the Veterans Administration. Hence, these loans are different and more convenient than typical mortgages. With the help of VA loans, military veterans can buy, build or refinance a home in Texas. What Benefits Veterans can get out of VA loans The VA loan allows veterans to get a mortgage for buying a home on easy terms. The key benefits are:
In order to apply for this loan, veterans need to submit documents such as the DD-214, Statement of Service and Certificate of Eligibility. However, more documents may be required depending on a borrower’s specific situation. There could be a lot of hassles involved in the entire home mortgage process. Hence, you can consult a reputed mortgage company that can guide you in every step after assessing your financial condition and objectives. Prior to that, you can also go through the company’s website in detail to understand the various loan types or call them up to get more information. Are you planning to buy a new home and worried about finances? If you have served and are still serving as active duty personnel in the U. S. military, then you can opt for a VA home loan. Introduced in 1944, these loans offer numerous benefits like no down payment, competitive interest rates and no private mortgage insurance. These benefits have proven to be a boon for military veterans as well as their families amidst the grim economic situation. The U.S. Department of Veteran Affairs (VA) has provided benefits to around 20 million veterans and service members over the years. In addition to that, various states have also designed and implemented several programs for veterans. The state of Texas could be a good example in this context. Many military veterans want to buy a home in Texas as there are several military bases located across the state. VA loans in Texas help them get their dream home conveniently and affordably. Veterans who are eligible for VA loans also get VA loan entitlements. This is a specific sum that the Department of Veteran Affairs promises to guarantee. However, there are some basic qualifying criteria that they need to fulfill to receive this loan. Eligibility Criteria There are two categories of service requirements when one is in the military; these are - wartime and peacetime. To be eligible for a VA home loan, homebuyers need to satisfy one of these two requirements that have been set forth by the Department of Veteran Affairs. Current and former U.S armed forces can get the VA home loan benefit if they meet the service requirements. You will be eligible for VA loans if you have provided 90 days of uninterrupted service during wartime and 181 days during peacetime. People who have served in the National Guard or Reserves for more than six years are also eligible for this loan program. In case you are the better-half of a service member who lost his life during their term of service or suffered any disability when serving, then you are also eligible for a VA loan. Loan Credit and Income Eligibility If you are interested in getting a VA home loan, then you need to meet the credit and income requirements that are necessary. Though the Department of Veteran Affairs has not levied a minimum credit score, ideally a borrower should have a credit score of 620 or above. Contact a reputed mortgage company to know more details about various mortgage programs and how to go about the application process. Since times untold, people have strived to have a better living space. Types of homes have evolved over the years; however, what remains constant are the desires and dreams of people wanting to have a home of their own. For those entering the market for the first time, this is a critical decision.
Millions of Americans turn towards home mortgage loans to make their dream a reality. For buyers, it is very important to understand the way mortgages work. For example, if you are looking for a property in Texas, it is ideal to seek the services of a reputed mortgage company in your area. So, as a first time home buyer in Texas, getting the assistance of a mortgage specialist can pave the way towards your dream home. Let us now talk about the benefits of home-ownership. Buying a home is one of the most important financial investments that one can make. Whatever amount you pay to your lender every month gradually adds to the “equity” of your property. Once your property value increases, it is as good as having money in your bank account. In some cases, homeowners may also receive federal or state income tax benefits. For most of us, buying a home through a mortgage is a long-term financial commitment. From the down payment and loan closing costs to monthly payments, home buyers need to prepare well and in advance to incur the costs over time. Also, insurance premiums, taxes and maintenance charges must be met in the long term. Hence, home buyers in Texas should consult a mortgage expert to understand the challenges involved in the process of buying a home. A mortgage expert can provide you with helpful information on flexible mortgage programs such as the Federal Housing Administration (FHA), Veteran Affairs (VA) or Fixed Rate Mortgages. Some of these programs have unique features like low or zero downpayment and attractive interest rates. With the help of such programs along with expert mortgage services, potential homebuyers can move into their homes faster and take possession of their property without any hassle. |
AuthorDarrick encourages readers to post issues that need immediate attention in terms of home buying; such interactions will enhance reader engagement and provide a road-map for others Archives
November 2017
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