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.
Darrick 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