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TEXAS VA LOAN GENERAL INFORMATION
A VA loan would be more correctly called a VA guaranteed loan. The loan is made by a privately owned company and the lender is guaranteed against loss, up to a limit. A veteran’s basic entitlement is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders will usually loan up to four times a veteran’s entitlement without a down payment. The veteran will usually need to have appropriate income for the size of the loan and be credit qualified. The property will also need to appraise for the selling price to qualify for zero down. The property must be acquired for the veteran’s occupancy. Texas Capital Mortgage has several VA loan programs to choose from.
Eligibility
To qualify for a VA loan requires 90 days of active service during wartime. This includes WWI, the Korean War, and the Vietnam War. Qualification during peacetime requires at least 181 days of service and a discharge with other than dishonorable conditions. You could also be eligible with a minimum of six years service in the Selected Reserves or National Guard. Your total credit payments, including the home purchase should not excede about 42% of your total gross monthly income. Credit should be good, especially in the last two years. Employment should be in the same field for at least two years. A chapter bankrupcy must be at least 2 years old. A forclosure should be at least 3 years old. Credit after a bankrupcy or froclosure should be good. There are other rules and conditions, please contact us for additional details.
Features and Benefits Ĝ No down payment in most cases. Ĝ No mortgage insurance premiums. (PMI is often required on other 100% loans) Ĝ The buyer is informed of the reasonable value of the property. Ĝ An assumable mortgage. Ĝ Negotiable interest rate. Ĝ Limits of fees that the lender or broker may charge. Ĝ Seller payment of closing costs is ok. How a Veteran Obtains a VA Loan You need to have a department of defense form 214 (DD214) or a national guard form GGB22. Then you submit the form to your local VA office. Ĝ The veteran selects a home and signs a purchase contract that is conditioned on approval of a VA loan.
Ĝ The veteran selects a lender of their choice, completes a loan application and presents their Certificate of Eligibility to the lender.
Ĝ The lender processes the loan application and when it is approved a loan closing meeting is scheduled.
Contact us at Texas Capital mortgage and we can help complete the process.
Is a VA Loan Always Better Than A Conventional Loan? Not always. Many years ago 100% loans (zero down) were often only available with a program like a VA loan. Today competition and changing market conditions have resulted in a large number of non VA zero down programs. It can also be possible to get a non VA loan with zero down and no PMI mortgage insurance. At Texas Capital Mortgage we suggest comparing terms, rates, and fees for VA versus non VA loans. We suggest checking financing early in the buying process if possible. Please call or visit us at Texas Capital Mortgage for a free consultation and comparison of plans.
 Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090 Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656
Texas Mortgage Broker License #65252. We provide service for the entire state of Texas.
If you are looking for a houston mortgage, houston refinance, or a houston mortgage broker, then you have come to the right place! We are one of the top Texas lenders. 
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