First United Bank & Trust

Phone: 210-838-3310

Email: jennifer@salending.com

VA Mortgage Loans for Home Purchase

VA Home Loans in TexasIf you are a veteran of the United States Military, you may be eligible for a VA home loan that offers up to 100% financing on your home purchase. This means that your down payment will be financed in within the loan.

The VA mortgage loan program was created to help military veterans gain the American dream of owning their own home. Originally introduced in 1944 in the GI Bill of Rights (more formally known as the Servicemen's Readjustment Act) the bill was signed by Franklin D. Roosevelt and has been helping servicemen with home mortgage loans since.

Eligibility for VA Loans

In order to be eligible for a VA loan, you must first get a Certificate of Eligibility from Veterans Affairs. The main requirements for being eligible for a VA loan is that you must be a United States Veteran that served on active duty of a minimum of 180 days during peacetime and 90 days of wartime and be honorably discharged, if you began service before September 7, 1980. If you began service after this time period, the requirement of service time is 2 years. If you were a National Guard or Reserve, there are other guidelines and the service time required is 6 years. Surviving spouses of veterans may also be eligible, under certain circumstances. Other VA loan requirements include loan amount, in which the Texas VA loan limit on the secondary market is $417,000. Another requirement is that the property you purchase must be your primary residence.

Requirements for Loan Approval

After you have been deemed eligible by Veterans Affairs for a VA loan, you will still need to meet requirements to get approved for the loan. Luckily because the VA insures the loan, the requirements are not as tight as some other loan programs. Your credit rating and history, income verification, debt to income ratio, property appraisal, etc. will be considered for the loan approval. You will also be subject to VA loan limits as far as the amount of the loan is concerned.

Another thing to take into consideration is that while a VA loan may be financed up to 100%, you will need to put aside money for closing costs if your seller is not paying for them.

Get a VA Loan in Texas!

Jennifer Guidry with Affiliated Mortgage Company in San Antonio offers Texas VA loans throughout the state, including San Antonio, Houston, Dallas, Fort Worth, Austin and beyond. She will guide you through obtaining the VA loan certificate of eligibility and throughout the loan process. It’s easy to get started, simply fill out this secure online application and she will get back to you with all your home mortgage options.

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