Texas VA Home Loan

Documents You Need for a Texas Veterans Home Loan

Getting a government-backed loan is one of the most affordable ways of owning a home. Texas Veteran home mortgage loan is one of the favorite loan types under government-insured mortgage category. However, it is worth noting that the loan type is exclusively for the military.

Texas Veteran Home Loans

Once you arrive in Texas and report for duty, you become eligible to qualify as a Texas Vet. This is almost immediate and easier than most people think. Many military men are usually confused on the next step to take to get a house. In most cases, they wonder if they can even afford one. If you are in this category of people, this write-up is for you.

Texas does not only ensure that as military personnel, you get the opportunity to own a home but the state also makes sure that it is incredibly affordable compared to other parts of the U.S. Studies have shown that prudent military personnel can cover his mortgage payment with his BAH alone. It is therefore not surprising that this loan program is described as one of the best mortgages anyone could get.

Texas VA home loan

Texas Veteran – Active Military

A straightforward requirement to qualify as a Texas Vet is to have served for a minimum of ninety days as a Navy, Marine Corps, Air Force, Army, Coast Guard or even National Guard. Once you are through with this phase, the next step will be to talk to a Texas VA home loan specialist. It is advised that you find a reliable and licensed mortgage banker or broker. This is so as their wealth of experience and knowledge put them in the right position to help in situations like this.

You are required to provide some documents to the lending institution you use. This is to commence the process of pre-qualification. As mentioned earlier, becoming a bona fide Texas Vet is easy as it only requires your orders and reporting to duty.

Below is a checklist of 11 documents needed to start the pre-qualification process:

  1.    Last two years of W-2’s
  2.    Pay stubs of previous two months for non-military borrowers, that is, spouses
  3.    LES statements of the last two months. It is required that the LES shows Texas as the home of residence. If it does not, you are required to fill out the form DD-2058 to get it changed
  4.    Bank statements of all your accounts showing transactions of last two months
  5.    A copy of both sides of your Driver’s License
  6.    A copy of Social Security card
  7.    A copy of both sides of your military identification card
  8.    PCS order to the state of Texas
  9.    Current Statement of Service (S.O.S.)
  10.    Certificate of Eligibility form
  11.    Notice of Eligibility form

One of the reasons why the Texas Veteran home loan is one of the best mortgage loans is that it is 100 percent financed, allowing for the purchase of over $300,000 in the state of Texas. While many military people might not want to go that far, it is essential to know that it is there if needed.

Another vital point to note about VA loan whether it is Texas or anywhere else is that you do not have to pay mortgage insurance. It is also worth noting that the interest rate on the loan is fixed for the entire 30-year period, with no pre-payment penalties attached. Every military personnel is also treated equally regardless of their rank.

One major issue with getting Texas Veteran home loans as opposed to other types of Texas home mortgages is the relatively low number of lenders offering the loan program. Therefore, it is imperative to do your due diligence and be sure that your chosen lending institution provides what it claims.

It is also advised that you ask as many questions as possible before concluding on a particular lender. Remember that a mortgage loan can significantly affect not only your present situation but also your future. Therefore, you want to be sure that you are making the right decision when you take up that loan.