TX Vet and VA Loans
One of the greatest investments people in America make every day is home loans. Not only is this the place you call home, but it’s what gives you pride in belonging to a neighborhood. Purchasing a home can be a contemplative experience as the process brings forth a string of decisions to make. When looking for a home, be realistic about the space and features you will need. Some homebuyers overestimate these things, and as a result face dilemmas like an extra room that needs furniture to fill it. When working with your realtor, communicate to them early on the purchase price so it coincides with your qualification range, and do try to obtain the lowest interest rate that you can. Most importantly, become well informed to ensure the process goes smooth for you.
As a veteran you may qualify for the Veterans Affairs (VA) Home Guarantee Program. A common misconception is if the VA lends you the money for your home purchase; they guarantee the loan to the bank in your behalf. There are some great benefits in getting a VAHGP over other types of loans. As a Texas Veteran you may also qualify for a home guarantee from the TVLB.
The TVLB with their VHAP has the same benefits and procedures as the VA home guarantee does but there are three major differences:
- Neither the VA nor TVLB have limits on how much the purchase price might be but they do have limits on how much they will guarantee the loan for.
- The TVLB bases their interest rate off the VA but only changes weekly while the VA can change daily. Work with your realtor and lender to insure you are getting the better rate.
- If you are a disabled veteran (30% or greater) the TVLB will reduce the interest rate for you even more with the Veterans Disabilities Program.
*The TVLB also offers a unique program where they will do a direct loan for a smaller home purchase.
Land Loans
The TVLB offers a unique loan that allows Texas Veterans to buy "their own piece of Texas."
Forfeitures and Foreclosures
Land purchased through the TVLB Land Program sometimes forfeited by veterans, will go to auction. The VA acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. These acquired properties are marketed for sale through a property management service.
Home Improvement
The TVLB also offers a direct loan for home improvements of up to $25,000 for 20 years and $10,000 for 10 years for home improvements. These loans can be for a long list of considerable improvements. When the health and safety repairs are needed, the loans can be expedited through their “rapid response” loans.
Home Accommodations for Disabled Veterans
The VA offers a grant for veterans or “servicemembers” who have specific service-connected disabilities under the Specially Adapted Housing Program. A barrier-free living environment and a level of independent living is what the grant is seeking to provide. The grant can be used for doorways, carpet, faucets, garages, ramps, kitchens, walkways, sliding doors and views to name a few. To apply for a grant follow the steps on the Specialty Adapted Housing Program Web site.
Home Loan Process
Each home loan purchase has its own peculiarities but they all follow a similar chain-of-events. Working closely with a knowledgeable realtor will help you avoid any pitfalls or any unforeseen complications.
Contact your local VA or TVLB rep if you have any questions.
Related Links and Services
-Texas State Veteran Loans are for eligible Texas Veterans who are at least 18 years old or older and require long-term nursing care as determined by a physician and concurred by the VA. Spouses and unmarried spouses of qualified Texas Veterans and Gold Star Parents, all of whose children died while serving in the United States Armed Services also qualify.
-VA Lenders, Servicers and Real Estate Professionals provide training and information for VA Home Loan service providers.
-The mission of the VA Loan Guaranty Monitoring Unit is to protect the interests of the Government and the veterans they serve by ensuring that program participants' process and close VA home loans in accordance with the law, regulations, and program directives.
