Are you a veteran who lives in the state of Texas? You may qualify for the VA home loan lenders program. The state of Texas is the second largest state in the United States and is home to over 27 million people. Not only is it a culturally rich part of the American landscape, it boasts countless neighborhoods ripe for starting a new life. Applying for a home, however, can seem monumentally difficult for new buyers and old buyers alike. If you’re wondering how your veteran status can be used to help you in homeownership, look below to have your questions answered.
How Many Veterans Live In Texas?
There are thousands others in a similar position to yours. It’s estimated there are over one and a half million veterans currently residing in the state of Texas, many of which are eager to own their own home and start over anew. The median income for veterans in Texas is around $40,000, though this won’t have as much of an impact on your ability to qualify as you may think. Let’s take a look at what VA home loan lenders have done over the past year.
How Many Home Loans Has The Texas Loan Program Provided?
Applying for and eventually owning a home can be a tedious process. VA home loan lenders make this a little easier. Back in 2016 over 700,000 home loans were guaranteed by the VA loan program across the nation, giving veterans a better means of obtaining a home than they would have found in a more traditional route. Overall, the VA home loan program has helped over 22 million veterans achieve their dreams of homeownership.
What If I’m A New Buyer?
Both first-time buyers and experienced buyers will benefit from applying for a VA home loan. Prior experience has no impact on your ability to be qualified and receive your rates. Back in 2015 over 134,000 home loans went to veterans buying a home for the first time. This very same year saw nearly 188,000 home loans going to veterans who had bought a home in the past. No matter where you are in life, there’s an option available to help you out.
What Are The Mortgage Rates Of A VA Loan?
A common question asked about VA loans are how they compare to conventional loans. VA mortgage rates reside at 50 basis points lower than those normally available for your standard mortgage loans. Veterans in Texas have received a total of 58,000 home loans since last year. VA loans also don’t require you to have mortgage insurance and allow for up to 100% financing, making them highly flexible for people of all backgrounds.
Do I Qualify For A Texas Vet Loans?
Put together a simple list to determine whether or not you qualify for the loan requirements. A VA loan requires an individual to have served 181 days or more during peacetime or 90 days during wartime. Six years in the Reserves or the National Guard also count and a spouse killed in the line of duty may also qualify. Lower mortgage rates, no required insurance and 100% financing can all add up to purchasing the home you’ve always wanted. Look into a Texas VA loan next time you’re considering a new path in life.