On Veterans Day, we honor our military heroes for their service and their sacrifice in keeping us free. We also want to make sure they are aware of some of the great programs available to help them in financing the purchase of a home.
First and foremost, many active and retired military can qualify for a VA home loan and most military Vets who live or are stationed in Texas can qualify for a Texas Veterans Land Board loan. There are certain service requirements that must be met for qualification, but most honorable discharge Vets I have come in contact with meet the VA requirements; of those, most Texas residents meet the Land Board criteria. As a matter of fact, many Vets mistakenly believe that they don’t qualify for a VA loan because they have previously used their VA entitlement, or because they are buying a higher priced home.
The benefits of a VA loan are numerous. First, there is no down payment requirement on most VA loans whether for the first use or subsequent use. There is also no monthly mortgage insurance required on these loans, which allows a Vet to qualify for more of a loan than they would be able to with low down payment FHA or conventional loans. Rates on VA loans are also among the lowest available on the market today and both 15 and 30-year fixed rate loans can be secured.
Veterans who are being compensated for service related disabilities garner special advantages with VA financing in that the normal VA Funding Fee is waived. The Texas Veterans Land Board goes even further and provides a rate discount of one-half of one percent (0.5%) for Veterans who have a 30% or greater service-related disability.
The VA also provides special grants up to $50,000 to eligible Veterans for adapting their housing to meet living needs related to a service-connected disability.