American flag on house

Our military men and women put more than just their lives on the line for our country; they put their lives on hold. While still learning valuable skills during their service, it can often take time for them to readjust to a lifestyle outside the military.

That’s where the veteran’s home loan in Texas comes in. It provides access to homeownership by providing a loan guaranty benefit along with a wide array of housing-related programs that help military personnel buy, repair, build or adapt a home to meet their needs. While Veterans Affairs doesn’t provide the loan, they do back it – making it much easier to attain favorable loan rates and amounts.

As licensed professionals with the Veterans Administration, First Mortgage Solutions is not only able to provide those home loans in Texas, but has the expertise to help veterans determine which loan option is attainable and sustainable for them.

Our Veteran’s Guide to Homeownership can help military personnel start navigating the waters; our professional staff is standing by to help you determine your next course of action.

Veteran’s Guide to Homeownership:

Eligiblity

— Veterans
— Active-Duty Personnel
— National Guard/Reservists
— Surviving Spouses

The length of service and possibly the duty status will determine eligibility for some of the loan options. Further requirements include a good credit score, adequate income, and a CEO (Certificate of Eligibility) that you can apply for here.

Most Common Types of Veteran Loans

Purchase Loans:

These loans help military members get a home loan in Texas at a lower interest rate and if they’ve had trouble getting financing. It also has the following advantages:

You don’t need a down payment if the sales price isn’t higher than the appraised value of the home

— There is no private mortgage insurance premium required
— You can only be charged so much for closing costs
— Closing costs can be paid by the seller
— No early loan payoff penalty fees
— The VA may be able to help if you have trouble making payments

Cash-Out Refinance

Homeowners who need the cash in their home equity to pay off debt, fund schooling or make home improvements can use the Cash-Out Refinance option to make that happen. It can also be used to turn a non-VA loan into a VA loan.

Interest Rate Reduction Refinance Loan

This loan can help military personnel who already have a VA loan, attain a lower-interest loan by refinancing. It can be done with no out-of-pocket money and no appraisal is needed when applying.

The Application Process

You can get your Certificate of Eligibility through the VA website, or we can help you get it going in the office. Once you’ve received the COE, we’ll go through a similar process as a typical home buyer. That means we’ll look at different loan terms, amounts and interest rates based on personal needs and financial situations.

First Mortgage Solutions will help navigate all the complexities of a veteran’s home loan in Texas. Give us a call to take the next steps toward homeownership today!

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