All About Tex Vet
Guideline Summary
Tx Vet Eligibility
FAQ
The Texas Veterans Housing Assistance Program is
sponsored and administered by the Texas Veterans Land Board. It has
coordinated with certain Lenders/Banks to provide Texas Veteran's home
loans at low interest rates when purchasing a home. That’s where I
help. If you are purchasing land or applying for a home improvement
loan, the TVLB makes those loans directly (not through participating
lenders). Just call or email and I’ll provide you with the exact person
you need to speak with.
- Purchase loans only - Primary residence only. Texas
Vet does not allow purchasing a second home or an investment property
with a Texas Vet loan. Tx Vet is Not allowed for refinance loans.
- Available for veterans and active military
personnel who meet certain Texas residence requirements – Call me today
to find out if you are eligible.
- Texas Vet loans are underwritten as either a VA
Loan ($325,000 max), FHA Loan ($271,050 max.) or as a Conventional Loan
($417,000 – call me because there are additional stipulations on
conventional).
- Approval from TVLB is required in addition to the
lenders normal approval. We make sure you get the correct forms and
help you get through this process in under 24 hours in most cases.
- The standard VA Funding Fee applies to loans using VA guidelines.
The fastest way to see if you are elibible for Tx
Vet is to Call Phil Martin at 972-359-0341 or 972-768-5664 on
the weekend or email Phil Martin. Have your DD214 available.
To be eligible to participate in the Texas Veterans Loan Programs, an applicant must have:
-
Served no fewer than 90 cumulative days on active duty or active duty
training in the Army, Navy, Air Force, Marine Corps, Coast Guard or
United States Public Health Service, or recognized reserve component of
one of the listed branches of service (unless discharged sooner due to
service-connected cause), OR… completed all initial active duty
training required as a condition of service in any National Guard or
reserve component of one of the listed branches of service, OR…served
in the Armed Forces of the Republic of Vietnam (ARVN) between February
28, 1961 and May 7, 1975 (ARVN - Housing Assistance Program or Home
Improvement Program only).
-
Served after September 16, 1940.
-
Not been dishonorably discharged. A person who has been discharged from
the branch of the service in which the person served or from the
National Guard is considered not to have been dishonorably discharged
if the person:
-
Received an honorable discharge
-
Received a discharge under honorable conditions
-
Received a discharge and provides evidence from the Veterans
Administration, its successor, or other competent authority that
indicates that the character of the person's discharge has been
determined to be other than dishonorable.
- Listed Texas as the home of record at the time of
entry into the military OR… must have been a legal resident of Texas
for at least twelve consecutive months immediately prior to filing an
application OR… be on active military duty, stationed in Texas, and
have changed his/her state of legal residency to Texas.
ATTENTION
Active Duty soldiers with PCS Orders to Texas
If you have PCS orders for Texas, you may qualify for Tx Vet Land Board Rates NOW. Call me at 972-359-0341, email or send for a quote to get your approval today. |
The applicant
must also be a bona fide resident of Texas at the time the application
is made. (A "bona fide resident" is someone who is living in Texas with
the intent to remain in Texas.) This may include a Texas resident
currently serving on active military duty outside of Texas. Presence in
Texas due solely to military service may not establish bona fide
residency.
-
Successfully repaid any previous Texas Veterans Land Board (VLB) loan.
A loan is considered repaid when the account has been paid in full by
the original veteran purchaser or last approved assignee. Any other
active VLB loans in programs other than the one for which application
is being made must be in good standing. Veterans are entitled to have
only one loan in each VLB program at the same time.
NOTE: The
unmarried, surviving spouse of a Texas veteran who is missing in
action, or who died in the line of duty, or died from a
service-connected cause may be eligible to participate in the programs.
The veteran's home of record must have been Texas at the time of entry
into the military, OR the veteran must have been a legal resident of
Texas at the time of death. Qualified unmarried, surviving spouses may
be eligible for an interest rate discount.
Texas Vet Guidelines Summary |
Purpose |
Occupy |
Loan Type |
Units(1) |
Max. LTV/
CLTV |
Max. Loan
Amount |
Purchase
Loans
Only |
Primary
Residence
Only |
VA |
1-4 |
100%/NA |
$325,000 (2) |
Conventional |
1-2 |
95%/90%(3) |
$417,000(2) |
3-4 |
80%/80%(4) |
- a 2-4 units must be at least 5 years old.
- Including the VA Funding Fee, if financed.
- Must have 700+ mid FICO
- Must have 620+ mid FICO
- Property Type - Single family, 1 unit homes, town homes, approved Condos and PUDs. Also, 2-4 unit multi-family properties that were constructed at least five years prior to the closing date of your loan.
- Loan Terms - 15, 20, 25 or 30 year fixed rate loans.
New Construction
Call me for details BEFORE you enter into a contract for NEW CONSTRUCTION
Effective January 1, 2007, all new-construction homes financed through the Texas Veterans Housing Assistance Program (VHAP) must meet the U.S. Environmental Protection Agency's (EPA) new guidelines for ENERGY STAR® qualified homes. This includes completion of the Thermal Bypass Checklist, by a certified Home Energy Rating System (HERS) Rater, prior to wallboard being installed. |
After reading all the FAQ’s what is the fastest way to see if I qualify for Tx Vet? Call Phil Martin at 972-359-0341 or 972-768-5664 on the weekend or email Phil Martin or send an application.
I am PCSing to TX, but I didn’t enter the service from Texas and I’ve never lived there. Do I qualify? Most likely YES. Call, email or send an application now.
Is the spouse or are the children of a veteran eligible? An unmarried surviving spouse is eligible if the veteran died as a result of a service connected disability or while on active duty or is missing in action. The veteran's home of record must have been Texas at time of entry into military or the veteran was a resident of Texas at the time of death. You may also be eligible for interest rate discounts.
Children are not eligible.
I'm a veteran. Can my fiancée and I purchase a home together? VA Underwriting - Since Texas is a common law state, the answer is MAYBE.
- If you are engaged and not living together as man and wife, the answer is NO. You must be married. The veteran can purchase in their name only using only their income and debts to qualify.
- If you are living together as man and wife and claim to be married under common law it is possible to get a VA loan. These are dealt with on a case by case basis. Please contact us for additional details.
- Conventional Underwriting - YES. You can purchase the home together using both your incomes and debts to qualify. Remember, conventional underwriting requires a minimum of 5% down.
Can I buy a second home or rental property with my VA? No. Veteran must certify that they will personally take occupancy within 60 days of closing on the loan.
How is my VA Entitlement reinstated once I've used it to buy a home?
- When you have sold your previous home and the Texas Vet/VA loan is paid in full, or
- When you have sold your previous home to a veteran who substitutes his/her entitlement for yours, or
- When you have paid off a Texas Vet/VA loan, but still own the property. VA will reinstate your entitlement for this purpose one-time only. After that you must sell your properties that have or had VA financing on them to use your entitlement again.
How is my VA Entitlement reinstated once I've used it to buy a home if become divorced?
- Your ex-spouse must refinance the home and/or pay off the Texas Vet/VA loan
OR
- Your ex-spouse is a veteran who agrees to substitute her entitlement for yours.
Who makes the loans? Private lenders make the loans.
If I still have a Texas Vet/VA loan on a previous home, can I buy a new home with my VA Eligibility? You can only have one Texas Vet “Home Purchase” loan at a time. You may, however, be eligible for a VA loan, but this depends on how much entitlement you have left for VA to insure the new home. Also keep in mind that you can enjoy all 3 of the TVLB Programs at the same time: Home Loan, Land Loan, Home Improvement Loan.
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