Disabled military Veterans who currently reside in Texas or who listed Texas as their home of record at the time of entry into the military are eligible for significant home loan discounts through Home Loan Specialists’ Texas Veterans Loan program. These reductions include no money down financing and lower mortgage rates.

Texas Vets who are 30% or more disabled with a compensable, service-related disability as verified by the VA, are entitled to a half percent discount off of already discounted rates. Current rates are available by visiting www.mytexasvaloans.com.  The maximum loan amount is $325,000.

The Veterans Administration also offers a specially adapted housing grant program for Veterans who have a service-related disability. An eligible Veteran may receive a grant of no more than 50% of the cost of a specially adapted housing unit up to a maximum of $50,000.  These Veterans are also entitled to a waiver of the VA Funding Fee which can amount to a savings of up to 3.3% of their loan amount, or up to $6,600 on a $200,000 loan for a subsequent user of VA loan guaranty benefits.

As with other Texas Vets, disabled Veterans can utilize VA home loan benefits as long as they were not dishonorably discharged. VA loans allow “no down payment” mortgage financing and reduced out of pocket closing costs through allowable seller contributions not permitted with conventional mortgage loans.  These loans are among the only one that can be structured to allow a Vet to purchase a home with virtually no money having to be brought to closing.

For more information on this program or if you have any questions regarding a Texas VA Loan, please contact Mike Lesmeister at Home Loan Specialists at (832) 286-1601.

If you are an active duty or retired military service member, you are probably very familiar with the benefits of a VA home mortgage loan. If you meet the various length of service requirements, and were discharged under conditions other than dishonorable, you are entitled to special mortgage loan benefits including the ability to purchase or refinance a home with little to no equity and more flexible qualifying criteria than many other traditional mortgage loan programs. The following is a listing of some of the lesser known provisions:

Energy efficient improvements up to $6,000 or more can be added to your loan amount whether acquiring or refinancing an existing property. This can be a great way to make needed improvements without additional out of pocket expenses for new windows or a new HVAC system.

Veterans who have a service-related disability may be entitled to a grant of up to $60,000 to acquire a specially-adapted home, to remodel an existing home to make it suitable for a disabled resident, or to build a home for this purpose. Any grant amounts not used may be subsequently requested at a later date for a subsequent home purchase.

Qualified service members who have declared personal bankruptcy may still qualify for VA financing if the bankruptcy has been discharged within the last two years. Homes purchased with VA financing may be pursued under a Chapter 13 bankruptcy if the applicant has a satisfactory payment history over the past 12 months on their repayment plan, and the new debt is approved by the Trustee or Bankruptcy Court judge.

An existing VA loan may be refinanced to a lower interest rate at discounted costs and without using additional entitlement. Interest Rate Reduction Refinancing Loans (IRRRLs) may be secured up to 100% of the home’s value without any underwriting approval or the need for an appraisal. While no “cash out” is permitted, energy efficient improvements and closing costs may be added back to the loan.

Loan amounts are available over $417,000 as the VA will guarantee 25% of the original principal loan amount up the maximum guaranty amount which varies according to geographic location. This results in a potential loan amount of over $1 million in Texas.

VA loans remain one of the most flexible mortgage financing programs available today, and virtually the only one that still provides 100% financing. Becoming familiar with some of the lesser known features can insure that our service members receive the benefits they deserve. Additional details on these benefits can be found by calling your local VA office or through your mortgage lender.