Securing VA Home Loans in Texas: A Concise Guide

The U.S. government, in 1944, introduced a military loan guarantee program with the aim to help returning service members purchase a home. Guaranteed by the federal government, VA loan is a mortgage program issued by approved lenders. The program has enabled the families of more than 20 million veterans to own a house. The key highlights of VA loans are low or no down payment and lesser interest rate compared to conventional mortgage programs. A veteran, however, needs to meet specific requirements to get a VA loan approved. Whether an individual applies for veteran home loans in Texas or any other state, there are specific eligibility criteria that must be fulfilled.

Eligibility Criteria to Obtain a VA Loan

The veteran needs to have a suitable credit score, sufficient income and Certificate of Eligibility (COE) to get VA home loan. The home purchased from the loan amount needs to be for personal occupancy. Some other eligibility criteria for VA home loan include:

Servicemembers and Veterans

Veterans and servicemembers need to have a COE to qualify for VA loan. A veteran who is honorably discharged gets a COE. Other requirements include:

Spouses

The spouses of veterans may also apply for VA home loan if they fulfill any of the following criteria:

  • The service member is either missing in action or is a prisoner of war
  • Unmarried spouses of veterans who died on duty or from a service-related disability.
  • If the surviving spouse remarries on or after the age 57 or on and after December 16, 2003
  • Surviving spouse of a totally disabled veteran but did not die because of disability

Other Eligible Beneficiaries

Individuals who fall in one of the following categories are also eligible for VA home loan:

  • U.S. citizen who has served the armed forces of government allied with the U.S. in World War II
  • Individuals who served as members in organizations such as Air Force, Public Health Service officers, Coast Guard Army, cadets at U.S. Military and others

VA home loan is more important than ever for service members, since lenders have tightened the lending requirements. VA home loan gives veterans the ease to buy a home with minimum or no down payment and also save more on monthly EMIs because of low-interest rate. VA loan is obviously a better choice over conventional home mortgage, provided the veteran or spouse meets all qualification criteria.

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