4 Facts About Texas Veteran and VA Home Loans

Armed forces personnel make sacrifices to protect our freedoms and constitution, as well as preserve world peace. The rigors of deployment and other family and professional commitments make it difficult for many to accumulate enough savings to buy a home. Availing a VA/ Texas veterans home loan can help such individuals fulfill their dream of owning a house they can call their own. The blog enumerates some important facts about the program that veterans must know to avoid pitfalls when applying for the loan.


1. The benefits

There are various benefits available to those availing Texas Veterans Loans. Some such advantages include:

  • Beneficiaries can avail 100 percent finance and don’t need to pay down payments
  • The program allows the seller to pay the buyer’s closing costs (up to 4 percent)
  • Attractive refinancing rates. Moreover, the beneficiary doesn’t have to re-qualify
  • Veterans with a low credit scores can get a loans at low interest rates as compared to conventional options.

2. Types of properties that can be bought

Veterans getting loans under the program can buy single family homes, townhomes, and condominiums. Beneficiaries with specific requirements can also opt for mobile houses and manufactured housing. These benefits are non-transferable and the house purchased can only be used by the veteran and their immediate family.

3. Availing a loan after filing bankruptcy

Veterans who have filed bankruptcy can avail a VA loan subject to certain conditions. In case of a chapter 13 bankruptcy, the veteran will have to wait 12 months from the bankruptcy to apply for a loan. Those who have filed for chapter 7 bankruptcy can seek approval after 24 months from the discharge date. Veterans seeking a loan after filing bankruptcy also need to maintain a healthy credit score and sound payment history to boost their chances of getting approval.

4. Funding fee

Disabled veterans and surviving spouses don’t need to pay any funding fees, while others will be asked to pay processing fees by the Department of Veteran Affairs. Veterans won’t be required to pay these charges out of their pockets. The funding fees depends on various factors, including the down payment (if any) on the property and whether or not it’s a streamline finance. Beneficiaries can discuss these and other points that may impact the amount of fees with their lender to get a ballpark figure.


Texas veteran home loan program has been a success since its inception due to the many pros that trump the few cons of VA loans. If you’re a veteran and want to  avail a Texas veteran home loan make sure you abide by the above guidelines to avoid confusions and hassles. Additionally, keep in constant touch with your lender and don’t hesitate asking questions that you think can impact your chances of securing a loan. Remember, it is the co-ordinated efforts of the lender and the beneficiary that defines the outcome, therefore, making it imperative for both the parties to work together.


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