Texas Veteran Conventional Loan
  • Introduction
  • Quick Facts
  • Pros & Cons
  • Availability
  • Occupancy & Property Type
  • Income & Purchase Price Limits
  • Key Features & Conditions
  • Other Limitations
  • Mortgage Insurance & Fees
  • Similar Loan Programs
  • Related Resources

This loan program is not available in Spalding County, GA

Program Description

Eligible Texas Veterans and Military Members have an opportunity to purchase a home with a competitive, low-interest loan with little or no down payment. Veterans, Military Members and their spouses may receive up to $726,200 on a fixed-rate loan for 15, 20, 25 or 30 year terms*. Veterans with a VA service-connected disability rating of 30% or greater qualify for a discounted interest rate.

Tags
Most PopularLow or No Mortgage InsuranceState Housing Loan Program
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Texas Veteran Conventional Loan

Min. Credit Score

620

Min. Down Payment

3%

Max Loan Amount

$726,200

Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.

Pros & Cons
  • Can be used with FHA, VA, or Conventional Loans
  • Homebuyers education not required.
  • .50% discount on posted rate if veteran is 30% or more disabled.
  • Must reside in Texas prior to application.
  • 1% Origination Fee; Based on final loan amount.
  • 1% Participation Fee; Based on final loan amount.
  • Does not allow refinance transations.
Program Availability

Texas Veteran Conventional Loans are available in 1 state.

*Limited Availability: A bona fide and legal resident of Texas on the date of application and meet one of the following service criteria: Active Duty 90 Days +, Texas National Guard, Reservist 20 Years +, Surviving Spouse.

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“I have assisted many buyers in discovering the advantages of the .5% discount provided through the Veteran's Land Board. Many lenders don't offer this program but I believe many can benefit from this when used correctly."

Occupancy & Property Types

Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.

Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits

Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.

Debt-to-Income Limit

50.00%

Purchase Price Limit

No Limits

Income Limit

No Limits

Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.

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Key Features
  • May be used to purchase Single Family, Townhome, or Condominium.
  • Only offered in Texas.
Additional Conditions
  • Borrowers must be approved by TVLB before proceeding with application.
  • Borrowers must occupy property as a primary residence for a minimum of 3 years.
  • Minimum credit score determined by loan program; follow agency guidelines.
  • Maximum DTI based on Automated Underwriting. (Per Lender)
  • Borrower must be 18 years of age.
Other Limitations

In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.

No other program limitations

A Homebuyer Education Class is not required for this loan program.

Mortgage Insurance & Fees

Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.

Mortgage Insurance
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)

This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.

Funding Fee
Type: No Funding Fee

This program does not have a funding fee.

Annual Fee
Type: No Annual Fee

This program does not have an annual fee.

Estimated Closing Costs: 3%

These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.

Similar Loan Programs

If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.

Texas Veteran FHA Loan

Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates

The TexVet FHA Loan allows Texas Veterans to purchase a home with a competitive, low-interest loan and easier qualification.

Details
Texas Veteran VA Loan

Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Zero Down

The TexVet VA Loan allows Texas Veterans to purchase a home with a competitive, low-interest loan and zero down.

Details
Related Resources
VA Purchase : The Bottom Line

Are you a veteran, service member or military spouse considering purchasing a home? Here’s the bottom line on the VA loan – its background information, most notable products, common criteria and an expert analysis from our experienced team.

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First Time Homebuyer Guide

Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.

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A Rundown On Closing Costs and How They Affect You

It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.

Read More
Knowing Your Mortgage Insurance Options (Conventional Loan PMI)

PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.

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Freddie Mac's Revised Housing Market Forecast for 2024-2025

Initially predicting more substantial growth, Freddie Mac has adjusted its 2024 and 2025 home price increase forecast to just 0.5% annually. This change reflects subdued home sales expectations and ongoing market challenges, including high mortgage rates and limited housing inventory.

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Visit our Mortgage Education Center for more resources.

* Veterans with a VA service-connected disability rating of 30% or greater qualify for a .50 discount on the posted interest rate.

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