Texas Veteran VA Loan
Most PopularBest 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.
Program Description
The Texas State Legislature created the VLB Veterans Housing Assistance Program (VHAP) in 1983 to help Texas Veterans purchase a home. Eligible Texas Veterans and active-duty military can purchase a home with a very competitive low-interest VA loan along with no down payment. Veterans, active-duty military and their spouses may receive up to $726,200 on a fixed-rate loan.
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Texas Veteran VA Loan
Min. Credit Score
580
Min. Down Payment
0%
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 VA 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
56.00%
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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
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 Conventional Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates
The TexVet Conventional Loan allows Texas Veterans to purchase a home with a competitive, low-interest loan.
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.
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.
Read More
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.
Read More
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 MoreVisit our Mortgage Education Center for more resources.
* Veterans with a VA service-connected disability rating of 30% or greater qualify for a discounted interest rate.
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