VA Home Loans in Texas

The U.S. Department of Veterans Affairs (VA) home loan program is a significant benefit offered to service members, veterans, and certain members of the National Guard and Reserves. Texas, with its rich military history and large veteran population, has seen many of its residents benefit from this program. In this article, we will provide an in-depth look at VA home loans in Texas, the number of veterans who have availed of them, and the percentage of veterans living in the state.

What is a VA Home Loan?

A VA home loan is a mortgage that is backed by the U.S. Department of Veterans Affairs. This backing reduces the risk for lenders, allowing them to offer favorable terms to eligible veterans. Some of the primary benefits include:

• No down payment required
• Competitive interest rates
• No private mortgage insurance (PMI) requirement
• Fewer restrictions on credit scores and debt-to-income ratios
• Limited closing costs

Eligibility for VA Home Loans

To qualify for a VA home loan, one must have served in the U.S. military, National Guard, or Reserves. Specific eligibility criteria vary based on the length and type of service, but in general, those who have served for at least 90 days during wartime or 181 days during peacetime are eligible. Furthermore, the spouse of a service member who died in the line of duty or as a result of a service-related disability may also be eligible.

VA Home Loans in Texas

Texas provides unique benefits to veterans who use VA home loans:

Land Board Loans: In addition to the VA-backed home loan program, Texas veterans have access to land and home improvement loans through the Texas Veterans Land Board (VLB). These loans offer competitive rates and are exclusively available for Texas veterans.

Property Tax Exemptions: Texas offers property tax exemptions for disabled veterans, ranging from partial to full exemptions based on the degree of disability.

Veterans Living in Texas

According to the U.S. Census Bureau’s American Community Survey (ACS) from prior years, approximately 1.5 million veterans were reported to be living in Texas, making up about 5-6% of the state’s total population. This places Texas among the top states in terms of veteran populations, both in numbers and as a percentage of the total populace.

Serving Texas Veterans with Texas Veterans

VA home loans have provided an invaluable service to the many veterans residing in Texas. These loans, combined with the additional benefits offered by the state, make Texas an attractive location for veterans looking to settle down post-service. As the veteran population in Texas continues to grow, so will the significance of programs like the VA home loan in ensuring that those who served our country receive the benefits and recognition they deserve.

The VA home loan experts at Six Pillar Lending are Veterans themselves. Our Veteran Mortgage Advisors have served in the Marine Corps, Army, Navy, and National Guard. Let us help you with your VA home loan questions and find a lender with low rates and fees. Contact us today to get started!