No Private Mortgage Insurance Needed
By Space Coast Daily // January 21, 2023
VA loans of any kind do not require private mortgage insurance, even if you don’t have a down payment or your down payment is small.
This perk can lower your payment over time and help you pay off VA mortgages faster.
Little to No Down Payment Needed
The Department of Veterans Affairs does not require a down payment for VA loans, but your VA lender might need you to make a down payment based on your financial history, your credit score, and your ability to do so.
However, because you’ll get a more competitive interest rate, a down payment on your VA home loan can help reduce your regular payment amount to something even more affordable.
Texas Property Tax Exemption for Disabled Veterans
If a service member has a disability, they may be eligible for a reduced property tax, or even a complete property tax exemption should they have a 100 percent disability. Loan officers can help you determine what you are eligible for when it comes to property taxes.
No Prepayment Penalty
Those in the military service with Texas VA loans can finish paying off their loans with no prepayment penalty.
Competitive Interest Rates
Interest rates on a home loan can raise the cost of living significantly. Fortunately, for an active duty service member, a veteran, or a qualified spouse, VA home loans come with affordable interest rates that can contribute to a healthy financial status and keep the price of owning a home at an achievable level.
No VA Loan Limits
While Texas VA loan limits currently sit at around $726,200 for most cities, there are no VA loan limits set by the Department of Veterans Affairs. Fortunately, the cost of most homes in Texas are not very high, and a home purchase can easily be covered by a VA mortgage without the need for additional money.
Do I Need a Certificate of Eligibility?
Texas VA loans, like all other loans backed by the VA, require a VA certificate that most members of the active service receive. This certificate of eligibility lets the lender know how much entitlement the applicant has–for most applicants who have never had a VA loan before, they can expect full entitlement.
If you haven’t defaulted on a VA mortgage in the past or if you have paid off all other VA loans that you might have had, you also have full entitlement. The US government guarantees repayment of any loan up to a certain percentage, typically 25 percent. Loan limits don’t apply to members of the national guard, former and active service members so long as the home loan is for more than $144,000.
Apply for a VA Home Loan in Texas Today to Start a New Future!
Security America Mortgage is a VA lender that seeks to make it easy for veterans to get the financial backing they need to be successful. Lenders can help estimate your monthly payments, provide stellar customer service, and help you figure out what benefits you may be eligible for when it comes to a loan in Texas.
If you need support with a residential purchase, consider a lender like Security America Mortgage.
VA loan benefits and perks help keep communities of veterans united. Home loans are within reach for those who have left the service, are disabled, or have families they would like to provide for over time. Build a roof over your head and prepare for the future you deserve with a VA loan from a trusted lender.