For many veterans, one of the most important aspects of readjusting to civilian life is finding a home. Most people in the armed forces have to move with their jobs, some spending less than two years in each location. While some find that renting a home will suffice during this time, others stay on base, living in military housing. This means that lots of people in the armed forces don’t own homes until they’re in their thirties or forties, or even older. With that being said, many veterans believe that getting a home would be difficult if not impossible for them. Lots of people have the impression that the more they move — and the less consistent their credit history — the more difficult it will be for them to get home loans. There are lots of myths circulating about the difficulty of getting a home loan if you’re a veteran. Luckily, we’re here to discuss things like VA home loan rates, and specifically those in Texas. Texas VA home loans rates may be different from those in other states, as home loan rates in genera tend to vary from place to place. For that matter, Texas is a great place for veterans to live — and therefore, buying a home in Texas may be easier for veterans than it would be in other locations.
Texas And The Veteran Community
As previously mentioned, there are many reasons why veterans many want to look for homes in Texas. Right now, there are over 1.5 million veterans in Texas. Part of this high population is due simply to convenience — there are many active duty military professionals based in Texas, and when they are discharged, they find it easier to stay in Texas than to move. Furthermore, there are many jobs in Texas into which people in the armed forces can transition. These jobs could be blue collar or white collar, depending on the individual’s background. In Texas, the median salary for veterans is $40,226. Additionally, veterans find a lot of support in Texas, a state that is known for its patriotism and pride in the armed forces. Still, many veterans still worry about their ability to get home loans in Texas. With that being said, let’s discuss the basics of Texas veteran loan programs, and how that can apply to you.
Can The VA Give You A Home Loan?
First and foremost, it’s important to note that the VA does grant a lot of home loans to veterans — in 2016 alone, 707,107 home loans were granted by the VA. Overall, the VA Home Loan has helped over 22 million veterans achieve home ownership. The VA understands the limitations that some veterans may experience when attempting to get a traditional home loan — and make adjustments accordingly. 2015 saw 134,808 home loans go to veterans who were first time homebuyers, while in that same year 187,307 home loans went to veterans who had previously owned homes. Therefore, you should be eligible whether or not you bought a home at some point. When it comes to Texas in particular — in 2016, 58,774 home loans went to veterans in Texas.
The VA Home Loan Process
Things like VA home loan rates are different from traditional home loan rates. VA home loan rates are, right now, as much as 50 basis points lower than those available for conventional home loans. VA home loan rates are designed to help veterans buy homes more easily, as is the process in general. For example, VA home loans do not require mortgage insurance, and allow for 100% financing. Of course, there are certain requirements in place for those who want VA home loans. You must have served 181 days during peacetime, 90 days during wartime, or six years in the Reserves or National Guard. Of course, the spouse of a service member who was killed in the line of duty may also potentially qualify for a home loan.