At Security America Mortgage, we’re proud to serve those who have served our country along with our Texas friends and family. Our founder and CEO Garrett Puckett is a 5th generation Texan and proud of it. Helping our fellow Texans, Veterans and their families access affordable home loans in Texas is our goal. We know Texas is diverse. When you move to Texas we make you feel like your home. Whether you’ve been in Texas your whole live or you just moved here; we have a home loan for you. Our home loan types range from VA construction loans to FHA construction loans, Conventional Home construction loans, FHA,VA, Conventional purchase, ITIN home loans and more!
If you have immigrated to Texas then you should consider an ITIN home loan. If your a Veteran who owns land in Texas then why not consider a va construction loan. VA construction loans can vary but the one time close va construction loan is a great product because it helps you avoid two sets of closings costs and monthly payments during va construction. A va construction loan with Security America Mortgage is a one time close construction loan. VA construction loans don’t require any money down and if you have land equity it can benefit you tremendously. If you don’t own land already then you can still get a va construction loan that covers both construction and land however it is one of the more difficult va construction loans. It’s more difficult especially if you are trying to buy land and close on a va construction loan but don’t have a VA builder. Do you need help getting your VA builder id number? It’s a simple process and your loan officer can help. Do you know the difference in a construction loan and a va construction loan? A normal construction loan usually has 2 closings and often it has payments during construction.
Did you know that you can get a VA renovation loan to buy a house that needs repairs in Texas? Yes, you can and it’s a great way to get the house you want all fixed up! Often times Veterans couldn’t buy the home they wanted because it needed too many repairs! Now, it’s possible! Although VA loans offer some benefits over other loan products, it’s not always the case. VA loans might be less desirable if borrowers have 20 percent down.
If you are ready to start the home loan process then we are too! Simply fill out the quick one-minute form below to get started! We’ll provide a free no-obligation consultation to help you estimate how much you may be able to borrow.
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Texas is well-known for being a pro-military state and as a veteran, you can enjoy the multiple benefits it provides to its military service members including property tax exemptions, state retirement benefits, Veterans Land Board Loan Program, Texas National Guard Tuition Scholarship Program as well as Veterans' employment preference. In addition, home prices throughout Texas are quite affordable, for example, the median sale price for a home in Dallas was $302,000 in May 2021.
VA-Backed Loans require a 0% down payment in most cases, whereas conventional loans generally require at least a 5% down payment and sometimes up to 20% required; FHA loans require a minimum of 3.5% down payment. Also, with a VA Housing Loan, veterans do not have to pay any monthly mortgage insurance, which cannot be said about conventional or FHA mortgages. Many veterans in Texas have already taken advantage of their VA benefits.
Normally, a VA loan is considered a VA jumbo loan when the amount you need to borrow exceeds the county-specific VA loan limit. The VA loan limit for most Texas counties in 2023 is $726,200 but reaches $1,089,300 in high-cost areas.
VA loans in Texas updated their VA loan benefits in 2020. There is no longer a VA loan limit for Veterans with full entitlement. Don't forget VA lenders each have a maximum amount they are willing to lend. If you don't have full VA loan entitlement then don't worry you can still use your VA loan benefit by restoring your VA home loan eligibility.
Veterans who have full entitlement can get a VA construction loan and should learn about the VA construction loan process with reputable VA construction loan lenders like Security America Mortgage. Just because you don't have full entitlement doesn't mean you shouldn't apply for the VA construction loan program.
To not have a VA loan limit one of the following statements must be factual.
Office in Houston, Texas.
VA, FHA, and All Home Loan Types.
$0 Down Payment for VA Home Loans.
No Need for Private Mortgage Insurance.
Competitive Interests Rates.
Lower Payments.
Easier to Qualify.
Relaxed Credit Standards.
A VA Home Loan
in the State of Texas is a home loan program made available to military veterans, reservists, and active-duty members for the purchase of a primary residence. The Veterans Administration does not lend money for the mortgage; instead, it guarantees the top 25 percent of the loans made by private lenders, such as Security America Mortgage, to those who are compliant with the VA Loan Eligibility criteria. Qualified veterans can use their loan benefits to purchase a home with zero money down, no private mortgage insurance, and have the sellers pay all of their closing costs. These benefits, along with highly competitive interest rates, are making VA Home Loans in Texas the preferred loan choice for many veterans.
Security America Mortgage is one of only a few VA loan lenders that offer VA construction loans, VA renovation loans, other construction loans and a wide array of permanent loan products. VA construction loan requirements and conventional construction loan products vary. When a Veteran is seeking a permanent VA loan from a va construction loan lender it's important to determine if land equity is part of the equation. The construction process can vary in many ways but for sure must be your primary residence. A VA new construction loan and a traditional construction loan can be quite different. A single close with a permanent mortgage can be much easier for va borrowers compared to a construction to permanent loan.
VA construction loans have some benefits over traditional construction loans. A single loan for home construction is a more appealing type of construction financing. Mortgage payments don't start until home construction is complete for a one-time close VA construction loan. Mortgage payments begin right away with a regular construction loan. New construction loans and VA construction can be quite different because there are often short term loans with monthly payments when you start home construction and a permanent mortgage is only done when the home is completed
A VA approved builder is registered with the VA not approved by the VA. Being registered with the VA and the need to carry sufficient insurance is how a va builder id number is acquired. The construction phase and time for home construction will dictate if your VA builder wants a draw or no draw.
Your Certificate of eligibility/COE is necessary for a va construction loan. VA disability income can help your debt to income ratio. The VA doesn't set a minimum credit score but your VA lender does. A cash out refinance for a VA construction loan isn't possible in Texas.
A VA appraiser is needed for a VA construction loan. VA Construction loan lenders should show you options for all construction loans not just VA construction loans. VA construction loans and conventional construction loans are similar in ways yet different in many. A permanent loan done after the construction process isn't a one time close but a 2 time close that typically has higher closing costs. Even though you can't get a va cash out refinance in Texas your loan officer should still show you other options.
What's the Maximum loan amount? See below! There is no longer a maximum loan amount set forth by the VA for those Veterans with full entitlement. Talk to a loan officer to learn more about va purchase loans.
Do you have a certificate of eligibility? Not all VA lenders are made the same! We have direct access to the VA.gov portal and will gladly pull your Certificate of eligibility coe if you don't have it. Not all construction loans require a COE. If you're not a Vet it doesn't mean we can't help you with a different construction loan or construction loan.
Do you have an existing home in Texas that you want to renovate? A renovation loan is a great way to get work done on the home you currently own or want to buy.
VA Home Loans in Texas have the same cost associated with closing as all other home loan products, but there are two key differences in terms of closing costs with a VA-Backed Loan. First, if negotiated into the purchase contract, all closing costs and prepaid items can be paid by the seller, totaling up to four percent of the purchase price. Second, the Department of Veterans Affairs charges a VA Funding Fee on every loan it guarantees. The VA Funding Fee is paid directly to the VA and helps to pay for the Home Loan Program for all current and future homebuyers. This Fee ranges from 1.25 percent to 3.3 percent but is waived for veterans with service-connected disabilities. Also, the VA Funding Fee can be paid in full at closing or rolled into the loan at closing. Typically, the interest rates for VA Home Loans in Texas are lower than compared conventional and FHA loans. You can check out our VA Loan calculator to help you determine your payments! Interest rates have been volatile but retired Vets and active duty service men and women shouldn't be afraid of higher rates. A purchase loan might be a better opportunity when interest rates are up. A VA Construction loan one time close features a permanent va loan which means you save money not having 2 separate closings. Not everyone offers va construction loans. A purchase loan rate will fluctuate and often we can beat a bank or credit union. Do you have an existing home that you want to sell so that you can get a VA construction loan? It's not a bad idea to upgrade!
Since the VA guarantees the lender the top 25 percent of the loan, no mortgage insurance is required. Most conventional loans require a borrower to put down at least 20 percent of the purchase price or pay mortgage insurance. Mortgage insurance can be costly and does not ever go towards reducing your principal balance. Conventional home loans and FHA loans have mortgage insurance.
Because the Department of Veterans Affairs guarantees each loan, interest rates are typically 0.25 to 1 percent lower than those of conventional loans.
Saving enough money for a down payment can be very difficult for active duty service members who are moving from base to base. With no down payment required for a mortgage loan, many veterans can purchase a home with little to no money out of pocket. There are situations where you'll need a down payment. For example, if you are trying to buy a home that appraises for less than the amount of va construction loan your approved for.
Everyone who meets the following could be eligible for a VA-Backed Loan:
Not necessarily – Loans through the VA are a specific niche in the market, and not every mortgage company provides them. Even if a general mortgage company does provide them, you may be better off choosing a specialist like Security America Mortgage – we have the specific expertise and experience as VA lenders in Texas to guide you through the process and make the most of your loan entitlement.
If you’ve already used a VA home loan, paid it off in full, and wish to buy a second property without selling the original one, you can have your previously used VA loan entitlement restored – but only once. However, if you’ve paid off your previous VA loan in full and sold the property you used it to buy, you’re free to restore your entitlement as many times as you want.
Whether you’re a veteran or active military member looking to build a custom home, a VA Construction Loan could be the perfect solution for you! Because of your military background, you have access to VA home construction loans that offer nothing down and additional perks and benefits.
Usually, it’s more difficult to get a construction loan than an existing home loan, as lenders are more cautious funding a home that doesn’t exist yet.
However, here at Security America Mortgage we are VA Construction Loan lenders as well as experts, and we will be more than happy to help you get your own custom dream home whether you want to build it in Dallas, Austin or any other county in Texas.
VA land loans are not a loan on its own, although you can enroll the cost of land purchase into a VA Construction Loan, simultaneously to the costs of building your house.
Loan credit requirements for VA Home Loans are set by the lender, meaning they can differ from mortgage company to mortgage company. Most lenders require a minimum credit score of 640; nonetheless, some lenders accept credit scores as low as 600.
All members of our team here at Security America Mortgage are experts when it comes to helping veterans obtain VA Home Loans. If you’re ready to get started complete the simple form above and one of our mortgage specialists will contact you shortly. We look forward to working with you!
$726,200 if you don’t have full entitlement covering all Texas counties. $1,089,300 in high-cost areas. There is no VA loan limit for Veterans with full entitlement. However, all lenders have their own requirements and your debt to income ratio will tell us how much you can afford. VA construction loans for $726,200 is a very good size loan amount and should meet most Veteran needs. Let us help make the va construction process easy!
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Determine how much home you can afford.
Learn what it costs to fund a VA loan.
Calculate your Basic Housing Allowance.
Find out how much you can borrow for $0 down.
Estimate your loan preapproval amount based on your income and expenses.
Obtain a construction loan for building or improving a home
See if refinancing makes sense for you.
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