At Security America Mortgage, we’re proud to serve those who have served our country. We help veterans and their families to access affordable home loans in Texas, through the VA, to make their dream houses a reality.
Are you ready to start your home loan process? Then simply fill out the quick one-minute form below to get started! We’ll provide a 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 3% 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. With relaxed qualification standards and more flexibility, it is proven to be the right choice for many to purchase and refinance their homes. However, in most counties, the conforming loan limit with no money down is $548,250. When your home costs more than this, the solution is a VA Jumbo Loan. A VA Jumbo Loan is any VA-Backed Loan bigger than $548,250 and qualifying veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan, plus receiving all the benefits of the general VA Loan in Texas.
Office in Houston, Texas.
VA, FHA, and All Home Loan Types.
$0 Down Payment for VA Home Loans.
No Need for Private Mortgage Insurance.
Low Interest 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.
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!
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.
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.
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!
VA Purchase Loans in Texas cover more property types than just homes and condominiums, qualified veterans can use their VA Home Loan to purchase a property that has up to four one-family units.
And as for the maximum loan amount in Texas, it is the same in every county (FHFA, 2021):
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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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of the Nationwide Mortgage Licensing System and Registry NMLS® 355253
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