VA Loans in Texas
Use Your VA Home Loan Benefit You've Earned
If you've served our country, a VA loan may be one of the most powerful home financing tools available.
VA loans offer qualified veterans, active-duty service members, and eligible surviving spouses the opportunity to purchase a home with little to no down payment, competitive interest rates, and no monthly mortgage insurance.
Whether you're purchasing your first home, moving to a new duty station, refinancing an existing mortgage, or buying after military service, a VA loan can help make homeownership more affordable.
Read about the 14 VA Loan Benefits on our blog post.
Get Started Today
- Get Pre-Approved
- Request a VA Loan Consultation
What Is a VA Loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs. The VA does not directly lend money. Instead, the VA guarantees a portion of the loan, allowing lenders to offer favorable financing terms to eligible borrowers.
VA loans are available to:
- Veterans
- Active-duty service members
- National Guard members
- Reservists
- Certain surviving spouses
Top Benefits of a VA Loan
No Down Payment Required
Qualified borrowers can finance up to 100% of the home's purchase price without making a down payment. Zero Down payment required.
No Monthly Mortgage Insurance
Unlike FHA and many conventional loans, VA loans do not require monthly mortgage insurance, helping reduce your monthly payment. No PMI.
Competitive Interest Rates
VA loans often offer interest rates that are lower than many conventional financing options. Competitive rates.
Flexible Credit Guidelines
VA financing can provide more flexibility than some other mortgage programs. Lower Credit score down to 550. Ideally the higher the credit score the lower the rate.
The VA has established no minimum credit score for a VA mortgage but remember each lender will have its own requirements.
The VA has great benefits for people with past credit issues.
Limited Closing Costs
The VA limits certain fees and closing costs that can be charged to eligible borrowers. This saves the borrower money when purchasing.
Reusable Benefit
Many veterans are surprised to learn that VA loan benefits can often be used more than once.
VA Loan Funding Fee
Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.
Many VA loans include a one-time funding fee that helps support the VA loan program.
Some borrowers may be exempt from the funding fee, including many veterans receiving VA disability compensation and eligible Purple Heart recipients.
The funding fee can often be financed into the loan amount.
For most first-time VA buyers, this fee is 2.15% of the loan amount, provided you’re not making a down payment. Buyers who receive VA disability compensation are exempt from paying this funding fee. See more below.
Why Many Veterans Don't Use Their VA Loan Benefits
Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.
Many VA loans include a one-time funding fee that helps support the VA loan program.
Some borrowers may be exempt from the funding fee, including many veterans receiving VA disability compensation and eligible Purple Heart recipients.
Many eligible veterans and active-duty service members are aware of VA loans but may not fully understand the advantages available to them.
Common misconceptions include:
- Believing VA loans require a large down payment.
- Thinking VA loans have higher interest rates than conventional loans.
- Assuming VA benefits can only be used once.
- Believing VA loans take significantly longer to close.
- Worrying that the paperwork is more difficult than other loan programs.
- Assuming VA loans provide little financial advantage compared to conventional financing.
In reality, VA loans are often one of the most affordable mortgage options available to eligible borrowers. Qualified veterans may be able to purchase a home with no down payment, no monthly mortgage insurance, competitive interest rates, and flexible qualification guidelines.
Many veterans are surprised to learn they may be able to use their VA benefits multiple times throughout their lives and that VA loans often close within timelines similar to many conventional and FHA loans.
Understanding your benefits is the first step toward making an informed home financing decision.
Common VA Loan Myths
Myth: VA Loans Take Longer to Close
- Myth: VA loans take longer to close
VA loans generally close in a timeframe similar to many conventional and FHA loans.
Myth: VA Loans Can Only Be Used Once
- Myth: VA loans can only be used once
Many eligible veterans can restore entitlement and use their VA benefits again.
Myth: Sellers Must Pay Extra Costs
- Myth: Sellers don't like VA offers
Most seller concerns regarding VA loans are based on outdated information and misconceptions.
Myth: You Need a Large Down Payment
- Myth: VA loans require 20% down
Qualified borrowers can often purchase with no down payment.
VA Loan Eligibility
Eligibility is based on military service requirements established by the Department of
Veterans Affairs.
The easiest way to determine eligibility is by obtaining your Certificate of Eligibility (COE).
Not sure if you qualify?
Contact Scotty Gifford and we'll help review your eligibility and available options.
VA Refinancing Options
Use Your VA Home Loan Benefit You've Earned
VA IRRRL (Streamline Refinance)
Eligible borrowers may refinance an existing VA loan through the Interest Rate Reduction Refinance Loan program, commonly called the VA Streamline Refinance.
Benefits may include:
- Reduced documentation
- No income verification in many situations
- No appraisal requirement in many situations
- Potentially lower monthly payments
VA Cash-Out Refinance
Access home equity for:
- Debt consolidation
- Home improvements
- Major expenses
- Refinancing a non-VA loan into a VA loan
Why Work with Scotty Gifford?
As a Mortgage Loan Officer, I help veterans and military families understand their financing options and navigate the VA loan process from pre-approval through closing.
Whether you're purchasing, refinancing, or exploring your eligibility, I'm here to help you understand your options and make informed decisions.
Frequently Asked Questions
Can I use a VA loan more than once?
In many cases, yes. Eligibility depends on your available entitlement and loan history.
Do VA loans have loan limits?
Eligible borrowers with full entitlement generally do not have VA loan limits, although lender qualification requirements still apply.
Can I buy a rental property with a VA loan?
VA loans are intended for owner-occupied homes. However, properties purchased with a VA loan may later become rental properties if circumstances change.
Do I need perfect credit?
No. VA loans often provide more flexible qualification guidelines than many conventional financing options.
Ready to Use Your VA Benefits?
Let's discuss your home financing goals and determine whether a VA loan is the right fit for your situation.