Texas Veterans Loans and VA Loan Requirements & Eligibility
Texas Veterans or Service Members wanting to use their VA benefits that they have earned for a Texas Veteran Loan or VA Loan, must meet minimal requirements set by the VA. You may be eligible for a VA Home Loan if you meet one or more of the following Service Requirements:
- Served 90 consecutive days of active service during wartime,
- Served 181 days of active service during peacetime
- You have more than 6 years of service in the National Guard or Reserves
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability
If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability. Here is a link to the VA's website for a more in-detail chart of the VA's Service Requirements.
You May also be determined eligible for a VA Loan if you:
- Are an nu-remarried spouse of a veteran who died while in service or from a service connected disability, or
- Are a spouse of a service person missing in action or a prisoner of war
In addition to the minimum amount of service, the VA requires Texas Veterans to have:
- A valid Certificate of Eligibility
- Enough sufficient income to make the payments
- Home must be for your own personal occupancy, unless it is a VA Streamline IRRRL Refinance
- Not have been discharged under dishonorable conditions
Certificate of Eligibility
The number one requirement for Veterans wanting to use their VA benefits that they have earned is to establish their eligibility. The only reliable Proof of Eligibility is the Certificate of Eligibility (COE) that is issued by the VA. We are able to establish your eligibility and obtain your Certificate of Eligibility (COE) Online in seconds through the VA's WebLGY ACE system.
Learn more about the Certificate of Eligibility.
VA Loans Income Requirements - Residual Income
Although there is not a minimum income requirement for a VA Loan for Veterans to use their home loan benefit, the VA does require that the Veteran can afford the payment. VA loans do have a qualifying guideline that establishes what is called “residual income” that VA borrowers must have.
Residual Income is that borrowers maintain a certain amount of income left over each month after the new mortgage payment, property taxes and insurance, federal and state withholdings and qualifying installment and revolving debt. That excess is to cover additional family expenses like gas, food, cell phone or other monthly expenses that don't show up on a credit report.
Grove Mortgage is able to pre-qualify you for your Texas Veteran or VA home Loan in about 15 minutes.
Have questions about VA Loans ???
It doesn't matter if the home your looking to purchase or refinance is in San Antonio, Dallas, Houston, El Paso, Corpus Christi or Austin, as long as it is in our great state of Texas, I can help you.
Please give us a call at 210-656-1134, for a No Cost, No Credit Check, and No Obligation consultation and find out how much you qualify for.