Texas Vet VA loans are a very specific animal altogether. Texas Vet is the rate set by the Land Board in Austin Texas and resets once a week on Fridays at 6:00 pm CST. It is the only rate in the entire country that is set this way and stays the same for a week. Texas Vet is not the underlying underwriting instrument, it is just the rate. Any member of our armed forces, national guard and coast guard can use this loan (based on qualification) and use financing methods through FHA, Conventional or VA.
100% financing is available using your VA benefits. If you’re PCS’ing here, all you have to have is orders from him and be here someday to be considered a “bona fide” Texas vet. If you have listed on your DD-214 that any city in Texas was your “home of record,” then you are automatically considered a Texas veteran. If the STD or discharge from him was in any city other than Texas and he moved to any city in Texas, then he must have lived in Texas for one year to get that consideration.
A person found to be 10% or more disabled, that veteran will never pay the VA funding fee for a home loan. If the VA considers a veterinarian to be 30% or more disabled, they are entitled to an additional discount of 50 basis points at the current rate established that week by the Texas Veterans Land Board in Austin, TX. For example: If the current rate is 5%, then with any disability of 30% or more, the veterans rate would be 4.5%. Not bad, huh?
Financing a loan from Texas Vet will allow you to purchase a home for $325,000.00. Of course, VA loan amounts are now unlimited, but Jumbo loans are still considered anything over a purchase price of $417,000.00. For example…if one were to purchase a home using Texas Vet as their loan program and the purchase price was $359,000.00, the borrower would have to come to the table with the difference which would be $34,000.00 in this example.
The COE: This is the “Certificate of Eligibility” and is the form you must have completed to receive your VA entitlement. If you have ever owned a home using your VA benefits or still own that home but want to buy another home, you can use your VA benefits again. We just need to figure out how much your entitlement has left on your COE and then do the math to find out how much home you can buy with no down payment.
The NOE: This is your “Notice of Eligibility” and is the form that goes to the Texas Veterinary Land Board in Austin, TX. The third page of this form must be notarized and I must have your current DD-214 or Statement of Service (SOS) to deliver, showing that you are a current Texas resident.
For any active military personnel, we have a “needs list” that involves providing us with certain documents that we need to process your loan. We will need 2 months of your most recent LES payment, 2 months of your most recent bank statements, and 2 years of your most recent W-2 statements.
