Texas Vet VA loans are a very specific animal on the whole. Texas Vet is the rate set by the Land Board in Austin Texas and resets once a week on Friday at 6:00 pm CST. It is the only rate in the entire country that is set this way and remains the same for one 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 (depending on qualification) and use financing methods through FHA, conventional or VA.
100% financing is available using your VA benefits. If you’re here for PCS, all you have to have is your orders and be here one day to be considered a “bona fide” Texas vet. If you have listed any city in Texas as your “registered home” on your DD-214, you are automatically considered a Texas veterinarian. If your STD or discharge was any city other than Texas and you have moved to any city in Texas, then you must have lived in Texas for one year to get that consideration.
A person who was deemed disabled at 10% or more, that vet will never pay the VA financing fee for a home loan. If a veterinarian is deemed 30% or more disabled by the VA, he / she is entitled to an additional discount of 50 basis points to the current rate set that week by the Texas Vet Land Board in Austin, TX. For example: if the current rate is 5%, then with any disability that is 30% or more, the vet rate would be 4.5%. Not bad, huh?
Financing a Texas Vet loan will allow you to purchase a home for up to $ 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 buy a home using Texas Vet as their loan program and the purchase price were $ 359,000.00, the borrower would have to come to the table with the difference that would be $ 34,000.00 in this example.
The COE: This is the “Certificate of Eligibility” and is the form you must complete to receive your VA entitlement. If you have ever owned a home using your VA benefits or you still own that home but want to buy another home, you can use your VA benefits again. We just have to find out what is your right on your COE and then do the math to find out how much home you can buy without any down payment.
The NOE: This is your “Notice of Eligibility” and it is the form that is sent to the Texas Vet Land Board in Austin, TX. The third page of this form must be notarized and I must have your DD-214 or your current Declaration of Service (SOS) to submit to show you are a current resident of Texas.
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 last W-2 statements.