VA Loans, or the loans guaranteed by the United States Department of Veteran Affairs, are perhaps one of the most beneficial federal programs for our military veterans. Now, the lone star state of Texas which has over a million veterans is a state which, quite unexpectedly, has one of the largest numbers of VA Loan Applications in the country. If you are a veteran residing in the state of Texas, then there are a few things that you should know before applying for a VA Loan in Texas. Here, we would be taking a look at some of the facts that you should know before applying for a VA Loan.
VA Loan Rates are generally lower than conventional loans
VA Loans are guaranteed by a government authority and hence the risk to the lender offering you the loan is lower than in case of conventional loans. Therefore, the interest rates for VA Loans are less compared to conventional loans. For example, the VA Land Loan Rates in Texas is almost fifty basis points or 0.50% lower than conventional mortgages. However, you should note that the VA Land Loans are not available for buying land and they are only available for buying property.
Although the VA does not have a minimum credit requirement, lenders would still want to see your credit score
The Department of Veteran Affairs does not have a minimum credit score requirement for veterans, but individual lenders might still ask for your credit score before they give you the loan. However, the credit requirement is much low compared to any other loan. Leading VA Loan Lenders in Texas, would offer you Land Loans for Veterans even if you have a low credit score.
You Can Refinance Your Existing VA Loans with a VA IRRRL
VA Loans have one big advantage that other loan programs like the loan program by the Texas Veterans Land Program by the Texas Veteran Land Board. That is the fact that, you can refinance your existing VA loan Texas with a VA interest rate reduction refinance loan or VA IRRRL. This way you can reduce the interest rate and make the loan easier on your pocket.
So what you are waiting for? If you are a proud military veteran residing in the state of Texas, then get in touch with a professional VA Loan Lender in Texas and give life to your dreams.
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