Loans for Disabled Veterans
Disabled veterans have multiple homebuying assistance options in Texas. The US Department of Veteran’s Affairs (VA) offers benefits to veterans who wish to buy a house, and the State of Texas provides the Homes for Texas Heroes program to make the process easier. Military veterans are one of the groups who can benefit from Homes for Texas Heroes. When you enlist the help of TX Home Now, you will be connected to every possible resource to reduce your down payment and get you into a Texas home!
Let’s look at the terms and benefits of loan assistance programs for disabled veterans.
Active and former service members can qualify for VA-guaranteed loans and entitlements. An entitlement is the VA’s contribution to your mortgage, typically thirty-six thousand dollars or twenty-five percent of the mortgage. Veterans can use as much or as little of the entitlement as needed.
To qualify for a VA-backed loan, you must meet the following requirements:
- Served 90 days during wartime
- Served 181 days of active service during peacetime
- Served more than six years of active service with the National Guard or Reserves
- Have a spouse who was a service member and either died from a service-related disability or in the line of duty
When lenders see that your mortgage is guaranteed by the VA, they may offer you more favorable terms than usual, including:
- No down payment or reduced down payment
- No private mortgage insurance premium requirement
- No charge or reduced charge for closing costs
- Closing costs may be paid by the seller
- No penalty fee if you pay the loan off early
The VA might also help you with monthly house payments if you are going through a financial hardship. These benefits are available to all qualifying veterans, not just first-time homebuyers. The benefits can be reused, and VA loans are assumable as long as the person assuming the loan meets all the qualifications.
Homes for Texas Heroes Program
Homes for Texas Heroes is provided by the Texas State Affordable Housing Corporation (TSAHC) to help low and moderate income teachers, police officers, first responders, and others find affordable housing. Veterans also qualify to take part in this program. The TSAHC defines a veteran as “A person who is serving on active duty, at the time of application, assigned to a military base or facility in Texas, and has officially designated Texas as the applicant’s home of record. DD214 or discharge paper proves military service.”
The program’s benefits include:
- A 30-year fixed interest rate mortgage loan, several rates and loan options available
- Down payment assistance (DPA) provided as a grant or repayable second lien loan
- DPA available for up to 6% of the loan amount
- You do not have to be a first-time homebuyer
- Available statewide through a network of participating lenders
- Income limits vary by county. Expanded income and purchase price limits available in targeted areas.
Homes for Texas Heroes generally wants you to have a household income below $97,000, but this can be increased in higher cost of living areas. The best way to ensure you qualify is to take their online eligibility quiz and speak to a loan assistance expert at TX Home Now.
Why TX Home Now?
We discover down payment assistance programs available to Texas homebuyers and help you qualify for them. We do this by taking your information and finding out if you pass our eligibility requirements. Our requirements are virtually identical to those used by the down payment assistance programs, so if you qualify to work with us, you’ll also qualify for other programs.
We have the following eligibility criteria:
- You must be employed
- You must have a credit score of at least 580
- You must attend an online home buyer education course
- You must be considered low to moderate income (up to $96,000)
If that sounds like you, give us a call today! The sooner you connect with one of our friendly agents, the sooner we can get you started down the path to Texas homeownership!
TX Home Now: Thank You, Veterans. Welcome Home.
Go ahead and take our simple 4-question quiz to see if you are eligible. Once you have completed the quiz, a qualified specialist will contact you to get started. We look forward to helping you become a Texas homeowner!
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