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TEXAS VETERAN LOANS
INFORMATION CENTER

Proud to be serving our heroes and patriots giving them assistance on getting them the home of their dreams.

THE SKINNER LOAN TEAM

Wishes To GIve You Thanks for your Bravery and love of our Country.

We specialize in serving active duty and veteran military personnel across the state of TEXAS. That’s our focus and our passion, so we understand vets and your unique needs when obtaining a TEXAS VA Loan. There is nothing that is more satisfying to us then giving back to Veterans by helping you realize the dream of home ownership.

Obtaining a TEXAS VA Loan doesn’t have to be complicated or confusing, and that’s why we’re here, to help guide you through the process and work toward a smooth and on-time closing. You can find many resources on this website, or simply give us a call, we would be honored to speak with you and answer your questions!

VA

GET ALL THE VA LOAN BENEFITS YOU DESERVE

Texas VA Loan Rates

Because of our focus on helping Veterans, we have access a unique program to help you save money on your home loan. The program is called Homes for Heroes, which will enable you to have a free appraisal. In addition, we can connect you with a Homes for Heroes real estate agent for even greater savings.

The TEXAS VA Loan remains one of the best loan programs available, if not THE best. With 100% financing still available (no down payment), and no monthly mortgage insurance, you will obtain the lowest possible payment available. What will your payment be? Just fill out the quick quote form by CLICKING HERE for a fast, no obligation rate quote.

Whether you are trying to lower your rate and payment or you would like to pull cash out to pay off other bills, a TEXAS VA Refinance Loan can help! VA allows you to borrow up to 100% of your home’s value on a refinance. This is unprecedented in the mortgage industry. Most other programs limit you to 85% or 90% of your home value when pulling cash out, and penalize you through a higher rate if you borrow more than 80% of the value. Not so with VA loans.

If you have an existing TEXAS VA Loan, you can quickly and easily roll it over into a new VA loan with a lower rate and payment with the TEXAS VA IRRRL Refinance program. With low or no fees, this is the best program going for Veterans to lower their rate and payment. Simply fill out the no obligation rate quote form on the right side of this page and we will get you a fast estimate, or we are always available to serve you in the office at 832-819-0720.

There are many resources on this website to help you understand how to qualify for your VA loan. One of the first steps is to obtain your Certificate of Eligibility. We will also help you understand income and employment standards, as well as what kind of credit history and rating you will need in order to qualify.

We would be honored to help you….you have earned the right to use your TEXAS VA Loan benefits…please give us the chance to help you!

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Worried about your Credit Card?

Please take a moment and watch the video below. It is from one of my Associates that specializes in Credit Restoration.  Don’t let anyone tell you that your credit is hopeless and that nothing can be done.  Is it instant?  No, but credit restoration on your file can be quickly completed.  You have to have the will and dedication to do your part.  Please take a moment to listen to my Associate tell you about our results.  They’re simply incredible!

Once you listen to this message, please give us a call at 832-819-0720 and let’s get you some help.  Everyone deserves to own or refinance their home at a reasonable rate, so let’s get you on track to accomplish this goal.

VA LOAN DISCOUNTS

Resources for VA Loans promotion and discounts

HOMES FOR HEROES

The Homes for Heroes program is a charitable organization designed to help heroes in our community, such as Veterans, health care workers, firefighters, police officers, and teachers. Heroes receive discounted real estate service fees from real estate providers such as participating lenders and real estate agents, which will help you get a more affordable Missouri VA Mortgage.

Our Homes for Heroes lender discount is a minimum of $500 off closing costs (sometimes more), and you will save additional money by using a Homes for Heroes Realtor. Homes for Heroes Realtors give a 25% discount on their real estate commissions, which combined with the lender discount, will save you a significant amount of money on your Missouri VA Mortgage!Example Homes for Heroes savings, $200,000 home purchase, 100% VA home loan financing:

  • $500: Lender Discount
  • $1400 Realtor Discount
  • $200 Inspector Discount
  • $2100 Total Savings!

SPECIAL REPORT

 Insider Secrets Mortgage Companies and Loan Officers DON’T want you to know about Veteran Loans

This Report will save you $100’s if not $1,000’s of dollars when applying for your VA Loan.

To receive this free report and other home buying tips, simply fill out the fields of the form located at the right side and I will send you your first insider secret by email immediately.

TYPES OF VA LOANS

&
THE LIST OF REQUIREMENTS TO QUALIFY FOR A VA LOAN

TEXAS VA Home Purchase Loans remain one of the best loan programs available to buy a home, if not the best. In order to qualify, you must be either honorably discharged, or active and serving in good standing.

We verify your eligibility for TEXAS VA Home Purchase Loans by pulling your VA Certificate of Eligibility, a form that verifies your TEXAS VA Loan benefits, tells us if you have any claims against your eligibility, and will verify if you are exempt from the VA funding fee because of a military disability.

So why are TEXAS VA Home Purchase Loans the best loan program going? There are many reasons!

  • Low TEXAS VA Mortgage Rates. VA mortgage rates are one of the lowest of all of the loan programs available. You can obtain a stable and secure rate, fixed for 30 years, with no prepayment penalty, so you will never have to worry about your payment going up.
  • No monthly mortgage insurance. Adding to your low payment is the fact that there is no monthly mortgage insurance on TEXAS VA Loans. Mortgage insurance is an insurance policy that insures the lender in case you default on your loan, and is typical with other loan programs when you have less than 20% down payment, and can add significantly to your payment.
  • TEXAS Homes for Heroes discount. Save on your closing costs through our Homes for Heroes program.
  • TEXAS VA Loans are assumable. When it’s time to sell your home, your va loan is assumable, meaning the buyer can apply to take over your loan. If rates are higher in the future (they probably will be), this can be a huge advantage when selling your home!

The first step to buying a home in TEXAS is to get pre-approved. The pre-approval process means your VA home loan benefits will be confirmed, and you will know exactly how much home you can qualify for. You can use our free, no obligation pre-approval form to get started, or give us a call in the office.

We would be honored to answer your questions so that you understand the process, and help you to determine what you can qualify for. We are proud to help Veterans and active duty military in TEXAS, your service means the world to us!

There are many options for refinancing your mortgage, and many reasons. Perhaps you are looking to pull cash out to pay off debts. Maybe you want to lower your rate and payment. TEXAS VA Refinance Loans are an excellent choice for any of your refinance needs.

There are two types of TEXAS VA Refinance Loans. There is the traditional refinance option, which is a conversion from a non-VA loan to a VA loan, and then there is the VA-to-VA streamline refinance, or VA Interest Rate Reduction Refinance Loan (IRRRL).

The traditional refinance will enable you to either refinance your existing loan balance, or pull cash out, up to 100% of the value of your home. Lenders will require an appraisal on this type of loan, which is ordered through the VA.

In addition, there are minimum standards for qualifying for this type of loan. For one, you must have a credit score of 620 or higher. If you are above 640 you will be able to secure a much better TEXAS VA Mortgage Rate. If you have had a bankruptcy, you must wait for 2 years after the discharge of the bankruptcy before you can qualify for TEXAS VA Refinance Loans. In addition, you must be employed, and have acceptable “debt-to-income” ratios, or the ratio of your total monthly debts compared to your total gross income (before taxes).

TEXAS VA Refinance Loans will carry a full VA funding fee, which can be as high as 3.3% of your loan amount (ie, if your new loan is $100,000, the fee would be $3300), but if you borrow less than 95% of your appraised value, the fee is much lower. It will also be lower if this is your first use of your TEXAS VA Loan benefits. The VA funding fee is typically “financed” into the new loan, meaning you don’t have to come up with the money at closing.

The VA-to-VA streamline refinance, or VA IRRRL loan, is the other choice, and is an incredible option. You can’t pull out extra cash on the VA IRRRL, but you can lower your rate and payment significantly, many times without any closing costs. The VA funding fee is only .5% on a VA IRRRL, making this an extremely affordable option.

To explore your options, give us a call. We will give you straight answers and honest advice. If a TEXAS VA Refinance doesn’t make sense, we will tell you that. Your long term business is more important to us than trying to “sell” you on a loan program. Your service means the world to us, and we would be honored to serve

The TEXAS VA IRRRL program is an incredible refinance opportunity which you can use to lower the rate and payment on your current TEXAS VA Loan. Many times, this can be done with little or no closing costs!

The TEXAS VA IRRRL allows you to essentially convert your existing TEXAS VA Loan to a new one with a lower rate and payment. The other term for a VA IRRRL is a “streamline” refinance, because the process is fast and easy.

The first step to determining your eligibility is to talk to a TEXAS VA Loan specialist about your options and the savings you will realize. It’s important to know your savings going into the transaction, so that you know it makes financial sense. In most cases it does because of the fact that we can do your TEXAS VA IRRRL with no closing costs, so you will have a benefit from day one.

Qualification standards are not difficult. Although VA will state that there is no credit check or minimum credit score requirement, lenders have “overlays” or additional requirements above what VA requires. Most lenders have a minimum credit score of 620, and you will get a better rate if you are above 640. You must also be 2 years out of a bankruptcy.

Although VA guidelines also state that you will not need an appraisal, in many cases we will need one. You will get a much better rate if you owe less on your home than it’s worth (up to 100% of your home value is acceptable), but can still obtain a TEXAS VA IRRRL up to 125% of your home value.

We will not need to verify your VA home loan benefits through ordering a new certificate of eligibility, because you already have your benefits confirmed due to the fact that you have a current TEXAS VA Loan. The VA funding fee is low, only .5% of your loan amount (ie on a $200,000 loan the funding fee would be $1000), and is either financed into the new loan, or in some cases we can pay the VA funding fee for you, meaning you will not have to bring anything to closing.

You can find out what kind of rate you will qualify for by filling out our VA Quick Quote form on the right side of this page, or giving us a call in the office. The first step to getting started is to fill out a loan application and have your credit checked. However, we don’t believe in high-pressure “sales” tactics, and instead will give you honest advice and straight answers to your questions. We would be honored to help you, and your service to our country means the world to us!

TEXAS VA Cash Out Loans will enable you to pull equity out of your home up to 100% of your home’s value. Here are some reasons why you may want to do this:

  • Pay off other higher interest debts. Bring down your monthly obligations significantly, and transfer your debts to a lower interest, tax deductible option.
  • Finance a vacation. Have you been wanting to go on a nice vacation? You can finance it through your TEXAS VA Cash Out Loan.
  • Invest. Pull out your equity and put it to work in higher-yield investments.
  • Start a business. Using your home equity to finance a new or existing business can be a low interest option to get you going.
  • Help your kids with college. Pull out the funds you need to help your kids get through college.
  • Anything else. VA will not need to verify why you are pulling the cash out! You can keep your reasons private.

How do TEXAS VA Cash Out Loans work?

You will have to qualify like with most loan programs, but the standards are not strict. You must have a minimum credit score of 620, and be 2 years out of a bankruptcy, if you have had one. In addition, you must be employed, and have an acceptable “debt-to-income” ratio, or the percentage of your monthly debts compared to your income.

Once we have determined your eligibility, the process typically takes about 30 days, and you will get to skip a mortgage payment the month after you close! We will need to get your home appraised, and you can borrow up to 100% of the value as determined by the appraisal.

Wondering what your rate and payment will be? Use our no obligation TEXAS VA Mortgage Rate quote and we will get you an answer fast. We are also standing by to serve you, and would be honored to do so. We believe in honest answers and straight talk, and will treat you with the respect you deserve!

The total income of all of the borrowers on the application is used to qualify. If there is a family member living in the home who is working, but is not on the application, their income is not used to qualify for the loan.

When qualifying for a TEXAS VA Loan, like with any type of loan program, your lender will use your gross income (before taxes) for qualifying. This is extremely important because some items such as BAH and disability pay are not taxed. For those items, lenders can “gross up” the income, meaning that for qualifying purposes, they can take 125% of the amount you receive.

The total gross income is used to calculate a number called debt-to-income ratio (DTI). There are two DTI numbers, housing ratio and total ratio. The housing ratio is the percentage of your income that will be used to pay your new mortgage payment plus taxes, homeowner’s insurance, and HOA fees. The total ratio is the amount of your gross income used to pay all of your debts including the new house payment. Generally speaking, VA requires a 60% or lower ratio, but any ratio above 50% requires strong factors to offset what is considered a high DTI.

All borrowers (except on TEXAS VA IRRRL refinances) will need to provide the most recent 2 years W2s. In addition, most borrowers will have to provide the most recent 2 years tax returns.

Active Duty military will have to provide their most recent monthly LES. Gross earnings are used, and 125% of BAH and BAS will be used.

Although in most cases, you must have a 2 year employment history to qualify for a TEXAS VA Loan, recently discharged Vets can qualify with less than 2 years with a signed letter from their employer stating their standing with the company, probability of advancement, and likelihood of being laid off. However, if you are receiving variable income such as commissions, generally you will need a 2 year history, despite recent military discharge. The exception is if you are doing the exact same job that you were trained to do, or did, while you were active.

Any variable income will need a 2 year history as the lender needs to verify stability and consistency. In most cases, you will have to provide 2 years of tax returns. In some rare cases, if you had a salary or hourly job doing the exact same thing previously, the lender may make an exception and allow for only 1 year history, but under 1 year is not acceptable.

The amount of the fixed income will have to be verified through documentation such as an award letter for the most recent year. In addition, you will need to document continuance of the income for at least 3 years beyond the closing date.

Child support and alimony will have to be verified through a court-stamped copy of your divorce decree and separation agreement. You will have to verify that the income will continue at that level for at least the next 3 years.

We are always available to answer your questions with honesty and straight-talk. We would be honored to assist you!

In order to qualify for a TEXAS VA Loan, you must be employed. Generally, the lender will want to see a 2 year history of employment. The exception is the TEXAS VA IRRRL loan for which you only need to becurrently employed (don’t need a full 2 years).
If you have had a gap in employment over the past 2 years, you may be required to provide a signed “letter of explanation” for the gap. As long as you were employed in the same line of work prior to the gap, you will be fine for qualifying purposes.

For a TEXAS VA Loan, the lender typically will want to see that you have also been in the same line of work for 2 years as this will demonstrate stability and consistency of income. This is especially true of any variable income sources such as commissions, bonuses, or self-employed income. For “fixed” income sources such as if you are on salary, or hourly with a guaranteed 40 hour minimum per week, lenders will sometimes allow for only a 1 year history as long as you have an overall 2 year work history.

Recently discharged Vets can also get around the 2 year requirement, especially if they are working in a job which they either did in the military, or were trained for in the military. With less than 1 year history, the Vet will be required to get a signed letter from their employer explaining their employment situation and stability.

One other exception to the 2 year requirement for a TEXAS VA Loan is a parent returning to the work force after caring for their children. Exceptions can be made in this case to allow for their income to be used for qualifying, but if they are in a variable income job such as commissions or self-employment, it will be very difficult to qualify, unless they were employed in the same line of work prior to caring for their children.

Employment history and situations are unique to every borrower. We would be honored to help answer your questions about a TEXAS VA Loan, and don’t believe in “sales tactics,” just the honest advice and service you deserve.

VA Credit Requirements are many times misunderstood, mainly because there are essentially two sets of VA guidelines. There are the guidelines that VA publishes, which are the “official” guidelines, but then there are the lender’s guidelines.

The difference is that all lenders have “overlays,” or additional guidelines above and beyond what VA requires. For example, VA guidelines will state that VA IRRRL refinances do not require and appraisal, but in reality, most lenders do require some form of an appraisal. VA will also state that there is no minimum credit score on TEXAS VA Loans, but most lenders have a 620 minimum credit score.

Here is a summary of some of the basic credit requirements for TEXAS VA Loans. If you need additional help, we would be honored to give you a no obligation consultation to help you understand if you qualify for a VA loan.

For most VA programs, the minimum credit score is 620. 620 is a slightly below average score, so it does allow some flexibility if you have been late on some payments of have a few collections. However, with a higher credit score, you will be able to obtain a lower interest rates. If you are monitoring your own credit score, please note that a consumer credit score model is different from a lender model, so you will likely pull a higher score than your lender.

If you have had a bankruptcy in your past, you will have to wait for 2 years after discharge (not filing), on a Chapter 7 bankruptcy, and 2 years after filing on a Chapter 13. If you had a mortgage in your bankruptcy, it does count as a foreclosure.

You must wait for 2 years after a foreclosure to be eligible for a TEXAS VA Loan. The 2 year period is measured from the Sheriff Sale date, which is the date that the bank sold the home to someone and got it off their books.

Short Sales follow the same rules as foreclosures, and you must wait for 2 years after the sale of the home. The exception is if you were on time at the time of the short sale, in which case you may be eligible to purchase a home immediately after the short sale.

Judgments and Tax Liens must either be paid off, or you must be in a payment plan and be able to provide proof that you have made the past 12 consecutive payments on time. If you have a Federal Tax Lien, you may not be able to qualify until it is paid in full.

Medical collections generally do not have to paid off to qualify, but you will have to provide an explanation of the situation. Non-medical collections in some cases will have to be paid off in order to qualify. The general rule is that any non-medical collections over $1000 will have to be paid.

We would be happy to take a look at your credit and advise you as to whether you can qualify to purchase a home or refinance. We will provide you a free, professional copy of your credit report, and will give you honest advice and straight answers. If you don’t qualify now, we will give you tips on how to improve your credit. Give us a call today!

The VA Funding Fee is a one-time fee that is charged on most TEXAS VA Loans. This fee goes into a pool of funds that enables the government to back all TEXAS VA Loans. The pool essentially ensures lenders in case home owners default on their loan, so that they can recover enough to at least pay off the mortgage.

We say the VA Funding Fee is charged on “most” TEXAS VA Loans because there are exceptions. If a Veteran is any percentage disabled, then they are exempt from the funding fee. Exemption can be confirmed on the Veteran’s Certificate of Eligibility.

There are many factors that determine the amount of the VA Funding Fee. For example, whether or not the Veteran has used their VA loan benefits before affects the amount of the funding fee. Other factors such as whether the Veteran was active duty or reserves, how much they are putting down on the home purchase, and the type of VA loan, also affect the amount of the funding fee.

Here is a chart that breaks down the funding fee amounts for all types of TEXAS VA Loans.

One of the first steps in qualifying for TEXAS VA Loans is ordering your Certificate of Eligibility (COE). The Certificate of Eligibility will verify your VA loan benefits, and tell us how much you can qualify for. It will also tell us if you currently already have a VA loan, or if you have claims against your entitlement. Claims may arise if you had a prior foreclosure on a VA mortgage.

The Certificate of Eligibility will also tell us if you are exempt from the VA funding fee.

One of the main things we are looking for on the Certificate of Eligibility is your entitlement amount. Entitlement tells us how much you can qualify for. Your entitlement amount is 25% of the amount you can qualify for on a new VA loan.

Example Entitlement

  • $104,250 entitlement (this is “full” entitlement) x4
  • $417,000 maximum amount you can borrow (includes VA funding fee)

There are several ways to obtain your Certificate of Eligibility:

  • We can order it for you. The fastest and easiest way to obtain your Certificate of Eligibility is to have your lender order it for you. Because we specialize in TEXAS VA Loans, we can get it for you fast.
  • Mail in order. You can also obtain your COE by mailing in a form to the VA. The turnaround time is usually about 2-3 weeks, at which time it will arrive through the regular mail.
  • Go to your local VA benefits office. You can also obtain your Certificate of Eligibility by going directly into your VA benefits office, where they can help you to process the request.
  • Order online. You can go to the VA benefits website and order the COE.

We would be happy to help you obtain your Certificate of Eligibility quickly, and help you read and understand it. Simply give us a call in the office at 832-819-0720 and we will give you straight, honest answers to all of your questions.

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