Areas We Serve
Griffin Funding is dedicated to providing five-star service and competitive VA loan programs to veterans and their families looking to become Texas homeowners. We provide lending services throughout the Lone Star State, including:
- San Antonio
- Fort Worth
- El Paso
- Corpus Christi
If you do not see your area listed here, call us today at (855) 394-8288, to see if we can help you find a Texas veteran home loan.
How Do VA Loans work in Texas
In general, VA home loans in Texas work the same as other states. You must be able to meet the VA and lender requirements, obtain a Certificate of Eligibility (which we can assist you with), understand how loan limits work to find a home that fits within those parameters, and determine which VA loan best suits your needs.
While VA loans might seem complex, our seasoned team of loan specialists are here to help you through the process to make it as stress-free as possible.
VA Loan Advantages in Texas
If you qualify for a VA loan, you can enjoy a variety of benefits not available with traditional mortgages, including:
- 0% down payment
- Lower interest rates
- Easier qualification
- No PMI
- Fewer closing costs
- Reduced seasoning on credit events
- 0% funding fees for borrowers with VA disabilities and service-related injuries
You can also transfer your Texas VA loan to an eligible buyer if you decide you want to sell your house.
VA Home Loan Limits in Texas
VA home loan limits in Texas, as well as other states, are determined by two primary factors: your VA entitlement and the county the property is located in.
Your entitlement is the amount of money guaranteed by the Department of Veteran Affairs if you should default on the loan. There are two layers of entitlement, basic and secondary, to allow you to reasonably afford a home. If your full entitlement is still intact, the loan limits do not apply to you. However, if you have previously used part or all of your entitlement to buy or improve a home, you will be subject to loan limits, which change each year.
Once you verify your entitlement status, you can use the list of Texas VA loan limits for 2020 to compare loan limits for different counties you may be considering. Typically, higher-cost regions such as coastal states and big cities have higher loan limits to accommodate the price of homes in the area.
Keep in mind that the VA does not limit how much you can borrow, but instead the amount you can get a loan for with zero down payment. If you exceed the applicable loan limit, you will be required to put some money down on the home.
VA Loan Rates in Texas
As with any type of loan, interest rates can have a significant impact on the overall cost of your mortgage over the loan period. However, VA loan rates in Texas fluctuate constantly, so it’s not possible to provide a set rate without taking into account certain factors, including:
- The state of the economy
- The lender’s discretion
- Your credit and financial circumstances
That said, Texas VA home loan rates are often lower than traditional types of home loans. At Griffin Funding, we also strive to provide our customers with competitive interest rates that help them save money over the course of their loan.
If you are unhappy with your current interest rate or are quoted a higher interest rate than you desire, you may be able to refinance your Texas VA loan once your credit improves.
What Is the Difference Between a Texas Vet Loan and a VA Loan?
There are several types of VA loans in Texas, but the two that are most often compared are the Texas Vet Loan and the standard Texas VA loan. There are several notable differences between a Texas Vet Loan and a Texas VA Loan that you should be aware of when evaluating the mortgage programs:
Texas Vet Loan facts:
- Rates are set by the Texas Veterans Land Board.
- They can only be used for the purchase of a home (not refinancing).
- They can be originated as a VA, FHA, or conventional loan depending on your circumstances.
While there is a reputation that Texas Vet Loans have lower interest rates, at Griffin Funding, we strive to provide our borrowers with the most competitive rates on our VA home loans in Texas.
Requirements for VA Loans in Texas
To qualify for a VA loan, you must be an active duty service member, veteran, or a surviving spouse. While this is the basic criteria, there are specific service-related conditions that you must meet. For example, individuals who were discharged are typically not eligible for VA loans. In addition to the Department of Veteran Affairs’ requirements, lenders also set their own eligibility standards.
At Griffin Funding, we strive to make obtaining a home loan possible for most borrowers, which is why our requirements are more flexible. For example, we allow for shorter waiting periods for borrowers with recent credit events.
To qualify for one of our Texas VA home loans, you must:
- Meet the minimum income requirement (not required for VA IRRRL)
- Have a FICO score of 580 or higher
- Schedule a pest inspection (not required for VA IRRRL)
- Have a VA appraisal done on the property (not required for VA IRRRL)
Our experienced loan officers can guide you through how to get a VA home loan and assist you through our streamlined process, so you can get your Texas veteran home loan approved as efficiently as possible. In most cases, we can complete the process within 30 days or less.
Types of VA Mortgage Programs
VA loans in Texas are not one-size-fits-all. There are several different types of VA loans that serve different purposes. At Griffin Funding, our VA mortgage programs include:
- VA Purchase Loan: for borrowers who plan to purchase, build, repair, or adapt your home. When VA purchase loans are used to build a home, they are typically referred to as VA construction loans in Texas.
- VA Cash-Out Refinance Loan: for borrowers who need to refinance their home to utilize the equity in their home by turning it into cash. A VA cash-out refinance loan can be used to refinance a traditional mortgage or a VA home loan in Texas.
- VA Streamline Refinance Loan (IRRRL): for borrowers who want to refinance their current VA loan in Texas. VA streamline refinance loans, also known as interest rate reduction loans, are intended for refinancing a loan for better terms including a lower interest rate and potentially a reduced monthly payment.
If you are looking to purchase land, you may have heard of Texas VA land loans, which are part of the VLB Veterans Land Loan Program, are intended for those who are looking to buy tracts of one acre or more. However, it’s important to note that you can also buy land (20 acres or less) with a VA loan in Texas, as long as you plan to build your residence in the immediate future.
For more information about Griffin VA loans, or to start the application process, call us today at (855) 394-8288.
Apply for a VA Loan in Texas
At Griffin Funding, we are proud to offer competitive Texas VA loans to service members and veterans. Take advantage of your VA benefits when building, improving, or refinancing your home. Whatever your homeownership goals are, our team can help you make it happen.