One of the Government loans programs in Texas is the Veterans Housing Assistance Program. This was created in 1983 with the sole purpose of assisting Veterans from Texas in owning their own home.
Those veterans who qualify will see a highly competitive loan which is usually a low interest loan. Additionally, veterans who qualify for this Government loan program in Texas will also find there is little or even no down payment required.
Military personnel and veterans who do qualify for this loan could obtain a loan value of up to $424,100. This loan can be for 15, 20, 25 or 30 year period and is usually fixed rate loan, unless specified. In addition, veterans with a greater than 30% disability rating may be eligible for discount in this loan.
Government Loan Programs in Texas – Requirements
In order to qualify for this loan, there are a few requirements that homes need to meet:-
- Must be the veteran’s main residence in Texas
- Must be a single family attached or detached home, town house or apartment.
- Duplexes or other multi-family units must have be built at least 5 years before closing date of the loan
- Any new home must have an ENERGY STAR certification
- A new home must have a HERS Index score of 75 or less
- Must remain as the veteran’s primary home address for a minimum of 3 years.
- Veteran is to live in the home within 60 days after completing loan
Government Loans Programs in Texas – Eligibility
To be eligible for this Government Loan program in Texas any Veteran, military members or spouses should be:
- 18 years of age or above
- A legal resident of Texas on the date of application and meet at least one of the following:-
- Active duty military member
- Texas National Guard member
- A reserve military member having completed 20 qualifying years for retirement
- Served at least 90 active duty days unless discharged sooner due to service connected disability and not discharged dishonorably
A spouse of a Veteran listed as missing in action or if the death was connected to military service.