VA Approved Lender | Grove Mortgage LLC | NMLS License # 396191
Learn about the Benefits of VA Home Loans in Texas.

Texas VA Home Loans

VA Home loans are often made without any downpayment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of mortgage loan.

VA Loans are for all Veterans and Active Military personnel.

If you are or have been in the military (including the Reserves or National Guard), you may meet the VA mortgage Eligibility. The Department of Veterans Affairs, commonly referred to as the VA, has made home ownership easier for veterans (and in some cases their surviving spouses) through its loan guarantee program.

If you qualify under the guidelines, you can buy a home with little or no down payment and often at a lower interest rate than conventional fixed-rate mortgages.

While the VA does not actually lend the money, it assumes some of the risk for the loan. To partially offset this, they charge a "funding fee," which can be paid in cash at closing or can be financed over the life of the loan.
In addition, VA home loans are assumable under certain conditions, which means if you decide to sell your property, the buyer may take over your mortgage with the same interest rate and payments -- a good selling point.
The buyer who assumes the loan does not have to be a veteran. The VA loan often is a very cost-effective alternative for veterans or current military personnel.

Their are limits on the amount you can finance. But there is greater flexibility for the payment of closing costs: the seller is allowed to pay all discount points and other closing costs.

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  • To buy a home, a condominium unit in a VA-approved project, or to purchase a unit in a cooperative (co-op).
  • To build a home.
  • To simultaneously purchase and improve a home.
  • To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors, or other energy efficient improvements approved by the lender and VA. These features may be added to the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
  • To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.
  • To buy a manufactured home and/or lot.

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VA Loans Offer the Following Important Benefits

  • Equal opportunity for all qualified veterans and active duty military.
  • There is no PMI (private mortgage insurance).
  • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).
  • Buyer informed of reasonable value from the appraisal.
  • Negotiable interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
  • Closing costs are comparable with other financing types (and could be lower).
  • No mortgage insurance premiums.
  • An assumable mortgage.
  • Right to prepay without penalty.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.

Additional measures to protect VA borrowers

  • The VA can suspend from the loan program those who take unfair advantage of veteran borrowers, or decline to sell a new home or make a loan to an eligible veteran of good credit because of their race, color, religion, sex, disability, family status or national origin.
  • The builder of a new home will be required to give the purchasing veteran a one-year warranty that the home has been constructed to VA-approved specifications. A similar warranty must be given for new manufactured homes purchased.
  • In cases of new construction completed under VA or HUD inspection, the VA may pay or otherwise compensate the veteran borrower for correction of structural defects seriously affecting livability if assistance is requested within four years of a home loan guaranty.
  • The borrower obtaining a VA loan may only be charged the fees and other charges set forth by the VA as allowable.
  • The borrower will have no prepayment penalty of the entire loan or any part not less than the amount of one installment or $100.
  • The VA encourages holders to extend forbearance if a borrower becomes temporarily unable to meet the terms of the loan.


Remaining Entitlement

Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. The current amount of entitlement available to each eligible veteran is $36,000. This was much lower in years past and has been increased over time by changes in the law. For example, a veteran who obtained a $25,000 loan in 1974 would have used $12,500 guaranty entitlement, the maximum then available. Even if that loan is not paid off, the veteran could use the $23,500 difference between the $12,500 entitlement originally used and the current maximum of $36,000 to buy another home with VA financing. For certain loans in excess of $144,000, the basic $36,000 entitlement can be increased to a maximum guaranty equal to 25 percent of the Freddie Mac conforming loan limit for a single family residence, minus any previously used entitlement.

Most lenders require that a combination of the guaranty entitlement and any cash downpayment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, in the example, the veteran's $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no-downpayment loan to buy a property valued at and selling for $94,000. The veteran could also combine a downpayment with the remaining entitlement for a larger loan amount.

Restoration of Entitlement

Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:

  • The property purchased with the prior VA loan has been sold and the loan paid in full, or
  • A qualified veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the veteran seller. The entitlement may also be restored one time only if the veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.

Currently there are 18 active military installations in Texas.

  • Brooks City-Base - San Antonio
  • Dyess Air Force Base - Abilene
  • Goodfellow Air Force Base - San Angelo
  • Lackland Air Force Base - San Antonio
  • Laughlin Air Force Base - Johnstone
  • Randolph Air Force Base - Universal City
  • Sheppard Air Force Base - Wichita Falls
  • Biggs Army Airfield - Fort Bliss - El Paso, TX
  • Camp Bullis - San Antonio
  • Corpus Christi Army Depot - Corpus Christi
  • Fort Bliss - El Paso
  • Fort Hood - Killeen
  • Fort Sam Houston - San Antonio
  • Red River Army Depot - southwest of Texarkana
  • USCG Station Galveston - Galveston Island
  • Corpus Christi Naval Air Station
  • Fort Worth Naval Air Station, Joint Reserve Base
  • Ingleside Naval Station

Why choose Grove Mortgage for your VA Home loan?

  • VA Approved Lender
  • Licensed Mortgage Broker
  • Servicing only our great State of Texas
  • Located in San Antonio, Texas
  • Specializing in VA Loans since 2002
  • 95% of our business is VA Loans for the last 10 years

We can help you accomplish your VA home purchase or VA home refinance with expert service, fast closing and very low fees.

To speak with a VA home loan specialist call
210-656-1134 or
Apply Online Now!

Find out how much you qualify for with No Cost, No Credit Check, and No Obligation!