TexasLending.com is one of the area’s leading providers of VA loans. Our experienced mortgage professionals work closely with U.S. servicemen and women to ensure a stress-free transaction every time. In the following brief question-and-answer session, we have provided basic information on VA loans and the home buying process.
Q: What is a VA loan?
TexasLending.com: A Veterans Administration (VA) loan is a loan guaranteed by the Federal Government on behalf of eligible/entitled veterans. These loans were first made available in 1944 when the U.S. Congress approved the Servicemen’s Readjustment Act, which offered certain financial benefits to soldiers returning from war.
Q: Who is eligible for a VA loan?
TexasLending.com: Members of the military who served on active duty during or after World War II are eligible to apply for a VA loan. Minimum active duty days are required, which range from 90 to 181, depending on enlistment period. Veterans must have been discharged from the military under circumstances other than dishonorable. In some cases, spouses of MIA, POW, or servicemen killed in the line of duty may be eligible for a VA loan as well.
Q: What types of homes can I finance using my VA benefits?
TexasLending.com: A VA loan may be used to purchase a primary residence. This can be a freestanding home, a townhouse, condominium, manufactured home, or other VA-approved project. Loans may also be used for new construction. You can apply for a VA loan to refinance an existing home loan or to make improvements on your current home, with certain restrictions. Our mortgage brokers are intimately familiar with the nuances of VA loans and can walk you through the process and answer any questions you may have.
Q: How long does it take to close a VA loan?
TexasLending.com: That depends on a number of factors including how long it takes to submit the proper documentation, sign a purchase agreement, and order an appraisal from the Veterans Administration. Once the application is complete, we will keep you updated every step of the way to ensure a smooth and expedient transaction.
4100 Alpha Rd
Dallas, TX 75244