USDA home loans in Texas and other parts of the U.S. are provided to eligible rural and suburban homeowners (for repairs) or buyers interested in buying a house in a rural area. USDA loans are backed by the U.S. Department of Agriculture. To help borrowers with low or moderate-income realize their dream of owning a house, these loans have relaxed eligibility criteria as compared to conventional loans. Borrowers, for instance do not have to pay down-payment and are offered lower mortgage rates. Despite the benefits of USDA home loan, it is still one of the least talked about loan program, primarily due to the late introduction of the program. To help create awareness about the home loan, the post lists some important facts about them. Take a look.

1. Eligibility Criteria
To be eligible for a USDA loan, the applicant has to fulfill the following criteria:

a) They must be a U.S...

Most people find the home loan approval process very tedious as it requires a lot of time and effort from their side, and like all other borrowers, veterans applying for VA mortgage face the same issue, too . While the option to hire a VA mortgage consultant to help you with the process is always there, it’s advisable to keep the necessary documents ready beforehand, to speed up the process at your end. Let’s take a look at the documents that applicants must keep ready even before they apply for a home loan.

1. Credit Report
One of the documents you’d need when applying for a VA mortgage home loan is your credit report. You’re entitled to receive a free copy of this report every year. If, however, you have exhausted this option, you’ll need to pay a nominal service charge to the provider. Before submitting the credit report, check the details carefully and dispute any erroneous entry...

VA Home Loans are one of the best mortgage options for veterans looking to buy a home in Texas or any other state. They are easier to qualify for as compared to conventional mortgage loans. Many first time veteran home buyers in Texas, however, don’t know all the advantages of VA Home loans. Moreover, a common misconception among veterans is that getting a VA loan is an arduous process. But, that’s not true. If you are a veteran and are looking for a home loan to buy your dream home, take few minutes to go through this post to learn what makes VA loans one of the best loan options for eligible home loan borrowers.

1. Lower Rates as compared to Conventional Loans
VA loan rates are typically 0.25 percent lower than conventional loan rates. VA loans also offer very low foreclosure rates which help reduce the risk for veterans buying a home for the first time in Texas. A lot of first time...

VA loans are offered to current and former members of US defense forces. They have been designed to benefit them in monetary terms and provide them with an opportunity to settle down and a sense of permanency. The loan provides lowest interest rates along with some very competitive options such as zero down payment and loan refinance using a VA loan.

Throughout the nation VA loans are available at some of the lowest rates to war veterans. VA loan rates in Texas agree with the national trend and bring to the defense personnel, a loan that can bail out any financial situation. The process of application for a VA loan is very smooth and includes nominal fees for a few processes that need to be carried out before a loan is approved. Here is a low down on the types of fees that expected along with the origination fee before the loan is disbursed.

VA Loan Processing Fees

Origination Fees

...

The state of Texas, walking on the lines of national guidelines, honors veterans and welcomes them to make Texas their home by offering them various benefits. One of them is easy home and land loans throughout the state. Texas veterans’ home loans are available at low interest rates and without or minimum down payment and the same applies to Texas veterans land loans.

VLB (Veterans Land Board) is the authority that presides over all the land and home loans in the state of Texas. VLB Veterans housing Assistance Program was created in 1983, with the aim to provide the veterans with an opportunity to settle down in a home and have a family. This board not only provided loans for homes but also facilitated land deals and home improvement through very low interest loans, available only to them.

Even with so many concessions, there are times when veterans and military personnel’s fail to pay...

When discussing VA loans, people tend to think that they can only be used to finance the purchase of a new home. However, that is just one of the dozens of a VA loan’s purposes. The Department of Veteran Affairs (VA) offers these loans to provide different kinds of benefits to veterans.

A VA loan can be taken to improve your existing home, increase energy efficiency or buy/repair many other applications. Do not shy away from asking for a VA loan if you need to spend big on property. The most common VA loan uses other than for the purchase or refinancing of a home is for home improvements. In fact, if you are buying a pre-existing home, it makes sense to apply for a loan to make the needed improvements before moving in.

The department is willing to finance home improvements for energy efficiency too. However, money for these improvements should be for one of the following:

●Storm or...

Retired, as well as active military service members and their families, can get a VA mortgage on easy terms. This mortgage requires no down payment and offers lower interest rates compared to conventional loans. The best part of this loan program is that it promises to repay a portion of the loan in case the borrower defaults. This is promised in order to minimize the loss for lenders who provide these loans.

Besides the advantage of no down payment, this type of loan also has a distinct advantage of including closing costs in the loan amounts. These are allowable costs, and the VA has imposed a limitation on charging these costs to borrowers, which helps them save a significant amount of money. The average closing costs for VA loans varys. Here are some of the examples of closing costs that borrowers might be charged with on a VA loan:

Average Amount - The average amount of closing...

For some potential first time home buyers, the idea of meeting a home mortgage lender in Texas may seem scary. To your surprise, a lender will help you not only choose the right mortgage plan, but also make it easier for you to get a home loan. The lenders will help you choose the best financing options that will suit your financial needs including budget.

A preferred loan option among a large number of first time home buyers is FHA loans. The Federal Housing Administration mortgage program is sponsored by the U.S. government. It helps Americans to purchase a home even when they are not able to qualify for a conventional loan.

Qualifying for an FHA loan

The qualification requirements of FHA loans are much easier to meet as compared to conventional loans. Read on to get an idea about the qualifying factors of FHA loans.

Loan amount - In order to qualify for an FHA loan you should...

Hundreds and thousands of American military service members come back home every year after serving the nation. According to a study conducted by the office of U.S. Government Accountability, it has been estimated that around one million veterans are expected to return in the next five years. Most of them are combat troops returning from conflict zones. Once back, they would look to settle down with their family in search of a happy and peaceful life. The first step towards this goal is to buy their own home. This is anticipated to boost the demand of properties in the real estate sector.

Most veterans as well as active duty members plan to buy a home in Texas due to the presence of military bases in the state. However, one of the major issues that many people face when buying a new home is the financing. In an initiative to thank the veterans and active member personnel for their...