The criteria needed to qualify for a Texas veteran home loan is very similar to a VA mortgage. However, Texas veteran home loans have the added requirement that you are or have the intent to remain in Texas, or in other words, are “a bona fide resident.” Veteran home loans can make a major difference in your life. Here is what you need to qualify for a Texas veteran home loan.
Active Duty Qualifications
Active Duty Personnel are eligible to qualify for a Texas veteran home loan after having served at least 90 days during wartime and 180 during peacetime. During this time, you must have had a continuous active status.
Prior Service Eligibility
You can also qualify for a loan with prior service. Whether your service occurred during wartime or peacetime determines your eligibility. In order to become eligible for wartime prior service, you must have served for a minimum of 90 days on active duty. A release from active duty can come from anything other than a dishonorable discharge. Under some circumstances, a less than 90-day service may make personnel eligible. This is primarily if a disability required the personnel to step down. To become eligible during peacetime, you must have served a minimum of 181 days of continuous active duty and have been released or discharged for any reason except for dishonorable discharge.
Along with active and prior service qualifications, you can also qualify through the Selected Reserve. You may also qualify if you have been discharged because of a service-related disability and have been given an honorable discharge, have been placed on the retired list, have been transferred to an element of the Ready Reserve, or are currently continuing to serve in the Selected Reserve.
There are several ways to qualify for a Texas veteran home loan. Active duty, prior service, and selected reserve qualifications can all help your qualify for a veteran home loan in Texas. Texas also offers a few additional ways to qualify. These include certain US citizens, surviving spouses, personnel discharged for disability, medical conditions, or mental conditions. A Texas veteran home loan can make a big difference in your finances. For more information on how you can qualify for a veteran home loan, contact Horizon FHA. Call us today at 972-569-7226 to make that big move you’ve been dreaming of a reality.