Buying a House on Active Duty in San Antonio
If you are looking into buying a house on Active Duty in San Antonio, Texas you are in the right place! We have all of the information right here, right now, so you won’t have to look elsewhere.
The Texas Veteran Land Board (VLB) program, commonly known as a Texas Vet Loan offers excellent rates and follows similar guidelines as a VA Loan. The program also offers an interest rate reduction for disabled Veterans who have a 30% or greater VA disability rating. This loan program is a great option for military personnel and Veterans buying a home in Texas.
The VA Loan program is offered Nationwide through the Department of Veterans Affairs. The loans are guaranteed by the VA and enable eligible Veterans to buy a home with no down payment and get competitive interest rates, similar to conventional loans that require a 20% down payment. Disabled Veterans VA funding fee is waived.
Welcome to San Antonio! Home to Joint Base San Antonio (JBSA), the city of San Antonio, is referred to as Military City, USA. It is a large metro area that is constantly growing thanks to the support of our Military community.
Steps to Getting a VA Mortgage
Step 1: Get Pre-Qualified
The first step is to get pre-qualified for a home purchase using your VA benefit. This will help you know what price home you are pre-qualified for and will issue you a Veteran Mortgage pre-approval letter.
Step 2: Find a Home to Buy
Once you are pre-qualified for a Texas Vet or VA Mortgage, we will assist you in buying a house on Active Duty in San Antonio and the surrounding Texas Hill Country.
Step 3: Formal Loan Application
Once you have selected your perfect home, you’ll complete the formal application.
Step 4: Close on Your New Home
Once we receive your documents, get the appraisal, and loan approval, you will go to closing (Time to sign for those keys).
VA Home Loan Eligibility
Buying a Home in San Antonio?
Active Duty Personnel are eligible after having served on continuous active status for at least 90 days during wartime and 180 days during peacetime. This makes it easier for your family, when buying a house on Active Duty in San Antonio, even if you are still away at your last duty station.
Prior Service Personnel eligibility is dependent on whether service occurred during Wartime or Peacetime.
Wartime Service personnel must have served at least 90 days on active duty and been discharged, or released for any reason other than dishonorable conditions. If service was less than 90 days, they may be eligible if discharged because of a service connected disability.
Peacetime Service personnel must have served at least 181 days of continuous active duty and been discharged or released for any reason other than dishonorable conditions. If service was less than 181 days, they may be eligible if discharged because of a service connected disability. Contact a Loan Originator specializing in VA Loans to determine whether 181 service days occurred during peacetime periods.
Two Year Requirement Period: If the Veteran’s period of service was between September 7, 1980 (or October 16, 1981 for officers) and August 1, 1990, the Veteran must have completed 24 months of continuous active duty or the full period (at least 181 days) for which the Veteran was called or ordered to active duty; and he must have been discharged or released for any reason other than dishonorable conditions.
If they are not otherwise eligible, members of the Selected Reserve are eligible if they have completed at least 6 years in the Reserves or National Guard, or been discharged because of a service connected disability, and one of the following:
- An honorable discharge
- Placed on the retired list
- Transferred to an element of the Ready Reserve
- Continue to serve in the Selected Reserve
OTHER TYPES OF ELIGIBILITY
Certain US Citizens, surviving spouses, personnel discharged for service connected disability, medical or mental conditions or reduction in force may be eligible.
Acceptable Use of a Veteran Affairs Loan
Texas Vet and VA Mortgages are to be used in order to purchase personal homes, town-homes and condominiums (must be a VA approved condo project). This includes new homes that are to be built. The borrower must certify that they or their immediate family intend to personally occupy the home within 60 days of closing.
In order to obtain a Texas Veteran or VA Loan, the borrower will need to provide several types of documents (Military service and personal income). These include but are not limited to the following:
- Veteran’s VA Certificate of Eligibility
- Statement of Service if on Active Duty
- A copy of the Veteran’s DD214 if the Veteran has been separated from the Military. ( Not Needed when buying a house on Active Duty)
- Past two years W2 statements
- Most recent LES or pay stubs covering one full month
- Two months of the most recent bank statements (checking, saving, etc)
- Past two years tax returns
- If there are any questions, you can contact us for more information about Buying a House on Active Duty, as well as go to http://www.benefits.va.gov/HOMELOANS/ for more information.
Need More Information?
Let us know if you have any questions about buying a house on Active Duty in San Antonio. We’re here to help! Thank you for your service!
Welcome to San Antonio and Welcome Home!