VA LOAN SERVICES

Your dream is no different from those of your brothers and sisters of the U.S. military. You return home from honorable service and find the house of your dreams. Finding and qualifying for a mortgage loan should not be another uphill battle.

You fought enough in service to your country. It’s our turn at Thrive Mortgage to fight for you and help you land your VA home loan. With the Thrive Mortgage commitment to quick closings, you can look forward to winding down in the safety and comfort of your new home.

THE VA LOAN

A VA home loan is a mortgage insured by the Department of Veterans Affairs (“VA”). Those eligible for VA loans include:

  • Active-duty military personnel

  • U.S. Military Veterans

  • Surviving spouses of military service persons who die while on duty or as a result of military service

  • Some reservists and National Guardsmen

The typical VA loan offers 100% financing, meaning no down payment. Compared with a conventional, the VA loan has other benefits:

  • The interest rate on a VA loan is usually lower, keeping more money in your pocket.

  • Borrowers who take out VA loans only have to pay certain closing costs called ‘allowables.’ The other costs are paid either by the seller or by the lender making the loan.

We will help you find the VA loan that best fits your situation. We want you to pursue your VA loan with confidence; we’ll be there every step of the way.

We believe in the Golden Rule: we treat you how we want to be treated—fairly, honestly, equally, and with full transparency. You’ll find, every military Veteran matters to us.

THE VHAP LOAN

In 1983, the Legislature created the VLB Veterans Housing Assistance Program (VHAP), to aid Texas Veterans in purchasing a home. Eligible Texas Veterans and Military Members have an opportunity to purchase a home with a competitive, low-interest loan with little or no down payment. Veterans, Military Members and their spouses may receive up to $766,550 on a fixed-rate loan for 15, 20, 25 or 30 year terms*. Veterans with a VA service-connected disability rating of 30% or greater qualify for a discounted interest rate.

To qualify, homes must meet the following requirements:

  • The home must be the Veteran or Military Member's primary residence in Texas.

  • The home must be a single family attached or detached home, townhome or condominium.

  • Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan.

  • New homes must have either ENERGY STAR certification, HERS Index score of 75 or less, or Energy Rating Index of 75 or less.

  • The home must remain the Veteran or Military Member's primary residence for at least three years, and the Veteran or Military Member borrower must occupy the home within 60 days after loan closing.

The VLB does not offer to refinance. If you have an existing loan on your home, the VLB cannot provide refinancing to lower your interest rate, nor can the VLB Veterans Housing Assistance Program be used for a down payment on a home.

The VLB Veterans Housing Assistance Program provides Veterans and Military Members with loans, where VLB is in first lien position of the primary residence. It’s possible for a Veteran or Military Member to have one active loan in each program — land, home, and home improvement — at the same time.

Once a Veteran, or his or her successor, has successfully paid off a VLB home loan s/he may obtain another VLB home loan. The same applies to the VLB Land Loan Program. All VLB programs are self-funded, using no public taxpayer funding. VLB programs are financed with bonds, which are serviced by loan payments from Veteran and Military Member participants.

To be eligible for VLB loan programs, Veterans and Military Members must be:

  • At least 18 years of age.

  • A bona fide and legal resident of Texas on the date of application and meet one of the following service criteria:

    • An active duty Military Member.

    • A member of the Texas National Guard.

    • A reserve component Military Member having completed 20 qualifying years for retirement.

    • A Veteran having served at least 90 active duty days unless discharged sooner due to a service-connected disability and not discharged dishonorably.

    • A surviving spouse of a Veteran listed as missing in action or whose death was service connected.

Find more details and information here.

WHEN A VA LOAN MAKES SENSE TO YOU

In Texas, U.S. Veterans are also eligible for a home loan under the Veterans Housing Assistance Program enacted by the Texas State Legislature. Under the VLB program, eligible Texas Veterans can obtain 100% financing for the purchase of a new home located anywhere within the State of Texas. Some of the many features include:

  • Purchase either a new construction or existing single-family home; primary residence only.

  • 15-20-25- or 30-year terms, with as little as $0 down payment.

  • A fixed-rate mortgage loan with a lower interest rate.

  • Veterans with a 30% or more disability may qualify for additional interest rate reduction.

*All loans are subject to Veteran’s eligibility, underwriting and investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.