What’s going on guys my name is Raoul, with ATX Realty 737. Today is question number three of the top 10 questions for first-time home buyers
Alright, let’s get right into question 3. I’m a veteran looking to buy a home, where should I start to make sure I’m getting all of my benefits. Great question, I teach veterans how to purchase there home the way I did and did not. I found myself dealing with someone that was unfamiliar with Texas veteran benefits thus I learned a lot along the way.
Step 1, do not start with USAA! USAA is a great company, I bank with them. Nevertheless, it’s not the place you want to start when purchasing a home. They do not participate in many of the home buying programs for Texas veterans especially those that are geared to disabled veterans.
Similar to the first video, you want to start with your personal finances. How much you can afford, get that number settled so we can move forward from there. Eligibility, you want to start from there: basically honorable discharge, DD-214 and want to look at our credit score. It’s sad but you know I a started a credit repair company specifically to help veterans in need when it comes to purchasing a home. We want to shoot for a 620 score but in some cases we can go lower depending on the lender. Which is still part of the personal finance and eligibility portion.
Now let’s focus on the benefits you have the VA loan and the VLB two different loans. One is Texas only, you be a Texas resident for at least one day , as well as the VA Loan. The VLB has the home loan, land loan and home improvement loan. We will focus on the home loan, the biggest thing about this loan is if you have a 30% or above disability rating you will receive .5 % off your interest rate. Which brings me back to USAA, yes you can get a mortgage through USAA as a disabled Texas Veteran but why not go with a lender that participates with the VLB and receive the .5% off your interest rate.
If you need more information visit ATX Realty737/veterans.com and we can get into more details. There is a lot more I like to share. Alright till next time guys.
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