For VA home loan purposes, a veteran is a person who served in the active military, naval, or air service and who, except for a service member on active duty, was discharged or released from active duty under conditions other than dishonorable. The unremarried surviving spouse of a veteran may also be considered for certain benefits under the law. For minimum service requirements or surviving spouse loans please contact us by phone or e-mail.
FHA LOANS
FHA Loans were designed to assist homebuyers with a low down payment and affordable closing costs. If you are interested in buying a home and meet credit qualifications, you may be eligible for a low down payment of just 3.5 percent. The US Dept. of Housing & Urban Development (HUD) insures these loans but they must be obtained through a HUD approved lender such as The National. HUD insures loans in urban and rural areas for owner occupied single family homes.
HUD will insure loans for the purchase or refinance of your home. HUD does have a maximum loan limit that will vary based on the location of the property. Call or e-mail us for more information.
CONVENTIONAL LOANS
Conventional Loans allow for a much larger loan amount than the FHA or VA programs. The current maximum loan for a single family is $300,700. Multi-Family loan limits vary based on the number of units. Conventional loans generally require a 10% down payment for owner occupied loans but we can offer as little as 5% based on the borrower and property qualifications. There are first time homebuyer programs offered on Conventional loans with income limits and other guideline requirements.
A Conventional loan with a Loan to Value of more than 80% will require Mortgage Insurance. This is a monthly insurance premium set up with a private mortgage insurance company and is added to your monthly payment. A loan with 20% or more down will not require this insurance, in most cases. Guidelines are subject to change per secondary market requirements.
Conventional Loans can be obtained for investment properties with a larger down payment. Please call or e-mail us for further details.
TEXAS VETERANS LAND BOARD LOANS
The National is an approved Texas Veterans Land Board lender and can provide this program to qualified applicants. Proof of Texas Veterans residency status will be required and credit/property qualifications must be met. This type of mortgage requires a home with land to qualify not just raw land.
Along with the standard loans listed above, The National does offer a Jumbo loan program that allows for larger loan sizes than what the general programs above would allow for. We can also offer Adjustable Rate Mortgages, Second Home Loans, Investment Property Loans, and many more.
USDA RURAL DEVELOPMENT PROGRAM
Qualified borrowers can benefit by the Rural Housing program. This program fills a tremendous need for thousands of rural Texas families who have the income, but lack the down payment necessary for home ownership.p>
Benefits of the USDA Rural Development program are:
- 100% financing
- No monthly Mortgage Insurance
- One-Time Guarantee Fee of 2% (which may be financed above appraised value)
- No First-time Homebuyer requirement
The property must meet eligibility requirements that are very specific and may be limited in certain markets. In addition to these geographic restrictions, all loans are for primary residences only and must meet the USDA’s and secondary markets income limits and credit qualifications.
Please call for further information.
