VA LOANS
The National is a VA approved lender which allows us to process and close loans without VA's prior approval. VA loans may allow for 100% financing, plus owner occupancy is required. VA sets a limit on the closing costs that a veteran can pay but a seller may pay all of the closing costs providing a no cost move in. Interest rates are negotiated with the lender so there is flexibility in setting the rate. With the current maximum guaranty, a veteran may be able to qualify for a VA loan, depending on income levels, debts, credit qualifications and appraised value of the property.

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 FHA's credit qualifications, you may be eligible. 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, no investment properties.

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 generally require a 10% down payment for owner occupied loans but we can offer as little as 5% based on the borrower credit and property qualifications.

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.

Conventional Loans can be obtained for investment properties with a larger down payment. Please call or e-mail us for further details.

FIRST TIME HOMEBUYER PROGRAM
The National is involved in several First-Time Homebuyer Programs. These programs are sponsored by various organizations within the state to offer the "First-Time Homebuyer", or the homebuyer that has not owned a home in the last 3 years, a lower interest rate to purchase a home in certain Texas counties. There are income limits which are verified by requiring your most recent 3 years signed tax returns and verification of current income for the household. There are also sales price limitations based on the location of the home. This is an exceptional program designed to assist more families in achieving the privilege of homeownership.

First-Time Homebuyers Programs are offered only when money is released by the sponsors. Please contact us for more information.

TEXAS VETERANS LAND BOARD LOANS
The Texas Veterans Land Board offers to Texas Veterans a break on the interest rate on the mortgage they are financing. The National is an approved Texas Veterans Land Board lender and can provide this program to qualified applicants in conjunction with VA, FHA and Conventional qualifying guidelines. Proof of Texas Veterans residency status will be required. This type of mortgage requires a home with land to qualify not just raw land.

The National also offers Adjustable Rate Mortgages, Second Home Loans, Investment Property Loans, and many more. Please call any of our branch locations for more details.