Houston remains one of the chief metropolises alongside Austin and Dallas that are always at the back of the mind of any reviewer of the state of Texas. Just like any other large cities in the federal union, this urban center has a yawning residential market. Veterans, just like civilians, suffer a dearth of housing particularly when the commercial lending sector enforces high commercial rates including the 20% down payment on the principal. Luckily for a former military man, the Houston VA loan is available with not only zero down payment but easy qualification guidelines like property appraisal, Certificate of Eligibility (COE) and income limits for the county.
Appraisal
VA loan Houston program does not unilaterally reject the kind of residence that the veteran chooses but, rather, the Veterans Affairs Department endorses a discreet procedure that consists of the two major parties to the agreement, the lending authority and the borrower, alongside an appraiser. The VA itself remains as a respondent and a verifying authority after the appraisal process takes place. Here is how it happens in this city:
- The borrower gets in touch with the lender and shows interest in a given premises in the county.
- The lender then goes online to make correspondence with the Veterans Affairs Department on the need of an appraiser, subsequent to which the department gives the name and number of this valuation expert.
- The lending party then convenes a meeting with the two parties, including the borrower, to tour the immoveable assets and give price information.
- After an exhaustive comparison with similar properties that have also gone under mortgage transfer in the area, the appraiser gives a final assessment document that goes to an appraisal-assessment authority. Alternatively, the Veterans Affairs receives the report.
- It is after this that the applicant can go ahead with the task of buying a home.
Certificate of Eligibility
Certificate of Eligibility (COE) is one of the most important documents that are required when applying for any veteran’s mortgage and not just Houston VA loan. It is a copy that provides succinct information about income and the credit situation of the borrower. This is why it is always a requirement even when one is applying for a new credit scheme. This is unlike the appraisal option which ends during the initial borrowing period for the loan and no longer counts in case of refinancing.
Houston VA loan Income Limits
Greater Houston enjoys some of the prime property areas in Texas, it does not attract higher limits than other cities. This is because the Houston VA loan, like other veteran provisions, is a near uniform offer across the United States. In fact this explains why there is even no limit on the amount that borrowers cannot exceed when borrowing. The only requirement is that lenders have to limit the amount up to the point where the government is willing to guarantee the loan. Prior to April 2013 when the new revision came, the single family threshold was $325000 for all counties. Now, the minimum has gone up to $417000, with a maximum guaranty of one million dollars. Here is a look at the three major cities of the state with their limit figures.
| City | Minimum Threshold | Maximum Guaranty |
| Houston | 417000 | 1000000 |
| Austin | 417000 | 1000000 |
| Dallas | 417000 | 1000000 |
Generally the home appraisal and terms of the VA loan are just some of the few necessities that form the qualification procedure. Any veteran can qualify as long as they have ever served for ninety consecutive days in war or 181 days in peacetime. Spouses whose veterans die during duty will also qualify for the Houston VA loan.
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