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Texas Mortgage Professionals, Your VA Home Loan Specialists. Texas Mortgage Professionals has been lending since 2003. From the beginning, we have specialized in VA Loans. Our founder and President Mr. Thomas Heilbrun is a Veteran himself, serving for our country in the Vietnam War Mr. Heilbrun has continued to serve his community through the VA Home Loan program and many other Veteran outreach programs.
VA loans by Vets for Vets!
Call Today: (713) 409-4099
We Can Help You with the VA Loan Process
- Gain your Pre approval or full approval in advance – Contact your Loan Specialists
- Obtain your Certificate of Eligibility – Contract your Loan Specialists
- Find a Realtor – A Realtor that will help you buy a home vs. Sell you a home
- Bid and Contract for a Home – Work with both your loan specialists and your Realtor to make sure the contract is designed to fit you and your family’s requirements.
- Work with your Loan Specialist in providing necessary upfront documents.
- Appraisal is ordered – Loan Specialist orders the appraisal via the VA Portal
- Loan Closing – Schedule a closing time with both your Realtor and Loan Specialist
What is a Certificate of Eligibility?
Lenders are required to get proof of a veteran’s service during the VA loan process. The Certificate of Eligibility (COE) serves as that proof and tells a lender that an applicant has officially met the minimum service requirement.
The Certificate of Eligibility is known as the starting point of the VA loan process and proves to a lender that a buyer has met the VA’s service requirement.
Every veteran has to meet one of the following service requirements before they can obtain a VA loan:
- 181 days of service during peacetime
- 90 days of service during war time
- 6 years of service in the Reserves or National Guard
- Some surviving spouses of service members who have died in the line of duty are also eligible
How much do I qualify for?
Entitlement is the amount available for use on a loan. The amount of available basic entitlement is $36,000. This may be reduced if a veteran has used entitlement before which has not been restored. The amount of basic entitlement will be displayed near the center of the COE.
Each VA-eligible borrower starts with the basic entitlement of $36,000 for a VA-backed mortgage for home $144,000 and lower. For a veteran’s home loan over $144,000, additional entitlement, up to $68,250, is available. When basic and additional entitlements are used together, a qualified military borrower may have enough federal backing to get a VA backed mortgage of up to $417,000. In high-cost counties, it’s the additional entitlement number that goes up. Additional entitlement is calculated by subtracting $144,000 from the VA loan limit and multiplying by 25%. For example, additional entitlement in Harris County, TX is calculated like this: ($424,100 max loan amount X 25% = $106,025 = Base Entitlement Amount Required for a $424,100 purchase
in Harris County, TX.
But know, entitlement does not qualify a military member for a VA loan, and having full entitlement does not mean you will qualify for a loan of up to $417,000 or $424,100 in Harris County, Texas Entitlement only tells the lender how much the government is willing to guarantee for that person in the event they qualify for the loan. The veteran will still have to prove to be a satisfactory risk by the combined income and credit qualifying
standards of the VA and the VA-approved lender.
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Work with Texas Mortgage Professionals today and let us help you get the VA loan you deserve.