Texas
VA Loans in Texas
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In Texas, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Houston, San Antonio, Dallas, Austin, Fort Worth, El Paso, and Corpus Christi.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making homeownership a reality for more military families and veterans in Texas now than ever before.
Median Sale Price of Homes in Texas*
|
Houston |
$313,500 |
|
San Antonio |
$267,900 |
|
Dallas |
$404,000 |
|
Austin |
$575,500 |
|
Fort Worth |
$335,000 |
|
El Paso |
$215,000 |
|
Corpus Christi |
$80,000 |
|
Texas Statewide Average |
$396,295 |
|---|
*Data pulled from Redfin (April 2022)
Property Taxes in Texas
In the state of Texas, property taxes are among the highest in the country with an average rate of 1.69%, above the national average of 1.07%, according to SmartAsset. Property tax bills are mailed out every October and are due annually by January 31st.
VA Disability in Texas
Common property tax exemptions are reserved for veterans, disabled veterans, seniors over the age of 65, and more. Since these exemptions can vary by county and state and often have strict qualification standards, not every veteran or homeowner qualifies, but those that do are able to reap the benefits of significant savings.
Disabled veterans in Texas that have a service-connected disability may be eligible for a property tax exemption. Amounts vary based on disability ratings with $12,000 deductions on the taxable value of their property for veterans with a full 100% disability receiving a full exemption from property taxes, veterans with a rating of 70%-100%, $10,000 deductions on the taxable value of their property for veterans with a rating of 50%-69%, $7,500 deductions on the taxable value of their property for veterans with a rating of 30%-49%, and $5,000 deductions on the taxable value of their property for veterans with a rating of 10%-20%.
Since these rates can vary based on location (i.e., exemptions in Houston will be different from those in Dallas, El Paso and Corpus Christi), you’ll want to contact your local municipal tax assessor’s office.
Insurance Programs in Texas
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. The most common natural disasters in Texas that homeowners are insured against include wildfires, earthquakes, tornadoes, and hurricanes. The best way to ensure you’re getting the best coverage for your location; we recommend you consult with a licensed insurance company.
Military Presence in Texas
Texas has fifteen military bases which are spread throughout the state and are among the largest in the country. Most bases are clustered around San Antonio and Corpus Christi but other prominent bases include Fort Bliss in El Paso and Fort Hood in Kelleen. Since Texas has over a dozen military bases throughout the state and some of the most populous cities in the nation, there are hundreds of thousands of veterans who call it home.
VA Home Loan Volume in 2021 in Texas*
|
Total Loans |
121,063 |
|---|---|
|
Average Loan Amount |
$283,701 |
|
Total Loan Amount (ALL) |
$34,345,691,964 |
|
Total Purchase Loans |
49,153 |
|
Total Purchase Loans % |
40.60% |
|
Total IRRRL Loans |
70,110 |
|
Total IRRRL Loans % |
57.91% |
|
Total Cash-Out Loans |
1,800 |
|
Total Cash-Out Loans % |
1.49% |
*Data pulled from the Department of Veterans Affairs (April 2022)
FAQ’s about VA Loans in Texas
How do I buy a house in Texas? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Texas? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Texas? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.