There is no maximum sales price with the VHAP; however, the VLB can only loan up to $325,000 towards the purchase. The VHAP must be originated in conjunction with Federal Housing Administration (FHA), Veterans Administration (VA), or conventional financing. Most commonly used in conjuction with the VA loan program.
The VHAP is not a refinancing program. If you have an existing loan on your home, you cannot use the VHAP to lower your interest rate, nor can the VHAP be used as a down payment on a home. It can only be used to obtain a purchase money loan with a first lien on your primary residence.
The term of the loan can be 15, 20, 25 or 30 years.
The interest rates for this loan program change on a weekly basis so check with me to find out the latest interest rate.
As a Veteran you must have one of the fololowing to qualify:
1. Legal Texas Resident for the last 12 months.
2. Home of Record is Texas on your DD214.
3. Active Duty Service Member stationed in Texas.
