Buy with no down payment, lower your monthly payment, or review a cash-out refinance — available exclusively to eligible veterans, active-duty service members, and surviving spouses.
The VA home loan is one of the most powerful mortgage benefits available. Here's what makes it exceptional.
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$0 Down Payment
100% financing for eligible borrowers. Buy your home with zero money down while conventional loans require 3–20% down.
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No PMI
Save $100–$300/month compared to conventional loans. No private mortgage insurance, ever — regardless of your down payment.
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Competitive Rates
VA loan rates are typically lower than conventional and FHA rates because the VA guaranty reduces lender risk.
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Flexible Credit
No VA-mandated minimum credit score. Texana Bank approves VA loans with scores as low as 500 — well below conventional requirements.
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Reusable Benefit
Use your VA loan benefit multiple times throughout your life. Pay off or sell, and your entitlement is restored.
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Assumable Loans
Future buyers can assume your VA loan rate — a powerful selling advantage when rates rise above your locked rate.
Eligibility
Who Qualifies for a VA Loan?
VA loans are available to those who've served our country. Here's what you need to know.
Service Requirements
Active Duty
90+ consecutive days during wartime
181+ consecutive days during peacetime
Guard & Reserve
6 years of service in the National Guard or Reserves
90 days of active duty under Title 10
Surviving Spouses
Spouse of veteran who died in service or from service-connected disability
Un-remarried spouse receiving DIC benefits
Certificate of Eligibility (COE)
Your COE proves your service history to lenders. Fastest way: Texana Bank can pull it instantly through the VA's ACE system. You can also request through VA eBenefits or by mailing VA Form 26-1880.
Loan Requirements
Credit Score
No VA-mandated minimum score
Texana Bank approves scores as low as 500
We consider your full financial picture
Income & Employment
Stable income and employment history
DTI ratio up to ~60% with compensating factors
Residual income requirements (VA-specific)
Property Requirements
Must be your primary residence
Must meet VA Minimum Property Requirements (MPRs)
Single-family, condo, or multi-unit (up to 4 units)
Down Payment
$0 down with full VA entitlement
Down payment may reduce VA funding fee
VA Cash-Out Refinance
Lower Your Rate or Tap Your Equity
A VA cash-out refinance lets you replace your existing mortgage — VA or non-VA — with a new VA loan. Cash may be available when the approved loan exceeds the payoff and costs; the appraisal, VA program rules and the lender's review decide. The VA cash-out page → walks through the full comparison.
Refinance from any loan type into a VA loan
Equity access reviewed on the appraisal and VA program rules
Your new VA loan pays off your existing mortgage. Cash at closing is what remains after that payoff and the costs charged against the proceeds.
Estimated equity: your value estimate minus what you owe Approved loan: set by the appraisal, VA program rules and the review Cash at closing: approved loan minus payoffs and costs
Already have a VA loan? You may qualify for a VA IRRRL (Streamline Refinance) → — minimal paperwork, no appraisal, and faster closing.
The VA purchase loan offers 100% financing with no down payment and no PMI — giving you more buying power than any other loan program. The VA appraisal process also protects you by ensuring the home meets minimum property standards.
100% financing — no down payment required
No PMI savings = more buying power
VA appraisal protects the buyer (VA MPRs)
Single-family, condo, or multi-unit (up to 4 units, owner-occupied)
Can be combined with down payment assistance programs
Seller can contribute up to 4% toward closing costs
Estimates only. Actual rates and payments will vary based on credit, income, and property. Subject to credit approval.
The Process
Your VA Loan Journey
From application to closing, here's what to expect at every step.
1
Get Pre-Qualified
1 Day
Complete a quick application with Texana Bank. We'll run a soft credit check (won't affect your score), obtain your COE through the VA's ACE system, and give you a clear picture of what you qualify for.
2
Find Your Home / Lock Your Rate
Varies
For purchases: shop for your home with confidence knowing your budget. For refinances: we'll lock your rate and begin processing. Your loan officer guides you through every step.
3
Processing & Underwriting
10–21 Days
We order the VA appraisal, verify your documents, and move your file through underwriting. Our team handles the heavy lifting — you just respond to any document requests promptly.
4
Closing
1 Day
Sign your final documents, get the keys to your new home, or start saving with your new lower payment. For purchases, you're officially a homeowner. For refinances, your savings begin immediately.
Frequently Asked Questions
VA Loan FAQs
Answers to the most common questions about VA purchase loans, VA cash-out refinances, eligibility, and costs.
No. Texana Bank Mortgage uses a soft credit inquiry for pre-qualification, which has absolutely no impact on your credit score. You can check your rate, explore loan options, and get pre-approved without any effect on your credit. A hard inquiry only occurs later if you formally move forward with a full application.
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. The VA guaranty allows lenders to offer favorable terms including $0 down payment, no private mortgage insurance (PMI), and competitive interest rates. You apply through a VA-approved lender like Texana Bank Mortgage, not directly through the VA.
Eligibility generally requires 90 consecutive days of active service during wartime, 181 days during peacetime, or 6 years in the National Guard or Reserves. Surviving spouses of veterans who died in service or from a service-connected disability may also qualify. You'll need a Certificate of Eligibility (COE) to prove your service history.
A COE verifies to lenders that you meet VA loan eligibility requirements based on your military service. The fastest way is through your lender — Texana Bank can pull your COE instantly through the VA's ACE (Automated Certificate of Eligibility) system. You can also request one through VA eBenefits online or by mailing VA Form 26-1880.
Yes. Your VA loan benefit is reusable. You can use it multiple times throughout your life. After paying off a VA loan or selling the home, your entitlement is restored. In some cases, you can even have two VA loans at the same time using remaining entitlement.
VA loans can be used for single-family homes, VA-approved condos, and multi-unit properties up to 4 units (as long as you occupy one unit as your primary residence). Manufactured homes on permanent foundations may also qualify. The property must meet VA Minimum Property Requirements (MPRs).
Yes. A VA cash-out refinance allows you to refinance any existing mortgage — conventional, FHA, or other — into a VA loan. This is different from a VA IRRRL, which requires an existing VA loan. With a cash-out refinance, you can also access your home equity.
A VA cash-out refinance replaces your existing mortgage with a new VA loan, potentially at a better rate. The appraised value, VA program rules and the lender's review determine what can be borrowed; cash at closing is what remains after the new loan pays your existing liens and the costs charged against the proceeds. This can be used for debt consolidation, home improvements, or any other purpose.
Equity, the approved loan and cash at closing are three different numbers. Home value minus mortgage debt estimates equity; the appraisal, VA program rules and the lender's review set the approved loan; cash at closing is what remains after payoffs and costs. Our VA cash-out page walks through the arithmetic.
A VA IRRRL (Interest Rate Reduction Refinance Loan) is a streamline refinance exclusively for borrowers who already have a VA loan — it requires minimal paperwork and no appraisal. A VA cash-out refinance can be used to refinance any loan type into a VA loan, allows you to take cash out, but requires a full appraisal and underwriting process.
A VA cash-out refinance can pay off other debts from the proceeds. Compare today's mortgage plus the debts being paid off against the new full housing payment, and compare total interest and closing costs: a lower monthly total can cost more over a longer term, and paying unsecured debt with a mortgage secures it against your home. VA-backed loans carry no monthly private mortgage insurance. Read the debt-consolidation guide.
The VA funding fee is a one-time fee paid to the VA that helps sustain the loan program. For first-time use with $0 down, the fee is 2.15% of the loan amount. It drops to 1.50% with 5% down and 1.25% with 10%+ down. Subsequent use with $0 down is 3.30%. The fee can be rolled into the loan amount.
Veterans receiving VA disability compensation, Purple Heart recipients serving on active duty, and surviving spouses receiving Dependency and Indemnity Compensation (DIC) are exempt from the VA funding fee. This exemption can save thousands of dollars on your loan.
VA loan closing costs typically include the VA funding fee (if not exempt), origination fee, appraisal fee, title insurance, recording fees, and credit report fee. The VA limits some fees lenders can charge. Total closing costs typically range from 2–5% of the loan amount, and sellers can pay up to 4% of the loan in concessions.
Yes. On a VA loan, the seller can pay up to 4% of the loan amount in concessions, which can cover closing costs, the VA funding fee, prepaid taxes and insurance, and even paying off the buyer's debts. This makes VA loans especially attractive for buyers who want to minimize out-of-pocket expenses.
The VA itself does not set a minimum credit score requirement. While many lenders require 620+, Texana Bank Mortgage approves VA loans with credit scores as low as 500. We consider your full financial picture — not just your score — including residual income, employment history, and compensating factors.
Yes. VA guidelines allow for a VA loan 2 years after a Chapter 7 bankruptcy discharge and 1 year into a Chapter 13 repayment plan (with court approval). After a foreclosure, the typical waiting period is 2 years. These are shorter waiting periods than most conventional loan programs.
VA guidelines are more flexible than conventional loans. While 41% DTI is the general guideline, VA loans can be approved with DTI ratios up to approximately 60% when there are strong compensating factors such as excellent credit, significant residual income, or substantial savings.
Yes. If you have remaining VA entitlement, you can have two VA loans simultaneously. This commonly happens when you PCS (permanent change of station) and keep your current home as a rental while purchasing a new primary residence with your remaining entitlement. Your loan officer can calculate your available entitlement.
Yes. Surviving spouses of veterans who died in service, from a service-connected disability, or while receiving VA disability compensation may be eligible for a VA loan. Un-remarried surviving spouses may also be exempt from the VA funding fee when receiving DIC benefits.
Texana Bank Mortgage uses a soft credit inquiry for pre-qualification, which has zero impact on your credit score. A hard inquiry only occurs when you formally apply and move forward with a full application, and even then, multiple mortgage inquiries within a 14–45 day window count as a single inquiry.
I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
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Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
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Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
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Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
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Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
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Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
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Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
J
James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
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Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
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Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
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Dejan Jajcevic
★★★★★
I’ve worked with mini bankers before and I used to do them over a decade ago myself and my experience that I had with Chad was nothing short of phenomenal. He is a wonderful Banker does a very diligent job and did not miss any moments of reassuring me where my loan was and closing I couldn’t say enough good things about him and I hope if I ever need to go through this stressful process again he is still in business to take care of me
J
James Reaves
★★★★★
Adam is awesome super friendly easy to work with always aware of what’s going on and keeps you informed which is great.
L
Lesli Hopkins
★★★★★
Lynette is absolutely awesome to work with! She takes the time to make you comfortable with the process and answers any questions completely and accurately
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Bobby Strickland
★★★★★
Andre Floyd was ABSOLUTELY AMAZING. I just love working with him.
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Abraham Sanchez
★★★★★
Working with Greg Darlin has been an awesome experience. An honest and sincere individual. He is to the point and very very knowledgeable. I appreciate the fact that he didn’t try to give me the run around and through the entire process I learned a few things. Thank you.
Ready to Use Your VA Benefit?
Whether you're buying your first home or refinancing to save, our VA loan specialists are here to guide you every step of the way.
