A question that is asked almost everyday buy almost every customer in Texas is: How long will it take to obtain VA Mortgage Loan Approval? The short answer is approximately 25 business days. The reason this is hard to answer is because so much depends on current loan volume, the complexity of the VA loan and how quickly all of the necessary documents can be gathered.

Just with any other home purchase or refinance transaction in Texas, the VA will require an appraisal on the subject property. A VA appraisal involves a thorough inspection of the home and property to determine the current market value. This appraisal is especially geared towards reporting any defects involving safety or security of the home and is conducted by a licensed VA appraiser.

So you found the home of your dreams in Texas but you will need a jumbo loan to complete the purchase. Not to worry, the VA does have jumbo loan options. In most veteran loan scenarios, the VA guarantees up to 25% of the total amount of the loan up to the VA loan limit in your county – which, in much of the US, is $417,000.

In Texas, being pre-approved for a VA mortgage loan means that your lender has reviewed all of your preliminary information such as your credit report, asset statements, income, etc. Since a letter is issued when you are pre-approved for the VA loan it’s important to disclose all the information the lender is requested.

Obtaining a VA loan after a foreclosure in Texas is not impossible. As you can probably image there are additional requirments to meet but current and past military personel are still eligible for a VA mortgage after a foreclosure.

It’s not unusual to wonder if you will still be eligible for a VA loan in Texas after a bankruptcy. The guidelines seem to keep changing with regards to this question and with the recent economic recession just barely behind us, many veterans and military personnel are now in the position of looking for a new mortgage after having gone through a recent bankruptcy.