Texas VLB Mortgage Loan
Texas Veterans Loans are available through the Veterans Land Program, which is offered through the Texas Veterans Land Board. The organization was formed to assist veterans returning from World War II to buy land. Today the organization performs a range of roles that includes financing land loans, home loans, and home improvement loans for eligible veterans and active members.
To be eligible for a Texas veterans’ loans, the applicant must meet four key requirements. The first condition is becoming less of a factor in current times, but the applicant must have served in the military after September 16, 1940.
Applicants who have previously received a loan from the Texas Veterans Land Board must have repaid it successfully. The applicant must not have been dishonorably discharged from the military, and should have served at least 90 days of active duty. Applicants discharged due to service connected disability can also be eligible.
Finally, the applicant must meet certain requirements in terms of residence in Texas. As a veteran, they either must have listed Texas as their home when they joined the armed forces or must have been a legal resident of Texas before applying for the loan.
These loans are also available to active service members, subject to the condition that they were stationed in Texas at the time of filing the application, and have their legal residence listed in the state.
Amount of Loan
Applicants who meet the eligibility requirements can receive up to $100,000 of financing subject to the condition that the land is at least one acre in size. Borrowers do have to make a 5 percent down payment, though. They’ll also need to pay appraisal and application fees up front.
The interest rate varies, but is published regularly. Disabled veterans or spouses who lost a husband or wife in the military may be eligible for additional reductions in the interest rate.
The program is not as advantageous as some of the other loan programs that enable a home buyer to purchase without down payment (like a VA loan or USDA loan), however, it still creates opportunities for veterans who do not qualify for other loans. The loan could also be used in conjunction with other sources of financing.
How Do We Help?
Fairway Independent Mortgage Corporation - Heritage Group is a team of experienced loan officers team support memebers committed to helping you select and obtain the right home for you without having to run from “pillar to post”. Our mortgage experts can guide you at each step of the loan application process, starting from filing the application to closing the loan. We specialize in facilitating different types of home and land loans including FHA, USDA, VA home loans.
Given the complexities of Texas VLB loans, it is essential to speak with an expert about your options. Contact us today to get started with your free consultation.