Texas Veterans Land Board credit requirements
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All of our land is eligible for financing under the Texas Veterans Land Board. If you qualify for a Texas Veterans land loan, you can finance up to $125,000 of Texas land with only 5% down. These loans are offered at
below-market interest rates, making it easier and more affordable to buy land in Texas. If you are a Texas veteran and qualify, the Texas Veterans Land Board (VLB) will finance the tract of land in which you are interested. It takes approximately 45 days to close a loan, provided all necessary documentation is submitted on time and there are no unusual circumstances associated with the purchase. We have listed the basic requirements below. To be eligible to participate in the Texas
Veterans Land Program, an applicant must: In
order to qualify for Texas Veteran Land, the Veteran must have AT LEAST a five percent down payment invested as cash equity in the property. At closing, the purchase price will be paid as follows: If applicable, any amount in excess of the above two (difference money) with certified funds from the veteran. Request a land application by calling toll free 1-800-252-8387 (VETS). To apply online or to download an application, go to: Texas Veterans Land Board Upon receiving the packet, the buyer and seller will prepare and submit to the Texas Veterans Land Board all of the required forms and documentation, and appraisal and contract fees due at the time of application. Land loan processing time may vary, depending on the accuracy and completeness of your application packet and the timely submission of required documents and information. How the Housing Assistance Program WorksThe Veterans Housing Assistance Program (VHAP) provides financing up to the conforming loan limit toward the purchase of a home to qualified Texas veterans. There is no maximum sales price with the VHAP; however, the VLB can only loan up to the conforming loan limit towards the purchase. 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 you use the VHAP as a down payment on a home. You may only use it as a first lien on your primary residence. All VLB loans require an escrow account for taxes and insurance. Cosigners and guarantors may be accepted on the veteran's behalf if the veteran has sufficient income to qualify for at least 60 percent of the monthly payments on the mortgage loan, including taxes and insurance. The term of the loan can be 15, 20, 25 or 30 years. The Land Board offers free VLB Public Information Seminars that are conducted throughout Texas. Details about all VLB programs are discussed at these informative meetings. Check the Seminar Schedule to find the location nearest you. Texas Land Board Eligibility RequirementsTo be eligible to participate in the Texas Veterans Loan Programs, you must:
Eligibility criteria on the Texas Veteran Land Board Web site can give you a preliminary indication of whether you may be eligible to participate in VLB programs. The VLB will make the final determination from supporting documentation you submit with a certification application. All VLB loans are subject to credit approval. Interest rates and interest rate incentives are subject to change. Veterans with Disabilities ProgramThe Veterans Housing Assistance (VHAP) and Home Improvement (VHIP) Programs offer an interest rate reduction of 0.5% to qualifying veterans with disabilities. The Veterans with Disabilities Discount applies to veterans with a compensable disability rated at 30% or greater by USDVA. The veteran must also meet all other eligibility requirements for the VHAP and VHIP. How does the Texas Veterans Land Board work?The VLB Veterans Land Loan Program is the only one of its kind in the nation, giving Texas Veterans and Military Members the opportunity to borrow up to $150,000 to purchase land at competitive interest rates while typically requiring a minimum five percent down payment for tracts of one acre or more.
Can disabled veterans get free land in Texas?Tax Code Section 11.131 provides an exemption of the total appraised value of the residence homestead of Texas veterans awarded 100 percent compensation from the U.S. Department of Veterans Affairs due to a 100 percent disability rating or determination of individual unemployability by the U.S. Department of Veterans ...
Does Texas give veterans land?The Texas Veterans Land Board offers benefits to Texas Veterans, Military Members and their families. Since the days of the Republic, Texas has always supported its Veterans in return for their military service.
Can I refinance with a VLB loan?The VLB does not offer to refinance. If you have an existing loan on your home, the VLB cannot provide refinancing to lower your interest rate, nor can the VLB Veterans Housing Assistance Program be used for a down payment on a home.
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