I’m a huge advocate for rewarding Veterans for the sacrifices they made for our country. The price of Freedom is priceless and it’s hard to repay the debt to our past, present and future military personnel. Texas is home to the Veterans Land Board and they have made a point to go above and beyond for our resident Veterans.
The Texas Veterans Land Board (VLB) assists bona fide Texas resident Veterans achieve home ownership by way of special loan programs that offer below market rates and terms. The loan programs are specially designed to offer certain breaks and incentives for Texas resident Veterans that want to own land, buy homes and even for home improvement loans. The VLB Land Loan program offers an excellent financing alternative and is easy to use.
VLB Veterans Housing Assistance Program was established in 1983 to assist Texas veterans in purchasing a home with an unbeatable, low-interest loan with little or no money down. The VLB’s largest program underwrites 15 to 30 year home loans up to $325,000 for little or no money down. Interest rates are typically below-market and are set weekly. Currently, the Texas VLB rate is 3.80%!
A VLB Home Loan may be used to purchase a home that meets these requirements:
•Must be the veteran’s primary residence
•Must be located in Texas
•Must be a single family attached or detached home, town home, condominium or planned unit development.
•Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan
•Manufactured / modular homes may be eligible. Check with your Realtor
•All new construction homes must meet the Environmental Protection Agency’s (EPA) guidelines for ENERGY STAR® qualified homes, and must be ENERGY STAR® labeled and certified
Additional VLB programs offer lower rates to Disabled Texas Veterans and Unmarried Surviving Spouses. As well, my favorite part of this program, Texas Reservists and National Guard troops called to active duty have one less thing to worry about if their home or home improvement loan is through the VLB. Because the VLB will waive interest payments on all VLB home and home improvement loans for these Texans as long as they are on active duty and eligible for protection under the federal law known as the Service members Civil Relief Act (SCRA). Tell me what’s better than that?
The VLB’s approval process for home loans is typically one or two business days. Since the borrower must requalify with an approved lender, the time to closing remains the same. Land loans can be closed within 30-45 days.
With so many veterans returning to the U.S. after fighting in the Middle East, or anywhere for that matter, it’s great to be able to offer them these loans to show our appreciation for all that they’ve done. I’m proud to be able to help our military friends find home ownership and am dedicated to finding the best programs for that cause.
For more information about qualifying for the Texas VLB loan program contact your favorite Realtor. For more information on your favorite Realtor, visit www.FindMcKinneyHomesForSale.com 🙂