Texas has Great Benefits for Texas Military Veterans
Eligible Texas Veterans may apply for Land Loans, Forfeited Land Sales, Home Loans, or Home Improvement Loans. All of theses loans are made possible by the Texas Veterans Land Board. The TVLB was created in 1946 to assist veterans returning from World War II with an opportunity to own a piece of Texas. Since that time, the Board has dramatically expanded the kinds of loans and benefits available to Texas veterans and their families, all at little or not cost to Texas taxpayers. Today, the VLB manages a billion dollar loan program, oversees long-term care facilities, and state cemeteries across Texas - all exclusively for Texas veterans.
The Texas VLB loans and benefits are funded by bonds supported by the veterans participating in the program. Because veterans are reliable and responsible borrowers, these bonds are financially strong and allow for the most robust state veteran s benefits in the nation. So, what is the eligibility criteria for military veterans?
These benefits are available to any Texas veteran who served on active duty or reserve duty in any branch of the U.S. Armed Forces or the National Guard, and has not been dishonorably discharged, and claims Texas as a primary residence. The residency requirement is easy to obtain for any military member. Other eligibility rules may apply. Spouses and dependent children of Texas veterans may be eligible for certain benefits too.
A Texas veteran wishing to buy land and own a piece of Texas may purchase one or more acres. Borrow up to $80,000 for a 30-year fixed rate loan at 7.25% interest, with a minimum of 5% down payment. The veteran must obtain a certified survey, have the lad appraised by a VLB representative, and pay $325 appraisal and contract service fee. What a great opportunity to be able to purchase land a with a below market interest rate.
Home Loans also give our Texas veterans a chance to purchase their Dream Homes with unbeatable, below-market interest rates, with little or no money down. The Texas VLB can make loans on most type of homes, but it must be the veterans primary residence, must be located in Texas, and it must be “Energy Star” compliant. Other requirements may apply.
Disabled Veterans and Surviving Spouses may qualify for an interest rate reduction of 50 basis points or one half of 1% on the available VLB rate for both VLB Home Loans, and Home Improvement Loans. To be eligible for this extra discount, veterans must have 30% or more service connected disability as rated by the VA. The loan limit is set at $325,000 for Home Loans, and $25,000 for Home Improvement Loans. For more information of any of these benefits for Texas Veterans, Contact your Local San Antonio Real Estate Agent. Veterans may also see Texas Veterans Loans for additional requirements and information too.