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How does the Texas Veteran Land Board Program Work?

By Nadine Cius    Apr 05,2010    Nadine Cius's Blog
How does the Texas Veteran Land Board Program work?  The Texas Veteran Land Board (VLB) offers below market interest rate loans for land, home purchases and for home improvement projects.  These loans are available to any eligible Texas veteran and can be used more than once.  They are not associated with the federal VA; therefore, even if you have used your VA benefits, you may still be eligible for these state loan programs.  Additionally, there are discounts for veterans with disabilities (30% of greater compensable service-connected disability verified by VA).  All loans are subject to credit approval. 

VLB Land loans are available for:

1. For purchase of one acre or more
2. Up to $80,000.00 for a 30-year fixed rate loan
3. Minimum 5% down payment required
4. Certified survey required
5. $325 appraisal & contract service fee

VLB Home loans  - Veteran Housing Assistance Program (VHAP) are available:

1. For puchase of primary residence
2. 15, 20, 25 or 30 year fixed-rate terms
3. Home can be single family attached and detached homes, townhomes, condominiums and two-to-four family units.  Some manufactured and modular homes may also be purchased if they meet certain Texas Veterans Land Board (VLB) guidelines.
4. UP to $325,000 (originated by partipating VLB lenders)
5. Up to $45,000 (directly from the VLB)
6. All new construction housing must be Energy Star labeled and certified
7. The VHAP must be originated using Federal Housing Adminstration (FHA), Veterans Administration (VA) or conventional financing.
8. Can be assumed under certain conditions
9. May not be used to refinance -  If you have an existing loan on your home, you cannot use the VHAP to reduce your interest rate, nor can the VHAP be used as a down payment on a home.  

VLB Home Improvement Loans:

1. Originated directly through the VLB
2. Up to $25,000 for a 20-year loan or up to $10,000 for a 10-year loan
3. Only for substantial improvements to primary residence
4. No down payment required
5. FHA-insured
6. One-time closing with up front funding of full amount four days later
7. Some improvements may not be eligible, call VLB for details
8. Fast "Rapid Response" loans available for repairs related to health and safety


Texas veterans can use all three loan programs referenced above at one time. This means you can receive a land loan and a housing loan and a home improvement loan. 

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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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