There is a Federal statute that requires mortgage companies to forgive the interest payments on the mortgage of a deployed serviceman under the Service Members Civil Relief Act. This allows the forgiveness of the interest portion of the payment down to a level of 6%. However, in Texas, the Texas Veterans Land Board Home Loan Program allows for the forgiveness of interest payments down to 0% while the activated Texas Guardsman or Reservist is deployed. This includes up to three months after the vet returns from deployment for what is termed a period of adjustment. So even though the current VA home loan rate and the Texas Vet Home Loan rate are very similar right now, the Texas Vet Program allows for a significant savings to those eligible deployed vets. Don't forget, that Texas Veterans with a 30% or greater service connected disability are eligible for a .50% rate reduction off the current Texas Vet Home Loan Rate.
For more information on interest forgiveness, go to the Texas Veterans Land Board page coveringSCRA.
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