If you are a Veteran in good standing with sufficient VA entitlement to insure a loan, you may be qualified for a federal VA loan. In Texas, our Veterans get an added bonus. We have Texas Vet loans. To be eligible, you have to be all of the above plus be a Texas resident at the time of application and meet certain Texas Vet residency requirements.
So, what is the Texas Vet Loan program? The Texas Veterans Land Board (VLB) oversees the administration of the Texas Veterans Programs. It provides home, land, and home improvement loans to Texas Veterans and Active Duty military personnel who meet certain Texas residency requirements. The Texas Vet Loan programs are NOT associated with the federal VA; therefore; you may be eligible for the these state loan programs even if you have used your VA benefits.
What does the Texas Vet Loan program offer?
The Veterans Housing Assistance Program (VHAP) offers financing up to $325,000 toward the purchase of a home to qualified Texas Veterans. The term of the loan can be 15, 20, 25, or 30 years. All loans are subject to credit approval. All new-construction housing must be ENERGY-STAR labeled and certified.
The VHAP will finance the purchase of land as long as the land is wholly in Texas, contains at least one acre, has legal, usable access to a public road, and has a survey. Mobile homes and shell homes are not allowable purchases under this loan program.
The VHAP will lend up to $25,000 for up to 20 years on a fixed rate note for substantial repairs to your primary residence. No down payment is required.
The VHAP also oversees the Texas State Veterans Cemetary Program and Texas Veterans Homes. For more information about any of these programs, give me a call at 210-724-7337 or visit the website for the Texas Veterans Land Board at www.glo.state.tx.us/vlb/general.