To be eligible for VLB loan programs, Veterans and Military Members must be:
- At least 18 years of age.
- A bona fide and legal resident of Texas on the date of application and meet one of the following service criteria: An active duty Military Member. A member of the Texas National Guard. A reserve component Military Member having completed 20 qualifying years for retirement. ...
What is the VLB veterans housing assistance program?
The VLB Veterans Housing Assistance Program provides Veterans and Military Members with loans, where VLB is in first lien position of the primary residence. It’s possible for a Veteran or Military Member to have one active loan in each program — land, home, and home improvement — at the same time.
When can I apply for another VLB land loan?
Once a Veteran, or his or her successor, has successfully paid off a VLB land loan s/he may apply for another VLB land loan. The same applies to our home and home improvement loan programs.
What are the requirements for VLB financing in Texas?
To be eligible for VLB financing, the land must: Be wholly within the state of Texas. Contain at least one acre, excluding any portion beneath a dedicated public roadway or navigable waterway or subject to frequent inundation or otherwise unusable. Have legal, usable access to a public road.
How is a VLB loan financed?
VLB programs are financed with bonds, which are serviced by loan payments from Veteran and Military Member participants. *All VLB interest rates and available discounts are subject to change at any time. The VLB base rate is subject to adjustment on the first business day of each week. All VLB loans are subject to credit approval.
What is the function of the Texas Veterans Land Board VLB loan program?
The VLB Veterans Land Loan Program is the only one of its kind in the nation—giving Texas Veterans and Military Members the opportunity to borrow money to purchase land at favorable interest rates and terms while only requiring a minimum 5% down payment.
Can you refinance with VLB?
The VLB does not offer to refinance. If you have an existing loan on your home, the VLB cannot provide refinancing to lower your interest rate, nor can the VLB Veterans Housing Assistance Program be used for a down payment on a home.
What is not required of a veteran to obtain a VA guaranteed loan?
VA does not require a downpayment if the purchase price or cost is not more than the reasonable value of the property as determined by VA, but the lender may require one. If the purchase price or cost is more than the reasonable value, the difference must be paid in cash from your own resources.
What are the three housing loan programs available to Texas veterans?
Texas veterans can use all three of the loan programs at the same time (land loan, housing loan, and home improvement loan). Interest rates can change because they are determined by the rate the VLB pays on applicable bond proceeds.
How much VA loan can I get approved for?
About VA Loan Limits The standard VA loan limit in 2022 is $647,200 for most U.S. counties, increasing from $548,250 in 2021. VA loan limits also increased for high-cost counties, topping out at $970,800 for a single-family home.
Is it hard to get a VA loan?
If you're eligible, VA loans are fairly easy to qualify for, since there's no down payment required, no minimum credit scores, and no maximum limit on how much you can borrow relative to income.
Is there a minimum credit score for a VA loan?
VA's residual income guidelines ensureVeteran borrowers can afford the loan and determine how much money a Veteran must have left over after all debts and living expenses are considered. There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile.
Who can be on a VA loan with the veteran?
Yes, VA loans allow co-borrowers on the loan. Acceptable co-borrowers include a Veteran and non-veteran spouse, two married Veterans where only one Veteran uses their entitlement, two married Veterans where both Veterans use their entitlement, and two non-married Veterans where both Veterans use their entitlement.
How many months of service do you need for a VA loan?
At least 90 days of active-duty service including at least 30 consecutive days (your DD214 must show 32 USC sections 316, 502, 503, 504, or 505 activation), or. 6 creditable years in the National Guard and you were discharged honorably or placed on the retired list.
When must the borrower of a VLB land loan move into the property?
When must the borrower of a VLB land loan move into the property? The answer is within 60 days after closing.
What benefits does Texas offer disabled veterans?
Texas Veteran Financial BenefitsDisabled Veterans Property Tax Exemption. ... Free Drivers License for Disabled Veterans. ... Hazlewood Act. ... Legacy Act (Child) ... Hazlewood Act for Spouse/Child. ... Veterans Preference. ... Military Time Credit Towards State Retirement. ... Veteran Entrepreneur Program.More items...•
Can you buy a ranch with a VA loan?
The Department of Veterans Affairs' (VA) Home Loan benefit may be used to purchase a farm. There must be a farm residence on the land, and the Veteran must live in it as his or her primary residence. VA-guaranteed loans can only be used for residential purposes, and not to purchase a business.
Can you refinance a motor home loan?
The simple answer to the question, “Can you refinance an RV loan?” is YES! There are many resources available for refinancing an RV including local banks and credit unions.
What documents do you need to refinance a car?
We'll cover the documents needed to ref your car loan and tell you exactly where you can find them.Proof of Employment and Income. A refinanced car loan will typically require some proof of income. ... Proof of Residence. ... Proof of Insurance. ... Vehicle Information. ... Refinancing Your Car Now.
What documents are needed when refinancing?
Six Essential Documents You Need to Refinance Your MortgageSalary statements. ... W-2s, 1099s, and Tax Returns. ... Insurance for Homeowners. ... Statements of Assets. ... Proof of Expenses. ... Extra Documentations.
What documents do I need for a cash out refinance?
Provide supporting documents, such as pay stubs and W-2 forms. Get a home appraisal. The loan underwriter will review all your documents and approve you for a cash-out refinance. Sign your closing documents and receive the cash-out at closing.
What is a VLB loan?
Property size—VLB land loans are for properties of at least one acre. Maximum land value—The homesite cannot be valued are more than $125,000. Military involvement—Loans are intended for “bona fide” residents of Texas who have served in any of the United States’ five military branches: Army, Navy, Air Force, Marines, or National Guard.
Where are VLB loans located?
Location—VLB land loans are only for properties in the state of Texas.
Can veterans get land in Texas?
Interested in buying Texas land and obtaining a loan from the Texas Veterans Land Board (VLB)? Special VLB loans can make landownership uniquely affordable for Texas veterans. But they’re not available to everyone or on every piece of land. It's important for veterans to know the requirements to qualify for Texas land loans before applying. This will help ensure they can get approved or become aware of the steps they need to take to get there.
Do veterans qualify for land loans in Texas?
It's important for veterans to know the requirements to qualify for Texas land loans before applying. This will help ensure they can get approved or become aware of the steps they need to take to get there.
Can veterans check if they meet the VLB eligibility requirements?
Veterans can check to see if they meet the VLB’s eligibility requirements here and view the online application here.
What is the VA loan number?
If you have any questions about your eligibility for a VA home loan, please call your VA regional loan center at 877-827-3702. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.
What if I have questions about my eligibility?
If you have any questions about your eligibility for a VA home loan, please call your VA regional loan center at 877-827-3702. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.
What if I don’t meet the minimum service requirements?
You may still be able to get a COE if you were discharged for one of the reasons listed below.
Can a spouse of a veteran get a COE?
You may be able to get a COE if you’re the surviving spouse of a Veteran or the spouse of a Veteran who's missing in action or being held as a prisoner of war (POW). Find out how to apply for a COE as a surviving spouse.
What is the VA housing assistance program?
The Veterans Housing Assistance (VHAP) and Home Improvement (VHIP) Programs offer an interest rate reduction of 0.5% to qualifying veterans with disabilities. The Veterans with Disabilities Discount applies to veterans with a compensable disability rated at 30% or greater by USDVA. The veteran must also meet all other eligibility requirements for the VHAP and VHIP.
How many days of active duty do you have to be a verteran?
A verteran having served no fewer than 90 continuous days on active duty (including active duty for training) in the Army, Navy, Air Force, Marines, Coast Guard or United States Public Health Service (unless discharged sooner by reason of a service-connected disability); OR
What is a bona fide resident?
Be a bona fide and legal resident of Texas on the date of application. (A "bona fide resident" is someone who is living in Texas with the intent to remain in Texas. Presence in Texas due solely to military service may not establish bona fide residency.)
Can you sell a VHAP at a maximum sales price?
There is no maximum sales price with the VHAP; however, the VLB can only loan up to the conforming loan limit towards the purchase.
Does the Land Board offer free seminars?
The Land Board offers free VLB Public Information Seminars that are conducted throughout Texas. Details about all VLB programs are discussed at these informative meetings. Check the Seminar Schedule to find the location nearest you.
Can a VLB loan be repaid?
Have successfully repaid any previous VLB loan. A loan is considered repaid when the account has been paid in full by the original veteran purchaser or last approved assignee. Any other active VLB loans in programs other than the one for which application is being made must be in good standing. Veterans are entitled to have only one loan in each VLB program at the same time.
How old do you have to be to get a VLB loan?
To be eligible for VLB loan programs, Veterans and Military Members must be: At least 18 years of age. A bona fide and legal resident of Texas on the date of application and meet one of the following service criteria: An active duty Military Member. A member of the Texas National Guard.
What is a VHAP loan?
Home Loans. In 1983, the Legislature created the VLB Veterans Housing Assistance Program (VHAP), to aid Texas Veterans in purchasing a home. Eligible Texas Veterans and Military Members have an opportunity to purchase a home with a competitive, low-interest loan with little or no down payment.
How many days of service do you have to serve to be considered a veteran?
A Veteran having served at least 90 active duty days unless discharged sooner due to a service-connected disability and not discharged dishonorably.
Can a veteran have a home loan?
It’s possible for a Veteran or Military Member to have one active loan in each program — land, home, and home improvement — at the same time. Once a Veteran, or his or her successor, has successfully paid off a VLB home loan s/he may obtain another VLB home loan. The same applies to the VLB Land Loan Program.
Can you refinance a VLB loan?
The VLB does not offer to refinance. If you have an existing loan on your home , the VLB cannot provide refinancing to lower your interest rate, nor can the VLB Veterans Housing Assistance Program be used for a down payment on a home.
