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Purchase Land or Homes in the Texas Hill Country with Special Loans for Texas Veterans
Did you know that as a Texas veteran you are eligible for special programs that make purchasing and owning land incredibly affordable?
The Texas Veterans Land Board (VLB) offers loans that are available only to veterans and their families.
Buying Land in Texas
The (VLB) loan program is a one-of-a-kind program that allows Texas veterans the exclusive opportunity to buy land at competitive rates in the Texas location of their choosing. One of the most valuable aspects of the program is the low down payment requirement. Veterans can pay as little as a 5% down payment—that’s the lowest down payment for any program in the state!
Details of the VLB land loan program, the only one of its kind in the country, include:
Additionally, veterans’ land loan value must not exceed $125,000 to be eligible for the VLB loan. The VLB recently increased the maximum allowable land value from $100,000 to $125,000, opening up even more opportunities for veterans to find the perfect piece of Texas land.
There are no income requirements for VLB loans, however, as with any mortgage, there are credit qualification requirements. Application approval is based on the veteran’s credit-worthiness, which is determined by checking your credit score and confirming that it is in the desired range. Credit scores can be as low as 620 to qualify, however higher scores make it more likely that you will be approved.
Be sure to ask your financing professional for credit repair options if you do not yet have the credit score to meet the minimum requirement for a VLB loan. In many cases, it can be improved enough to qualify in a matter of a few months depending on the starting score and the specific entries on your credit report.
Buying A Home in Texas
The Texas Veterans Land Board (VLB) Veterans Housing Assistance Program (VHAP)
The VLB also has a special loan for eligible veteran homebuyers. This can be used to help you purchase an existing home or a home-lot package, which allows you to choose a homesite and a pre-selected floorplan, where offered.
Created in 1983 by the Legislature, the Veterans Housing Assistance Program (VHAP) offers low-interest, fixed rate loans up to $417,000 for veterans, military, and their spouses. The program includes low and no down payments with loan terms of 15, 20, 25 or 30 years. Veterans with a VA service-connected disability rating of 30% or greater can also qualify for a discounted rate of .50 basis points.
Requirements for the VHAP loan include:
VLB Application Process
All mortgage applications can be complicated, requiring time, effort, patience, and knowhow of the process—and applications through the VLB are no exception.
It is recommended that veterans work with a lender who can help them properly fill out the paperwork and navigate the complicated application and approval process. The first step will be gathering several key pieces of information, including details about the property you want to purchase as well as personal financial and background information. Among other things, the application will ask for:
SouthStar Communities is a fully-integrated real estate investment, development and management firm focused on the residential marketplace. Based in Austin Texas, SouthStar has been creating healthy communities and a legacy of success throughout the Southern United States for a generation. Since its inception in 1999, SouthStar has acquired and developed residential and commercial assets valued in excess of $ 2.5 billion. The company continues to seek opportunities to leverage its experienced team and proprietary systems to deliver great experiences for owners and strong financial results for its portfolio partners.
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