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Steps to Apply for a VLB Loan

Posted by Vintage Oaks
04.04.15

Topics: New Homebuilding Trends

Texas_Veteran_Land_Board

A special loan from the Texas Veterans Land Board (VLB) can give Texas veterans an even more affordable way to buy land. But many veterans who are qualified for these loans don’t know about them or are unsure about the details.

If you’re thinking about buying land, you’ll want to familiarize yourself with the steps to apply for a VLB loan.

1. Check to see if you meet the requirements

VLB land loans:

  • Must be used to purchase properties in the state of Texas
  • Include a minimum down payment of just 5%
  • Are for properties of at least one acre
  • Are capped at a maximum land value of $125,000
  • Are only available to “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
  • Also includes special discounts for disabled veterans and unmarried surviving spouses

Veterans can check to see if they meet the VLB’s eligibility requirements here

2. Choose a lender

Like any mortgage application, the VLB land loan is compiicated, requiring a number of steps and an abundance of detailed information. It is recommended that veterans work with a qualified lender who can help manage the application and approval process. If you are working with a salesperson to purchase your land and you don’t yet have a lender, ask for a recommendation.

You can view the VLB land loan application here.

3. Take the time to get prepared

The VLB application is extensive and asks for numerous pieces of information that you probably won’t know off the top of your head. You will want to gather the following things in advance:

  • Detailed information about the property you want to purchase, including loan amount, purchase price, estimated appraised value, property address, and acreage
  • Personal information about you including your social security number, previous addresses, and current/previous employment and income
  • Asset information including checking and savings accounts, CDs, money market accounts, retirement accounts, and stocks
  • Information on any car loans and credit cards you have
  • Information about any current real estate holdings
  • Any bankruptcies or foreclosures you may have had, lawsuits against you, and child support or alimony owed
  • Citizenship and green card information (if applicable)
  • Where your down payment is coming from, and whether you intend to live full time on the property
  • All the same information for your co-borrower, if you have one

4. Find your homesite

You may have fallen in love with a community like Vintage Oaks, but you’ll need to be more specific about your desired address to apply for a VLB loan. Your lender will need to know the price, acreage, and address of the homesite you intend to buy in order to submit the application. A salesperson in the community can help you narrow down your options and pinpoint the right homesite for you. VLB land loans were recently extended from $100,000 maximum to $125,000, opening up even more opportunities for veterans to purchase Texas land.

The veteran-friendly community of Vintage Oaks is the Texas Hill Country’s fastest-growing community. Vintage Oaks offers an array of acreage properties with some of the Hill Country’s most spectacular views, an ideal location in New Braunfels between Austin and San Antonio, and easy access to veterans’ services including the San Antonio Military Medical Center, the VA Clinic in New Braunfels and Randolph AFB. Vintage Oaks and developer SouthStar Communities have partnered with Operation FINALLY HOME on 10 mortgage-free homes for wounded veterans, with No. 11 in the process of being built now.

For more information, visit Vintage Oaks or click below to download our Texas Veterans' Hill Country Land & Home Buying Guide.

Click to Download The Texas Veterans' Hill County Land & Home Buying Guide