Who is eligible for a TVLB?
Who is eligible for a TVLB?
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.
What are the three housing loan programs available to Texas veterans?
For more information about the eligibility requirements, go to www.glo.texas.gov/vlb/veterans-benefits/veteran-loans/eligibility.html. Texas veterans can use all three of the loan programs at the same time (land loan, housing loan, and home improvement loan).
Do veterans get discounts when buying a house?
As a veteran using the VA loan for your home purchase, you are exempt from certain fees that may be added to the total cost of buying a property.
How much is a downpayment on land in Texas?
The down payment for land financing typically begins at a minimum of 20%. The interest rate can be locked in for anywhere from 1 to 20 years. Interest rates on raw land will differ from conventional mortgage rates.
What is the difference between Fannie and Freddie?
The primary difference between Freddie Mac and Fannie Mae is where they source their mortgages from. Fannie Mae buys mortgages from larger, commercial banks, while Freddie Mac buys them from much smaller banks. Fannie Mae and Freddie Mac also have differences in lending requirements and programs.
How do I 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.
How much does it cost to get a VLB loan?
The VLB offers loans up to $50,000.00 for a 2-20-year term or loans from $7,500 – $10,000.00 for a 2-10-year term.Veterans with a VA service-connected disability rating of 30% or greater qualify for a discounted interest rate. $10 flood certification fee, required at time of application.
What can you do with a VLB home improvement loan?
The VLB home improvement loan can only be used to make repairs and improvements to the Veteran or Military Member’s existing primary residence. Visit the forms section of our website for a detailed listing of eligible and ineligible home improvements.
Are there any Veterans Home Loans in Texas?
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.
When did the VLB veterans housing assistance program start?
In 1983, the Legislature created the VLB Veterans Housing Assistance Program to assist Texas Veterans and Military Members in purchasing a home. Through this program, eligible Texas Veterans and Military Members have an opportunity to purchase a home with an unbeatable, low-interest loan with little or no money down. Learn More
