Today's blog is written by Randell Brooks, our Sales Manager at Miles Realty Group. Give Randell a call at 817-559-0085 if you have any questions about using your Veteran Benefits to purchase Real Estate. Thanks, Tommy.
Texas Vets Benefits for Real Estate Purchases
The Veterans Land Board offers affordable real estate loans to the state's 1.7 million military veterans. Steve Hudson, real estate community liaison at the VLB, recently discussed the loans offered and other program details in the video presentation below. Here are a few highlights:
- The Texas Veterans Land Board offers three types of loans for Texas veterans: home loans, home-improvement loans, and land-only loans.
- VLB does not make loans on Commercial properties, investment properties, or vacation homes.
- A Texas Vet must not have been dishonorably discharged to qualify.
- As a Texas Vet, you are eligible for a lower interest rate than Veterans from other States because of legislation passed by our state government.
- The state of Texas is the lender for land loans and home-improvement loans but not home loans. Home Loans are done by approved lenders and Texas Veterans still must meet the lender qualification criteria (credit score, stability, ect) when making a home loan. A credit score of around 620 should be enough to qualify you. Please give me a call and I can put you in touch with a VA Lender who can help you get the most out of your benefits. (Randell Brooks, 817-559-0085)
- A Texas veteran can finance only his primary residence with a VLB loan.
- A Texas veteran can borrow up to $50,000 using a VLB home-improvement loan with a typical repayment time of 20 years.
- The VLB land-loan program requires a minimum purchase of one acre.
Visit TexasVeterans.com more information on you Texas Vet Benefits.
To find your next property visit our website: Miles Realty Website