The Texas Veterans Land Board offers low interest home and land loans to qualifying veterans . At this time, rates for disabled veterans with at least a 30% disability are at 3.88% for a 30 year fixed rate loan. No downpayment is required, but a 1% participation fee is. The seller may pay this participation fee for the buyer.
Today's rate for veterans with no disability is at 4.38%, and also requires no down payment, but does require the 1% particpation fee.
As a little bit of history, the Texas Veterans Land Board was created after WWII, to assist Texas veterans by providing low interest, long term loans to purchase land. The program expanded in 1983 to provide loans for homes as well. This is a self supporting program, funded by bonds approved by Texas voters, and uses no tax payer money. The bonds are serviced by funds paid in by participating veterans.
To find out if you qualify for this low interest loan program, call me at 254-681-4875, or visit Texas Veterans Land Board for all the eligibility information.
Your Tex Vet loan is obtained through a lender who is approved to originate Tex Vet loans. If you'd like a list of local Killeen Fort Hood mortgage lenders who work with the Tex Vet program, contact me!
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