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Buying a Home with the Texas Veterans Land Board Program (TVLB)

by Jay Myers on January 8, 2009

in Affordable Housing

In continuing my series of articles concerning Texas Affordable Housing; I will break-down the Texas Veterans Land Board Programs. This is an incredible program, and should not be confused with a Veterans Administration (VA) Home Loan. This is a loan program for buying a home, land, or home improvement specifically to benefit the more than 1.7 million civilian Veterans in Texas, and those that want to reside in Texas when leaving active duty.

They also offer other programs for affordable long-term nursing care, and burial benefits. But since I am in the business of helping buyers and sellers with homes, and land I will not be discussing these assistance programs.Texas Veterans Land Board Loan

Texas has the 3rd largest Veteran population, and over 120,000 reservists and National Guard members. Texas is 1 of only 5 states to offer state specific Veteran’s benefits, and Texas is the only state with a land finance program.

Who can Benefit:

  • Active military duty stationed in Texas and have changed his/her state of legal residency to Texas.
  • Served no fewer than 90 cumulative days on active duty or active duty training in the Army, Navy, Air Force, Marine Corps,Coast Guard or United States Public Health Service, or recognized reserve component of one of the listed branches of service (unless discharged sooner due to service-connected cause)
  • Was NOT dishonorably discharged
  • Unmarried surviving spouse of a Texas Veteran listed as MIA, KIA, or who died of service-connected cause may be eligible
  • Served after September 16, 1940
  • Completed all initial active duty training required as a condition of service in any National Guard or reserve component of one of the listed branches of service
  • Served in the Armed Forces of the Republic of Vietnam (ARVN) between February 28, 1961 and May 7, 1975 (ARVN – Housing Assistance Program or Home Improvement Program only).
  • Listed Texas as the home of record at the time of entry into the military
  • Must have been a legal resident of Texas for at least twelve consecutive months immediately prior to filing an application
  • Successfully repaid any previous Texas Veterans Land Board (VLB) loan. A loan is considered repaid when the account has been paid in full by the original veteran purchaser or last approved assignees. Any other active VLB loans in programs other than the one for which application is being made must be in good standing. Veterans are entitled to have only one loan in each VLB program at the same time.

Who Should Use it:

This really depends on the current interest rate of the Federal VA Home Loan vs. The Texas Land Board. More about this under Downfalls. Tex Vet loan programs are not associated with the federal VA; therefore, even if you have used your VA benefits, and that loan was assumed for instance, and not been repaid in full you may still be eligible for these state loan programs.

What You Can Get:

  • At or below market Interest Loan Rates
  • Residential Home Financing up to $325,000
  • Home Improvement Loans up to $25,000
  • Land Financing up to $80,000
  • Housing loans are available with 15, 20, 25 or 30-year terms.
  • Home Improvement loans are available with two to 20-year terms.
  • Texas veterans can use all three Texas Veterans loan programs at one time. Multiple eligibility simply means you can receive a land loan and a housing loan and a home improvement loan.
  • Interest rates are updated weekly, and can be checked on their website. They are determined by the rate the Texas Veterans Land Board pays on applicable bond proceeds. VLB Base Rate is subject to an adjustment on the first business day of each week.
  • The interest rate is determined at the time the lender secures a rate lock.

What you should not expect:

The Veterans Housing Assistance (VHAP) is not a refinancing program. If you have an existing loan on your home, you cannot use the VHAP to lower your interest rate, nor can the VHAP be used as a down payment on a home. It can only be used as a first lien on your primary residence.

Does not lend interim construction money to build a home. The veteran can, however, obtain interim financing from another source to build and, upon completion, finance up to $325,000 of the home through the Housing Assistance Program (VHAP). This is known as a take-out loan. A take-out loan may be made to finance a home that qualifies as new construction under the following conditions:

  • The VHAP loan must be used to pay off the construction loan (interim financing). In other words they want to be the 1st lien holder.
  • The term of the interim loan cannot exceed 24 months, and the original indebtedness must have taken place within 24 months of the closing date of the VHAP loan.
  • The veteran may occupy a newly constructed residence during the term of the interim loan and still qualify for a take-out loan.
  • Two-to-four family units are not eligible for take-out loans.

Conditions that must be met:

All VLB loans are subject to credit approval.

The Veteran is required to occupy the home within 60 days following the closing date of the loan. The home must remain the veteran’s primary residence for a period of at least three years. In the event the veteran fails to comply with these requirements, the VLB may require the acceleration of all money due on the VLB loan or the escalation of the interest rate on the program loan to prevailing market rates

All new-construction homes financed through the Texas Veterans Housing Assistance Program (VHAP) must meet the U.S. Environmental Protection Agency’s (EPA) new guidelines for ENERGY STAR® qualified homes. This includes completion of the Thermal Bypass Checklist, by a certified Home Energy Rating System (HERS) Rater, prior to wallboard being installed.

The new guidelines, Thermal Bypass Checklist and applicability dates may be found at: www.energystar.gov

The Process:

My sequence of the process is a little different than that of The Veterans Housing Assistance. I believe in all instances of any home purchase, the first step is not to locate a house. The initial step should always be to speak with an experienced and knowledgeable real estate agent, and be introduced to their partner lender.  Then after it is clear to the home buyer on the what purchase price they should focus on, what their monthly mortgage payment will be with taxes, and insurance; then a house can be located. Because your agent took the initial steps of introducing you to a lender who is already qualified by the Texas Veteran Land Board, the lender can then complete the application which consists of the paperwork necessary to initiate a VHAP loan, including the application for certification as a Texas veteran.

The VLB will lend the amount of the home’s purchase price up to $325,000. All application materials must be requested from and returned to the lending institution.

The Texas Veterans Land Board can directly originate a loan if the maximum loan amount borrowed is $45,000 or less. The term may be for 15, 20, 25 or 30 years.

The Downfalls:

This is not a 100% GUARANTEED Loan Program. A 5% Down-payment is required for the Home Buying program. This is not always such a bad thing. It is great to have some equity from the beginning.

Loans originated by a Participating Lender are not required by Veteran Land Board, but are allowed and may charge:

  • Up to 1% Origination Fee
  • Up to 1% Participation Fee

Both of these fees are completely negotiable between the buyer, the seller, and the lender.

With a VA loan the lender is only allowed to charge an origination fee, but they also charge a Funding Fee. The participation fee is just what it implies; 1% of the loan amount is allowed to be charged by the lender for doing the extra applications, processing and paperwork for using this program.

However, in the next few days I will be implementing a 1.5% Buyers Rebate promotion especially for Veteran’s regardless of the loan program they choose to use. Details will be released soon, or call me now to hear what I have in mind.

Another possible negative, that I have seen recently in the  mortgage rates is that the TexVet loan may not be the best interest rate, by possibly as much as .25%. It goes without saying, with today’s mortgage debacle that FHA, and VA are very attractive. Unless you have a FICO score of 680 or above your chances of getting the terms, interest rate, and actually making it to the closing that closely compare to FHA / VA are getting slim. Again, this is as of TODAY.

This is not really a concern however, because you have been pre-approved, by a partner-lender that will be certified to close FHA / VA / Conventional and numerous affordable housing programs they simply just put you into the loan that is best for YOU at the time you are ready to enter into a contract to purchase. It’s no sweat to you, the Texas Veterans Land Board, or anyone other than the lender, who should be happy to oblige to put you in the best loan for YOU.

My partner-lenders think like me, they want you to be extremely happy with the real estate services provided, so that you will refer your friends and family to us, and when it is time to move-up or size-down you come back to us. Now, enough shameless self-promotion!

This is an example of closing costs to close a Veterans Housing Assistance Program (VHAP) loan that would be disclosed on the Good Faith Estimate. Remember, with ANY loan you should be able to have this in your hand before you ever have to go out and start looking at homes. No surprises’!

  • 1% Origination Fee*
  • 1% Participation Fee*
  • Realtors Commission (Typically paid by seller)
  • Hazard, Fire & Casualty Insurance
  • Taxes for all relevant taxing authorities
  • Flood Insurance (if applicable)
  • Title Insurance Premium
  • Attorney, Legal and/or Document Drafting/Review Fees
  • Closing Fee
  • Pest Inspection
  • Tax Certificate Fee
  • Tax Service Fee
  • Prepaid Interest
  • Survey
  • Appraisal Fee
  • Recording
  • Flood Certification Fee
  • Overnight Delivery Service

Texas Realtors Affordable Housing

Disabled Veterans:

The Veterans Housing Assistance (VHAP) and Home Improvement (VHIP) Programs offer an interest rate reduction to qualifying veterans with disabilities. The veteran must have a compensable service-connected disability of 30% or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The veteran must also meet all other eligibility requirements for the VHAP and VHIP. This can mean 1% off the base rate, at the time of this update would mean a interest rate of 4.64%

It is noteworthy, that the state of Texas also offers an additional property tax exemption for disabled Veterans.

Looking down the road:

VHAP loans can be assumed under the following conditions:

  • The veteran must have occupied the home as his/her primary residence for a period of three years from the closing date, unless this requirement is waived by the VLB.
  • An Assumption and Release Agreement must be entered into by the person assuming the loan.
  • All applicable program insurance policies must be maintained.
  • The terms of all rules of the VLB must be met, and approval of the VLB must have been obtained.
  • All paperwork and approvals must be obtained through the company where the monthly payments are made.

How the Home Improvement Program Works

The Texas Veterans Land Board (VLB) will lend eligible Texas veterans up to $25,000 for up to 20 years on a fixed-rate note to make substantial repairs to their existing primary residence. No down payment is required.

For loans of $10,000 or less, the maximum term of the loan will be 10 years.

All loans are FHA-insured. The VLB must be in a first or second lien position. The veteran cannot advance any funds to the contractor or purchase materials prior to receipt of loan proceeds from the VLB. The VLB now offers a one-time closing with up-front funding (4 business days after closing) of the full amount of the loan. The VLB recommends that the veteran and the contractor enter into an agreement allowing the veteran to distribute funds from the loan as work progresses. The parties may draft their own agreement, including hiring an escrow agent. The agreement should provide for disbursal’s as the improvements are completed, including a final ten percent (10%) disbursal 31 days after completion. The ten percent (10%) retainage is to comply with statutory requirements to avoid liens by subcontractors.

All property improvements should be completed within six months from the date of disbursal of loan proceeds.

If the veteran is required to vacate the home while the improvements are being made, the veteran must re-occupy it within 60 days after completion of the construction.

Again, the Home Improvement Program cannot be used for refinancing.

Texas Affordable Housing Specialist in Denton and Tarrant CountyVLB Land Program

  • One Acre Minimum
  • Up to $80,000
  • 30 Year Fixed Rate
  • 5% Minimum Downpayment
  • Note/Deed of Trust
  • Application Fee of $325 (Appraisal and Contract Fee)

The benefits over other Land Loans:

  • 45 – 55 Days to Close
  • Only 5% down-payment
  • No Productive Value Required
  • Online Application
  • Recent and Current interest rate of 7.25%

So this will conclude my summation of the Texas Veterans Land Board Programs for buying a home, land, and home improvement loans. In my opinion, there is no better place than Texas, specifically North Dallas and Denton County to be a Veteran and a home owner. With affordable housing, property tax exemptions for disabled Veterans, programs like these and so much more. I hope the tens of thousands of soldiers that will be returning soon will choose Denton County to call home, and choose me to be their Realtor.



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{ 27 comments… read them below or add one }

ROLANDO ESPINOZA December 27, 2008 at 3:10 PM

Seems like plenty of information to help understand for a someone who does not do this everyday.

Phil Hunt January 7, 2009 at 1:20 PM

I used the VLB in 1982 to buy unimproved land. Am I able to use the VLB again to buy land?

Jay Myers January 7, 2009 at 3:04 PM

Hello Phil,

Thank you for your question. Yes, you may use the Texas Veterans Land Board over and over as long as the last one has been Paid-Off. If it was assumed by another party, it would also have to have been paid in full by them either by refinancing or paid-off within the original terms of the loan. The same conditions that would apply for a first-timer, would apply to those using the TVLB loan over and over, most importantly the loan amount can not exceed $80,000, it must be at least 1 acre, and must have egress/ingress (access to and from the property from a roadway) This program is awesome for Texas Veterans.

Now for my disclaimer: I am not a Mortgage Broker, or Lender, I am a REALTOR with the certification of Affordable Housing Specialist. It is always best to work with a lender with experience with these programs to know for sure what you qualify for, you may contact me at anytime for a list of the lenders I have worked with that I am confident can get a deal done. But when it comes to looking for land, or homes, and needing representation through the buying process I am the go-to guy.

Micah Kruse January 21, 2009 at 5:53 PM

Jay,

Great article! I do have a question, as I’m currently looking in the Denton area for a home.

Is it common that a lender charge the 1% origination or participation fee when processing the VLB? I recently contacted a lender, Countrywide, and they do not require a 1% origination fee for a VA loan, but when changing to the VLB loan they do. Is there a reason for this? They did not seem to have a suitable answer and it appears you may be able to shed some light on this.

Thank you.

PO’d in the D

Jay Myers January 21, 2009 at 7:20 PM

Hello Mr Kruse and thank you for the question.

First of all I am not currently a mortgage broker, BUT — my guess and professional opinion is…Your paying for it somewhere.

The Texas VLB allows a lender to collect both a Participation Fee of 1%, and the orgination Fee of 1%. This is the only money they are going to be paid for doing the loan. Since VLB dictates the interest rate on their loans, they won’t be padding some fees in the rate. Currently the VA Funding fee is 2.2% and the market VA interest rate is hovering around 5.5% – 5.6% since you did not mention if they were charging you a funding fee on either of these types of loan I will assume you know to expect that fee.

Beware here comes mumbo jumbo, real estate mortgage jargon…if they are not charging you an origination fee on the front-end, as in a pre-paid or closing cost, that means they probably making it on the back-end within the interest rate they are charging. Usually means they are making MORE than the 1%, but of course I do not know that for certain without more detail.

An origination is really just the initial paperwork that is done by a lender or mortgage broker, and as I say all the time, everything is negotiable you never know unless you ask. You mentioned “required” origination fee, most likely it was not explained to you well, but that participation fee is what they are not willing to eat, not the origination. VLB is allowing those fees to be collected, and up to the 1% for each, not requiring. Just as long as they get theirs.

Now, with all that being said — Countrywide or any lender is not an evil monster for collecting or charging for services, but the paycheck needs to be justifiable and reasonable for the job that was performed. Any mortgage broker or Realtor for that matter, should also be able to explain why they expect to be paid for their services and fees they collect. I hope this helps, I tried to keep it short, and feel free to contact me anytime for assistance, or if you would like contact information to the lenders I work with regularly.

Edward Harkless February 5, 2009 at 10:42 AM

Jay, Can you supply me with the names of some Lenders and or Mortgage Brokers in the Bryan/College Station Texas area.

Jay Myers February 5, 2009 at 8:35 PM

Hello Edward, and thank you for the question.

Since College Station and Brazos County are out of my service, I referred to the Texas VLB participating Lenders search here. Technically my partner-lenders could assist anyone in Texas, but I realize it does give peace of mind to work with someone locally. So I came up with the following in Brazos County.

City Bank Mortgage — COLLEGE STATION TEXAS — 979-846-7844
Cornerstone Mortgage Company — COLLEGE STATION, TEXAS — 979-260-1448
Wells Fargo Home Mortgage — BRYAN, TX — 979-774-3604

I hope this helps Edward, if not I have direct numbers for liaisons at TVLB who are more than happy to help with any questions, comments or concerns. Also if you need help finding a real estate agent with experience, and does not shy away from working with assistance programs let me know. Good Luck!

Side-note: I have been asked in emails by others why I do not just publish on this blog my partner-lenders? Honestly the answer is a 2 part:
1. My lenders who I have confidence in may change.
2. I do not insist on registration for using anything on this site, but I do want to lure or encourage people to contact me. This is one way I can do that without appearing to be trying to collect contact information, and can build relationships.

John April 30, 2009 at 1:39 PM

As a disabled veteran, How do you buy forfeited or foreclosed land? How does it work if you missed the April and October sales for tex land commission.

I have not gotten straight answers from civilian auction groups that seem keep certain people out their circle to purchase at auctions etc..I have not been able to get straight information in how it all works. Since your a subject matter expert, can you help?

Jay Myers April 30, 2009 at 5:13 PM

John, I hopefully answered your question in a new article I just wrote here. As I say there, I responded here, but then I talk too much and it just got really long. If you have anymore questions feel free to give me a call or shoot me an email, or another comment.

Betsy Q. August 20, 2009 at 6:20 PM

I just heard about this program. I’m interested because I have 57 acres of land for sale in Montague County. This property is my parents estate. We are asking $215,000 for vacant land and I want to know if the TLB would loan only up to $80K less the 5% down on a property that had a sale price in excess of $80K. So Is $80K is maximum price or can the price exceed that amount? Also could a group of several Vets that qualify get together and each use their $80K towards a first deed on the same property owned jointly? I understand that land values in Montague and Denton counties is expected to continue an upward climb over the next 5-10 years. I have a family member who is a Vet and will most likely qualify for this program. It could be a good investment for his retirement. What are the underwriting guidlines as far as income and credit rating and ratios with the VLB program when buying vacant land? He already owns a home and has lots of debt to boot. I do not know if he used the VA to finance his home however.

Jay Myers August 25, 2009 at 8:43 PM

Hi Betsy,

Thanks for question, and sorry for the delay in replying — hopefully you still find it useful.

Yes the limit is $80,000 total per mortgage per deed. So the only option to have multiple investors in that land would be to subdivide it into smaller tracts. This can get very expensive and would most likely not be advantageous at the price your are talking about selling it at. Attorney fees, surveys, appraisals and processing fees would have to drive the price up.

As for the underwriting guidelines; Texas Veterans Land Board loans follow the standard FHA/VA guidelines, 5% down-payment required for vacant land. Credits scores at this time would need to be 620 middle or above. Now if this 57 acres were a ranch or even had a single house on it we would be talking about a whole different animal I am sure you realize.

As for speculation, and the pricing for future development, I believe you are on target with your 5-10 years out. Right now, the few developers that are out there are trying to snatch up property at under $20K per buildable acre, land holders would rather see that up around $40K – I think those people will need to hold for 5+ years in order to see that kind of return for residential property along the I-35 corridor.

As for selling your property, I noticed it was not listed in MLS, and was also curious where you came up for your asking price. Seems a little low to me, even if only 1/3 of it is buildable. In order to get the best selling price you need maximum exposure. So naturally I would like to speak with you more about that if you are interested in getting it marketed and entered into the MLS and listed nationally. When it comes to vacant land I can serve all of Texas just as well as if it was in my own backyard. In fact I have another 50 acres in Prosper that is ripe for the picking coming on the market soon.

Hope all this helps, if not, please free to post again, or contact me directly. Thanks again!

j August 26, 2009 at 2:35 PM

What if the Truth in lending document at closing is different, by 1000 dollars less from the loan amount on other documents. example loan: $40,5000. good faith lending $39,400.00.

What do you really pay back and could this be an error from lender?

Jay Myers August 26, 2009 at 9:27 PM

J,

Without more information I really couldn’t say for certain why there is a difference in the numbers, but I can say with confidence that the amount to be re-paid is whatever is on the promissory note (ie. the mortgage.)

If I were to guess, the difference in amounts are from closings cost, or pre-paids that were included in the mortgage that were greater than the purchase price of the property. For instance if an appraisal, or survey needed to be paid for that was covered by the mortgage broker. Regardless it should be disclosed, or your mortgage broker or real estate agent should be able to determine why by just scanning the HUD-1.

j August 26, 2009 at 10:46 PM

Jay, Yes your right. Thanks

The Truth in Lending Disclosure shows pre-paid finance fees applied to the original loan amount and adjusted interest rates etc. example : TLVB fees etc. While other docs at closing show the original loan amount of lender. Seems to have something to do with a federal law.

Josias December 12, 2009 at 11:32 PM

J, I'm looking to buy my first home. I'd like to buy at least an acre of land, and build manufactured home on it for the time being. However, I am considering a different option. Can I purchase an already made multi-unit in which I can live on one side, and lease the other?

Jay Myers January 12, 2010 at 2:28 AM

I totally dropped the ball on this one Josias, I missed that your comment was awaiting approval.The answer to your question is Yes. You can Buy a Duplex and I believe even up to a quadplex and qualify for the TVLB financing as long as you also live and homestead that property. I would shy away from the manufactured home though, unless you are talking about adding to the existing property. But then you would have to be sure the deed restrictions and covenants allow for a manufactured home.This is the short answer, if you still have questions about this or I can help in anyway please give me a call. I always want more Veterans as clients!

cameronpohlman February 6, 2010 at 12:22 PM

Jay, As a mortgage loan officer that has been doing TX VET loans for many years, I think your article is just beyond excellent. I have never seen anything that brief that clearly and accurately described the program highlights to include the home improvement/ land loan aspects. I have saved the article to my favorites on my computer. Sorry to say I am not in your area. I am in the Fort Hood area-Killeen/Harker Heights. We have a large population of vets in our area with service connected disablities over 30% that would qualify for the reduced rate. 1st Community Mortgage is one of the top Tx Vet lenders in the state. THE EMPLOYEES OF THE TEXAS VETERAN'S LAND BOARD ARE TERRIFIC, TOO!!! They have always helped anyone with questions and explain the process in detail to vets anytime they are asked.Great article!

Jay Myers February 6, 2010 at 1:05 PM

Thank you Cameron, I do truly appreciate the kind words on this article. As I have mentioned in my other articles about TVLB and VA benefits numerous times this particular article was read over 7,500 times in 2009 — Yet I only helped 2 veterans buy homes. I stay in contact with many of the visitors so hopefully they will become clients eventually when returning home to Texas, or retiring from their military life to Denton County. I agree completely about the folks at TVLB, whenever I have a question I know the people I need to get the answers.I get contacted from people all over the state of Texas, you should email me your complete contact info and perhaps I can send some business your way or some people in need of assistance that you can provide.Thanks again!

cameronpohlman February 6, 2010 at 6:22 PM

Jay, As a mortgage loan officer that has been doing TX VET loans for many years, I think your article is just beyond excellent. I have never seen anything that brief that clearly and accurately described the program highlights to include the home improvement/ land loan aspects. I have saved the article to my favorites on my computer. Sorry to say I am not in your area. I am in the Fort Hood area-Killeen/Harker Heights. We have a large population of vets in our area with service connected disablities over 30% that would qualify for the reduced rate. 1st Community Mortgage is one of the top Tx Vet lenders in the state. THE EMPLOYEES OF THE TEXAS VETERAN'S LAND BOARD ARE TERRIFIC, TOO!!! They have always helped anyone with questions and explain the process in detail to vets anytime they are asked.Great article!

Jay Myers February 6, 2010 at 7:05 PM

Thank you Cameron, I do truly appreciate the kind words on this article. As I have mentioned in my other articles about TVLB and VA benefits numerous times this particular article was read over 7,500 times in 2009 — Yet I only helped 2 veterans buy homes. I stay in contact with many of the visitors so hopefully they will become clients eventually when returning home to Texas, or retiring from their military life to Denton County. I agree completely about the folks at TVLB, whenever I have a question I know the people I need to get the answers.I get contacted from people all over the state of Texas, you should email me your complete contact info and perhaps I can send some business your way or some people in need of assistance that you can provide.Thanks again!

Angie April 13, 2010 at 1:12 PM

Jay, for Texas Veterans Home Improvement Loan, it states that closing must be done with attorney or title company. Do you have any recommendations on who to use and the typical cost associated with the process?

Jay Myers April 13, 2010 at 5:22 PM

Hello Angie,I cannot advise on what the cost of this would be, but the TVLB should be able to give you a good idea on what their fees will be and then take that to a title company and they will be able to estimate it out for you. Most title companies in Texas have an attorney on staff, so I would encourage you to just go to them since they will also be able to take care of the closing and funding of the loan instead of an attorney referring it out.Lawyers Title in Flower Mound, TX is who has been helping me out with the Veterans Benefit Fairs I have participated in this year, so if you call and ask to speak with Kim or Cathy @ (972) 231-3521, tell them I sent ya, I am sure they would be able to assist and guide you through the entire process after you have made application for the loan. Hope this helps, if not let me know.

Angie April 13, 2010 at 6:12 PM

Jay, for Texas Veterans Home Improvement Loan, it states that closing must be done with attorney or title company. Do you have any recommendations on who to use and the typical cost associated with the process?

Jay Myers April 13, 2010 at 10:22 PM

Hello Angie,I cannot advise on what the cost of this would be, but the TVLB should be able to give you a good idea on what their fees will be and then take that to a title company and they will be able to estimate it out for you. Most title companies in Texas have an attorney on staff, so I would encourage you to just go to them since they will also be able to take care of the closing and funding of the loan instead of an attorney referring it out.Lawyers Title in Flower Mound, TX is who has been helping me out with the Veterans Benefit Fairs I have participated in this year, so if you call and ask to speak with Kim or Cathy @ (972) 231-3521, tell them I sent ya, I am sure they would be able to assist and guide you through the entire process after you have made application for the loan. Hope this helps, if not let me know.

Home Loan Rates Texas Andrews October 4, 2010 at 7:17 AM

I found your site on stumbleupon and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!

Jeff Hamilton October 26, 2010 at 3:35 PM

I found your site on Stumbleupon. What a through post. I’ve been in the business for 20 years, and am very impressed with this post.

Jim Bob Mickler June 21, 2012 at 10:29 AM

VLB Increases Home, Land Loan Limits
Texas veterans and active duty service members can afford a wider range of homes and tracts of land now that the VLB has increased its home and land loan limits.
At its April meeting, the three members of the Texas Veterans Land Board raised the agency’s home loan limit from $325,000 to $417,000 and its land loan limit from $80,000 to $100,000.
“This makes it a lot easier for Texas veterans to take advantage of today’s market and buy the home of their dreams,” said Texas Land Commissioner and VLB Chairman Jerry Patterson. “We’re glad to make this change because if anyone has earned that right, it’s Texas veterans.”
Increasing the VLB’s home loan limit makes it possible for veterans to buy a home priced up to the federal Veterans Administration’s maximum loan guarantee entitlement of $417,000 without having to take out two loans. Under the VLB’s previous loan limit of $325,000, a veteran financing a home purchase between $325,000 and $417,000 would have to apply for a separate loan to cover costs above $325,000. Eliminating the second loan will save veteran borrowers closing costs and reduce paperwork.
By raising its land loan limit the VLB makes it easier for veterans to buy larger tracts and to finance smaller, more expensive parcels in urban areas.

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