God Bless the men and women that have protected our freedom.  With Texas being home to the 3rd largest Veteran population it’s a good bet that if you ask a stranger in Texas “Are you a Veteran?” they are probably going to say yes.  Take the time to ask the question: “Are You a Veteran?”  Now that you’ve asked the question, don’t forget to shake their hand and say: “THANK YOU!”

The Great State of Texas has a program in place to THANK our Veterans: The Texas Veterans Land Board(VLB).  Created in 1946 it provides special state benefits just for all veterans, active duty military, unmarried, surviving spouse and more.  The VLB offers:

1. Below Market Interest Rate Loans on
   1. Home-Improvement
   2. Homes
   3. Land
2. Affordable long-term nursing care
3. Dignified burial benefits

VLB Programs are State Benefits and are separate from your VA benefits.  Texas is 1 of 5 states that offer Veterans benefits. (Alaska, California, Oregon and Wisconsin)  Here are the basics:  Veterans many use each loan program more than once.  All properties must be wholly located in the state of Texas.  All loans are subject to credit approval.  Texas Veterans Land Board loans may NOT be sued for refinancing purposes.  Eligibility requirements and forms are available on line at

 www.texasveterans.com

Eligibility can usually be turned around in 24-48 hours when all eligibility forms and DD-214 are filled out properly.  You will want to make sure your lender understands how to work with The Texas Veterans Land Board.  Once the notice of eligibility letter is generated it has a shelf life of 1 year.  The housing assistance program  has a maximum loan amount $325,000…..WOW!!! Veterans must occupy as primary residence, eligible property types are Single Family, Condo, Townhome, 2-4 Family (5yrs or older), and certain Manufactured and Modular homes.  Loan must be originated in conjunction with FHA, VA or Conventional financing.  The terms 15 or 30 years.  The VLB does not allow “premium” pricing.  The VLB sets the rate, NOT the lender.  The base rate changes weekly, but is designed to be lower than market rates(this is the currently policy).  Qualified Veterans Disability Discount Veterans with Disabilities have reductions based on their level of disability.  The VLB also has a land program, a home improvement program.

Did you know that VLB Housing and Home Improvement loans reduce to 0% interest for Activated Guard and Reserve?  Land payments are deferred.  Three month grace period after deactivation before payment resumes.  Loan reverts to Federal Law (6% max) for remaining nine months.

Their is so much more information that a participating lender can share with you.

This REALTORS Perspective:

I would like to thank Tamara Tapman at SWBC Mortgage.  I was fortunate enough to attend a REALTOR training class on the Texas Veterans Land Board sponsored by SWBC Mortgage.  What a great resource they have been for my clients.  That is how I was able to write the blog today.  We can all learn something if we give ourselves the opportunity to learn.  We can never be satisfied that we have learned everything.  If I were a lumberjack I would always have to take time to sharpen my ax.  I hope that this blog has helped you to sharpen your mental ax.  If you are a Veteran THANK YOU again…GOD has blessed us with your service.  If you are not a Veteran, maybe you know one that would benefit from this blog……PASS IT ON and don’t forget to……

Live Life to the Fullest,

S.C.