The Texas Veterans Land Loan Program offers an opportunity for Texas Veterans to buy their own land in the state of Texas. Under the program, eligible borrowers may obtain a low-interest loan up to $125,000 to buy a tract of land one acre or more. The maximum borrowing term is around 30 years and there is no prepayment penalty for repaying the loan before the end of loan term. Here are the requirements for applying for a Texas Veteran Land Loan.
Eligibility Requirements A Veteran, an active military member or their spouse are eligible for a loan if They are at least 18 years old. The applicant is a bona fide, legal Texas resident and meets one of the below mentioned criteria. i) If they are currently serving in the military. ii) If they are a Texas Army National Guard member. iii) If they have completed 20 years or more of service as a member of the reserve component military. iv) If they are a veteran who completed 90 days or more of active duty service. In case they were discharged earlier due to a service related disability, that would be considered as an exception. v) If they are a spouse of a Veteran who went missing or lost their life during war. Land Requirements
Last Few Words The low interest rates and down payments, coupled with a long-term loan repayment facility makes this one of the most lucrative and affordable ways to own land of your own. In addition to land loans, the VLB also provides VA loans without a down payment, home loans and home improvement loans. If you are looking for any of these loans, get in touch with one of Texas mortgage experts so they can guide you through the process.
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AuthorDarrick encourages readers to post issues that need immediate attention in terms of home buying; such interactions will enhance reader engagement and provide a road-map for others Archives
November 2017
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