Texas Veterans Land Board Home Loans
PrimeLending, A PlainsCapital Company
In 1983, the Legislature created the VLB Veterans Housing Assistance Program to assist Texas veterans in purchasing a home. Through this program, eligible Texas veterans have an opportunity to purchase a home with an unbeatable, low-interest loan with little or no money down.
The VLB can make a Home Loan for most types of homes, but check to make sure.
A VLB Home Loan may be used to purchase a home that meets these requirements:
- Must be the veteran’s primary residence
- Must be located in Texas
- Must be a single family attached or detached home, town home, condominium or planned unit development.
- Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan.
- Manufactured / modular homes may be eligible. Contact the VLB to confirm.
- All new construction homes must meet the Environmental Protection Agency’s (EPA) guidelines for ENERGY STAR® qualified homes, and must be ENERGY STAR® labeled and certified.
Texas veterans interested in this program must request a Texas Veterans Home Loan application from Candy Buzan to start the process. Once the application has been completed, it must be returned to the Candy Buzan. The veteran must occupy the home within 60 days after the closing of the loan, and the home must remain the veteran’s primary residence for at least three years.
Efficient homes at great rates
To be eligible for VLB Home Loan financing, all new-construction homes must meet the Environmental Protection Agency’s (EPA) guidelines for ENERGY STAR® – qualified homes, and must be ENERGY STAR® labeled and certified.
This includes completion of the Thermal Bypass Checklist, by a certified Home Energy Rating System (HERS) rater, prior to wallboard being installed. An ENERGY STAR® affidavit must be completed.
The VLB offers several discounts to the available base rate for Home and Home improvement Loans. NOTE: All Texas Veterans Land Board loans are subject to credit approval.
Disabled Veterans Discount
Veterans with disabilities may qualify for an interest rate reduction on their VLB Home or Home Improvement Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate. If you have any questions about the required documentation, please contact the VLB.
Of course, the veteran must also meet all other eligibility requirements for these loans to qualify for the discount.
Surviving Spouse Discount
To honor our Texas veterans, the VLB offers a substantial interest rate reduction on Home and Home Improvement Loans to the surviving spouse of any service member killed in the line of duty. The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate.
An unmarried surviving spouse of a veteran who is missing in action, or who died in the line of duty, or died from a service-connected cause and had a compensable service-connected disability rating of 30% or greater (as verified by an Award Letter from the VA) at the time of death is also eligible for the discount.
This reduction can result in a savings of tens of thousands of dollars for qualifying applicants. The surviving spouse must meet all other eligibility requirements for the Home and Home Improvement Loan programs. Please contact the VLB if you have any questions.
To contact a loan expert, use the contact form to the right or call (800) 308-8503.