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Enthusiastic about buying Texas land and getting a loan through the Texas Veterans Land Board (VLB)? Special VLB loans can uniquely make landownership affordable for Texas veterans. But they’re maybe maybe not offered to everybody else or on every little bit of land. It is important for veterans to understand certain requirements to be eligible for Texas land loans before you apply. This can assist guarantee they could get authorized or become alert to the steps they should just take getting here.
VLB Land Loan Demands
- Location—VLB land loans are merely for properties within the state of Texas.
- Down payment—Only 5% is necessary as a deposit. Here is the cheapest down payment of any veteran loan system into the state.
- Property size—VLB land loans are for properties with a minimum of one acre.
- Optimum land value—The homesite may not be valued are far more than $125,000.
- Army involvement—Loans are intended for “bona fide” residents of Texas who possess offered in just about any associated with the United States’ five armed forces branches: Army, Navy, Air Force, Marines, or National Guard.
- Lender approval—Qualifying for the VLB land loan additionally calls for loan provider approval, which will be predicated on an applicant’s credit-worthiness. Credit ratings is often as low as 620 for approval in certain circumstances, however the higher they’ve been, the higher the probabilities. It is strongly suggested that veterans make use of a lender who is able to assist navigate the complicated application and approval procedure. The step that is first be collecting a few key items of information, including detailed information about the home you intend to purchase and individual details about you as well as your social protection quantity, previous details, and current/previous work and income.
You can begin your land search at Vintage Oaks, the fastest-growing community in the Hill Country. The veteran-friendly community of Vintage Oaks provides an array of acreage properties with a few regarding the Hill Country’s many spectacular views, a location that is ideal New Braunfels between Austin and San ace cash phone number Antonio, and simple access to veterans’ services like the San Antonio Military infirmary, the VA Clinic in New Braunfels and Randolph AFB. To show support that is continued our veterans, Vintage Oaks and designer SouthStar Communities have partnered with procedure SUBSEQUENTLY RESIDENCE on 10 mortgage-free houses for wounded veterans, with No. 11 along the way to be built now in the neighborhood.
To get more information, visit Vintage Oaks or click below to download our Texas Veterans’ Hill nation Land & Home Buing Guide.
Veterans can check to see when they meet with the VLB’s eligibility needs here and see the online application right here.