What is a Texas Veteran Loan? 🤔

A Texas Veteran Loan typically refers to home loan programs offered through the Texas Veterans Land Board (VLB) to help eligible Texas veterans purchase homes, land, or make home improvements. These programs are distinct from the federal VA loan program and are only available to qualified veterans, military members, and certain surviving spouses in Texas.

Here’s a breakdown of the main Texas Veterans Land Board loan programs 🔑:

•  🏡 1. VLB Veterans Housing Assistance Program (VHAP)
• Purpose: Helps veterans purchase a home in Texas.
  • Benefits: Below-market interest rates.
  • Can be used with VA, FHA, or conventional loans.
  • The adjustment is based on a predetermined index rate, such as SOFR or COFI, plus a margin set by the lender.
• May offer additional rate discounts for disabled veterans.
  
  • Loan Amount: Up to the conforming loan limit (set by Fannie Mae/Freddie Mac).
  • Requirements:
    
    
    Must be the veteran’s primary residence.
    
    
    Must live in the home within 60 days of purchase.
    
    
  • 🌾 2. VLB Land Loan Program
  • Purpose: Allows veterans to buy 1 acre or more of land in Texas.
• Benefits: Low down payment (typically 5%).
• Fixed 30-year rates.
• Loan Limit: Up to $150,000.
• Requirements:
  
  
  Land must be in Texas and have legal access to a public road.
  
  
  Must be for personal use (not commercial).

🔧 3. VLB Veterans Home Improvement Program (VHIP)💡

• Purpose: Offers low-interest loans to repair or improve existing homes.
• Benefits: Low fixed interest rates.
• No prepayment penalty.
• Loan Limit: Up to $50,000 for a 20-year loan; up to $10,000 for a 10-year loan.
• Requirements:

  
  

  Home must be in Texas and be the primary residence of the veteran.

✅ Eligibility (for all VLB programs): 🌟:

• You must be a:  
• Veteran with at least 90 days of active-duty service (discharge must not be dishonorable),
• Texas resident, and
• Surviving spouse of a Texas veteran (in some cases).