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In the days of Sam Houston, the leaders of the new Republic of Texas realized that they owed the soldiers who had fought for independence more than just a pat on the back. Back then, there was not enough money to start a Texas Veteran Home Mortgage program. We didn't have much cash, but we had a lot of land. In recognition of their bravery in our war for independence, the leaders of Texas started giving land as a reward for military service. In 1946, the Texas Veteran's Land Board was established to administer a unique program. The State of Texas began to offer low-interest, long-term texas veteran home loans to Texans who served their country in the military.
In the 60+ years since the Texas VA home loan program started, over 120,000 veterans have benefited from this state-offered VA loan. The texas veteran home loan is a way for a grateful state to say, "Thank you," to those men and women who choose to fight for our freedom. Through skillful management, this program does not cost the Texas taxpayer anything. The funding comes through bonds which are repaid by the veterans who take advantage of the program. Since its inception, the Texas Veteran Land Board has branched out from just offering land or money to buy land, to texas veteran home loans for the purchase of housing. In 1984, the board expanded the Texas Veterans Housing Assistance Program to add a Veterans Home Improvement Program which provides below market interest rate loans to qualified Texas Veterans to make repairs and improvement to homes they already own. Many Texas Veterans miss out on this opportunity afforded them by their state because some mortgage bankers feel that it takes too much time to apply for this loan. . |
