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Unlike the Veterans Administration, The Texas Veterans Land Board (VLB) can directly originate a loan if the maximum loan amount borrowed is $45,000 or less. The term may be for 15, 20, 25 or 30 years, and a minimum down payment of 5% is required. If the loan amount is more than the VLB limit, a lender originated loan will be necessary.
After a home is located, the veteran should contact the VLB and request the necessary Veterans Housing Assistance Program (VHAP) applications. These can also be downloaded from their web site (http://www.glo.state.tx.us/vlb/forms/index.html). The loan application (PDF), the application for certification (PDF) as a Texas veteran, and the mortgage credit application (PDF) must all be requested from and returned to the VLB. For loans of over $45,000, the applications have been completed they must be returned to the lender, who will process the applications and, if the veteran is approved, they will fund the loan The lender, whether the VLB or a private source, will determine the down payment and interest rate once the appraisal is performed on the home. The appraisal determines the amount that will be financed. In the case of the Veterans' Land Board, loans will be granted on 85% of the appraised value. The VLB may also charge the customary charges permitted by law for the processing and closing of mortgage loans. All closing costs will be discussed and listed in the Good Faith Estimate as accurately as possible, and all VLB loans are subject to credit approval. Even though an average of slightly less than 2,000 Texas veterans take advantage of the Texas Veteran Home Mortgage program each year, many miss out on this opportunity afforded them by their state. This can be attributed to the fact that some mortgage bankers feel that it takes too much time to apply for this loan. My team and I at Supreme Lending specialize in providing service to our veterans. We know how to apply for a texas veteran home loan, as well as a traditional VA Loan. As a veteran myself, I am committed to finding the best source of funding for your Texas VA home loan. When it comes time to buy that new home or remodel the one that you have, make sure you are dealing with people who understand the needs and the resources associated with VA and Texas Veterans home loans.
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