6 demands for Veterans to be eligible for Texas Land Loans

Find the finest in Hill Country residing

Thinking about buying Texas land and acquiring that http://speedyloan.net/reviews/cash-america 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 accessible to everybody else or on every little bit of land. It is important for veterans to learn certain requirements to be eligible for Texas land loans before you apply. This may assist make sure they could get approved or become alert to the actions they have to there take to get.

VLB Land Loan Needs

  1. Location—VLB land loans are merely for properties when you look at the state of Texas.
  2. Down payment—Only 5% is needed being a deposit. Here is the lowest advance payment of any veteran loan program when you look at the state.
  3. Home size—VLB land loans are for properties with a minimum of one acre.
  4. Optimum land value—The homesite can not be valued tend to be more than $125,000.
  5. Military involvement—Loans are intended for “bona fide” residents of Texas that have served in every associated with the United States’ five army branches: Army, Navy, Air Force, Marines, or National Guard.
  6. Lender approval—Qualifying for a VLB land loan additionally calls for loan provider approval, which will be centered on an applicant’s credit-worthiness. Fico scores is often as low as 620 for approval in certain circumstances, nevertheless the greater they’ve been, the greater the opportunities. It is suggested that veterans make use of a loan provider who are able to assist navigate the application that is complicated approval procedure. The step that is first be collecting a few key bits of information, including detailed information on the house you intend to buy and individual information regarding you together with your social protection quantity, past details, and current/previous work and earnings.

You could start your land search at Vintage Oaks, the fastest-growing community in the Hill nation. The veteran-friendly community of Vintage Oaks provides a range of acreage properties with a few associated with Hill Country’s many spectacular views, a location that is ideal New Braunfels between Austin and San Antonio, and simple access to veterans’ services such as the San Antonio Military clinic, the VA Clinic in New Braunfels and Randolph AFB. To show continued support for our veterans, Vintage Oaks and developer SouthStar Communities have partnered with process FINALLY RESIDENCE on 10 mortgage-free domiciles for wounded veterans, with No. 11 along the way to be built now in the neighborhood.

For lots more information, check out Vintage Oaks or click below to download our Texas Veterans’ Hill nation Land & Residence Buing Guide.

Veterans can verify when they meet with the VLB’s eligibility needs here and view the online application right here.

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