Texas Veterans get a break. The Texas Veteran’s Land Board (TVLB) Raised loan limit to $417,000 effective immediately.
Austin – The Texas Veterans Land Board (TVLB) by unanimous vote approved an increase in the home loan limit from the current loan limit of $325,000 to $417,000. As Texas Veterans Land Board (TVLB) Chairman Jerry Patterson said: “Texas Veterans have more than earned this increased VLB benefit. Increasing these loan limits gives Veterans additional purchasing power to buy the home of their dreams…”
No other state can match what the TVLB offers: a low cost home loan exclusively for Texas Veterans and spouses and most of all the program is self funding which costs the Tax payers nothing.
Bottom Line: What this means to the Veteran in the state of Texas?
- Question: What does new loan limit for the Texas Veteran Land board mean to me? Previously if you wanted to purchase a home greater than $325,000 you had to go through a messy double financing and get one loan for $325,000 and another loan for the rest. This resulted in a higher overall interest rate, higher Fees or in the end more money than in was normally worth.
- Question: What if you don’t want to buy a home that big with the Texas Veteran Land Board? In the short run rates will climb because of the increased demand. However the Texas Vet Program will remain the same with the same discounts as before.
For More information on Texas Veterans Home Loans just contact our office at (936) 228-1944 we do loans for Texas Vets for the entire state of Texas. You may even apply online using our easy application 24 x 7 at application here.
What are the Texas Veteran Land board (TVLB) rates this week?
Texas Vet Loan rates for a 30-home loan this week are 3.06% (30% VA disabled or more) and 5.56% (non-disabled). However the Last time the TVLB raised the loan limit the demand was so great that interest rates surged 1/2% in one week. To qualify for these rates before they climb in coming weeks simply fill out our online application here.
What are some Benefits of the Texas Veteran Land board to Texas Veterans?
Special Discount of one-half of one percent on the available VLB loan interest rate for Disabled Vets and Surviving Spouses as follows:
Disabled Veterans Discount - Veterans with disabilities may qualify for an interest rate reduction on their VLB Home Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). Of course, the veteran must also meet all other eligibility requirements for these loans to qualify for the discount. In addition if you are using a VA loan with the Texas Vet loan your VA Funding Fee may also be waived.
Surviving Spouse Discount – To honor our Texas veterans, the VLB offers a interest rate reduction on Home Loans to the surviving spouse of any service member killed in the line of duty. An unmarried surviving spouse of a veteran who is missing in action, or who died in the line of duty, or died from a service-connected cause and had a compensable service-connected disability rating of 30% or greater (as verified by an Award Letter from the VA) at the time of death is also eligible for the discount.
This reduction can result in a savings of tens of thousands of dollars for qualifying applicants.
What are some Details on the Texas Veteran Land Board Program?
- For loan payment estimates, please call our office.
- The VLB Base Rate is subject to adjustment on Friday each week.
- If more than one rate lock is obtained in a twelve-month period, the highest locked rate will prevail.
- Housing loans are available with 15, 20, 25 or 30-year Mortgage terms.
- The Veteran Must Qualify for a VA Mortgage, FHA or Conventional Loan
- May Not Be combined with a USDA RD Mortgage
- May Not be Used to Refinance your Current Home Loan (call us for options at (936) 228-1944 )
How can I qualify for a Texas Veterans Land Board Loan?
More info for veterans and how to qualify can be found on our Texas Vet home loan from the Texas Veterans Land Board Qualification page.