The VLB Land Loan Program is the only one of its kind in the nation, giving Texas Veterans, military members and their spouses the opportunity to borrow up to $150,000 for land purchases in Texas that are one acre or more.
If you’re a veteran living in Texas, you may be eligible to purchase a home or permanently finance a primary residence with a Texas Vet loan. This competitive fixed-rate home loan is available in 15- or 30-year terms and can be used for financing up to $417,000. It can also be used in conjunction with an FHA, VA, or traditional loan.
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Best Fha Loan Rates fha 203k renovation Loan Rates Compare Mortgage Rates for July 10, 2019. As of July 10, the Freddie Mac national average for 30-year mortgage rates is 4.23%.The average rate for 15-year mortgages is 3.77%, and the 5/1 arm mortgage rate is 3.91%.The 30-year and 15-year mortgage rates moved -0.02% and -0.02% each, while 5/1 ARM rates changed by -0.02%.
However, Texas Veterans who are purchasing a home also have the option to utilize the Texas Vet Loan Program sponsored by the Texas Veterans Land Board (VLB). The VLB sets the interest rates on a weekly basis, and they are incredibly low, usually lower than VA or Conventional Loan rates.
If you have questions or concerns, please contact the VLB at 1-800-252-VETS (8387). To become a VLB participating lender, please send your request to VLB’s Home Loan Program Administrator, Gateway Mortgage Group, at firstname.lastname@example.org or call 972-725-7061.
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As with VA, veterans with 10% or greater service connected disability rating are exempt from the VA funding fee when the loan is underwritten as a VA Loan (most common). Veterans with a 30% or greater service connected disability rating receive an interest rate discount of an additional % (0.5%) from the already unbeatably low Texas Vet Loan rates.
The Texas Veterans Commission advocates for all Texas veterans, assisting with: VA Claims, Employment, Education, Entrepreneurship, and VA Healthcare Advocacy. The military veteran peer Network offers free peer support for the Texas SMVF community.
Additional Texas Vet Rate Discounts & Loan Limits. VA Disabled? – Texas Veterans Land Board allows an additional discount of .50% or 1/2% off the weekly base rate (see Home page for Net rate). Please Note: You must be a minimum of 30% VA Disabled. You must have supporting documentation (dated within the last 12 months) to support your rating from the Veterans Administration.