6 needs for Veterans to be eligible for Texas Land Loans

6 needs for Veterans to be eligible for Texas Land Loans

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Thinking about buying Texas land and acquiring that loan through the Texas Veterans Land Board (VLB)? Special VLB loans can uniquely make landownership affordable for Texas veterans. But they’re not available to everyone or on every little bit of land. It is important for veterans to learn what’s needed to be eligible for Texas land loans before using. This may assist make sure they are able to get authorized or become alert to the actions they should there take to get.

VLB Land Loan Needs

  1. Location—VLB land loans are just for properties when you look at the continuing state of Texas.
  2. Down payment—Only 5% is needed as being a payment that is down. This is actually the cheapest deposit 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 may not be valued tend to be more than $125,000.
  5. Army involvement—Loans are intended for “bona fide” residents of Texas that have offered in almost any associated with United States’ five armed https://speedyloan.net/reviews/cash-america forces branches: Army, Navy, Air Force, Marines, or National Guard.
  6. Lender approval—Qualifying for a VLB land loan additionally calls for lender approval, which will be according to an applicant’s credit-worthiness. Fico scores is as low as 620 for approval in certain circumstances, nevertheless the higher they’ve been, the higher the possibilities. (más…)