There are many veteran home loan borrowers who are not sure about the requirements of obtaining a Texas Veterans Land loan. Veteran borrowers, therefore, have several questions on Texas veteran land loans. Here are some of the most frequently asked questions by veteran borrowers.
No, Texas Veteran Land loans are available only for buying land within the state of Texas.
You need to pay minimum 5% as a down payment, which is the lowest down payment amount required by any home loan in the state.
Veteran land loans are available only for those lands that are at least one acre in size (excluding the tract of land that falls beneath a navigable waterway or a dedicated public roadway.)
The maximum amount a home loan borrower can borrow through a Texas Veteran land loan is $150,000.
When applying for a Texas Veteran Land Loan, you need to pay a $325 appraisal and contract service fee.
VLB loans can be obtained for a maximum term period of 30 years and there is no penalty for prepaying your loan.
The VLB has relaxed credit score requirements for veteran loan borrowers. While it’s always better to have a higher credit score, there have been cases when borrowers with credit scores as low as 620 also got approved.
If you are a veteran looking for a land loan or a home loan, it is advisable to seek help of a loan expert who would not only help you through the loan process, but will also advise you on the best home loan option available as per your requirement.