The VLB Veterans Land Loan Program may be the only 1 of the type when you look at the country, providing Texas Veterans and Military Members the possibility to borrow around $150,000 to get land at competitive interest levels while typically requiring the absolute minimum five per cent advance payment for tracts of 1 acre or higher.

This program is not hard to utilize and provides Texas Veterans and Military members financing that is exclusive the purchase of the very own little bit of Texas. The bonds utilized to invest in this program are resigned from loan repayments and also the price of administering this program is financed by way of a fee that is small for each loan.

The Land Loan Process

• Be Ready
• Get Prequalified
• Find Your Land
• Finish the necessary Paperwork
• Finalizing the method

The mortgage quantity is dependant on credit approval. Get served by reviewing your credit. Gather your revenue information and stay willing to offer your loan processor along with your latest pay stubs to assist in determining your creditworthiness.

Once you’ve collected your earnings information and reviewed your credit, begin the application that is online for loan approval.

Analysis tracts of land easily obtainable in Texas that meet up with the VLB land loan demands. You can look for land provided through our Land Sales.

Complete the processing of the land loan by going back all loan that is required (in other words. performed agreement, study, industry records, as well as land plat).

Finalize your loan procedure by coordinating a closing time and date together with your chosen name business being ready to spend the payment that is down all the expenses to shut.

VETERAN ELIGIBILITY

To qualify for VLB loan programs, Veterans and members that are military be:

• At the least 18 years old.
• A bona fide and appropriate resident of Texas regarding the date of application and meet oneof the service that is following:
  • An active responsibility Military Member.
  • A part regarding the Texas National Guard.
  • A book component Military Member having completed 20 years that are qualifying your your retirement.
  • A Veteran having offered at the very least 90 active responsibility times unless released sooner because of a service-connected impairment rather than released dishonorably.
  • A surviving spouse of the Veteran listed as missing doing his thing or whoever death had been solution linked.

LAND LOAN DEMANDS

To be entitled to VLB funding, the land must:

• Be wholly inside the state of Texas.
• Include a minumum of one acre, excluding any part beneath a passionate roadway that is public navigable waterway or at the mercy of frequent inundation or perhaps unusable.
• Have actually appropriate, usable use of a road that is public. Access should be a the least 60 foot wide or meet with the county public road width demands, whichever is greater. “Usable” ensures that it can be driven on by way of a standard passenger automobile in bad weather.

• Be correctly described by either a field note description associated with tract aided by the surveyor’s official seal and signature (original or content) or perhaps a copy that is complete of recorded subdivision plat in the event that description is through great deal & block.
• Never be zoned strictly for commercial usage.
• Not need been owned by you or your partner in the past 36 months.
• All trash/debris, tires or structures that are dilapidated be eliminated ahead of closing.

No value shall get to virtually any improvements on tracts. Several, contiguous tracts can be combined under one financing instrument supplied each share is perhaps not significantly less than 60 linear foot of typical boundary or tracts are next to each other and divided entirely by the real width for the general public right of means.

LAND LOAN FINANCING

Land Loans – Veteran/Military rate of interest 7.25percent

VLB provides financing on tracts as much as $150,000 with at least five per cent advance payment and a fixed-rate loan term that is 30-year. The five per cent deposit is at the mercy of credit approval.

A $325 appraisal and contract solution charge is born during the right time of application. There’s no penalty that is pre-payment.

You wish to purchase, consider the following options if you have not already identified the land:

• View VLB land obtainable offered to the general public

• Go to a house search site that lists land easily obtainable in Texas
• Call VLB

As soon as a Veteran, or their successor, has successfully paid a VLB land loan s/he may submit an application for another VLB land loan. The exact same relates to our house and do it yourself loan programs.

UP-TO-DATE ACCOUNT HOLDERS

To mail the VLB Loan Servicing Company:

Texas Veterans Land Board (via DMI) 1 DriveSuite that is corporate 360 Zurich,

Please be aware, at and we can help you resolve the issue if you have problems with the processing of your loan payment, you can call our VLB Call Center at 800-252-8387 or email us. Our company is right here to last!

SEVERANCES

The VLB’s severance policy permits Veterans and members that are military obtain a charge name to a percentage of these VLB tract. Such resale that is partial will always during the single discernment associated with the VLB and topic to greater valuation pricing and stricter tips than severances for a house site. Additionally it is the insurance policy regarding the VLB that any ask for severance represents a request to “subdivide” the tract that is existing. Consequently, all severances should be in conformity with state legislation and county and neighborhood ordinances regulating any such “subdivision.” If any such legislation or ordinance imposes a state of being which is more restrictive compared to the policy or procedure contained herein, what the law states or ordinance will control.

Tracts not as much as 3 acres: The VLB will likely not give a severance.

4 – 19 acres: A severance can be done. The severance needs to be at least one acre or perhaps the minimum size required by county and regulations that are local whichever is bigger. A partial launch must enable enough space when it comes to household, hop over to the web site septic system and water well (where relevant), all of these must fit completely inside the boundaries for the release that is partial. Note: Before employing a surveyor, please contact our servicer.

PRESUMPTIONS (TRANSFERS)

For information concerning presumptions (also called transfers), contact our servicer, DMI, at and get for unique loans. Presumption kinds should be required because of the account owner and certainly will simply be mailed into the account owner. VLB land loans are assumed after 3 years.