Texas Real Estate Veterans' Land Board

Instructor: Kyle Aken

Kyle is a journalist and marketer that has taught writing to a number of different children and adults after graduating from college with a degree in Journalism. He has a passion for not just the written word, but for finding the universal truths of the world.

This lesson will cover the Texas Real Estate Veterans Land Board and what that entity has done for military veterans. Its history and the services offered will be discussed.

Texas Veterans' Land Board

The Texas Veterans' Land Board (VLB) helps military veterans obtain loans with below market rates in conjunction with the Texas General Land Office. The loans offered can be used to purchase land, a house, or finance improvements to an existing home. In addition, the VLB provides a continuing education course for licensed real estate agents and brokers who work in Texas. After completion of that course, the professional can market themselves as a VLB Participating Real Estate Professional.

Mark is a veteran who has recently returned from active military service. He and his wife are hoping to buy a home, so he has been researching options in Texas. Mark limited his search for a realtor to the listing of participating realtors on the VLB website

History of the Board

Started in 1946, the VLB has helped many military veterans in Texas. Before the VLB was created, Texas had provided loan assistance to veterans who were state residents. Originally, only land purchases were covered. Different programs and services have been added throughout the VLB's existence.

In 1983, home loans were added. Called the VLB Veterans Housing Assistance Program (VHAP), loan assistance was expanded to help purchase housing and not just land. Three years later, the Texas Legislature added home improvement loans to the programs offered at VLB. It is important to realize that VLB loans are different from VA loans.

Practice and Services Offered

With the help of his specialized realtor, Mark has found a home near Dallas that will be a great place to raise a family.

Advantages for Mark when using a VLB loan include:

  • 100% financing
  • Lowest fixed rates available
  • No closing costs
  • Loan amount up to $417,000, with a minimum of $50,000
  • Flexibility in credit score requirements (down to a score of 620)
  • Same day approval
  • Short closing time
  • Extra rate discounts for disabled veterans

Mark was relieved to learn that if something happened to him in the future, his wife would be able to receive home loan assistance from the VLB if needed. The other eligibility criteria are:

  • The residence needs to be the veteran's primary residence in Texas. The veteran, or eligible surviving spouse, needs to maintain that home as a primary residence for a minimum of three years after the purchase.
  • The veteran, or surviving spouse, needs to move in no later than sixty days after closing.
  • Only a single-family homes, townhomes or condominiums are covered.
  • Approved multi-family residences must have been constructed within the last five years before the loan closing date.
  • New builds need either Energy Star certification or a HERS Index score of 75 or less.

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