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Thinking about buying Texas land and obtaining financing through the Texas Veterans Land Board (VLB)? Special VLB loans can make landownership uniquely affordable for Texas veterans. But they’re not accessible to every person or on every bit of land. It is important for veterans to understand certain requirements to be eligible for Texas land loans before using. This can assist guarantee they could get authorized or become conscious of the actions they should there take to get.
VLB Land Loan Demands
- Location—VLB land loans are merely for properties when you look at the state of Texas.
- Down payment—Only 5% is necessary as a payment that is down. Here is the lowest advance payment of any loan that is veteran into the state.
- Home size—VLB land loans are for properties with a minimum of one acre.
- Optimum land value—The homesite can not be valued are far more than $125,000.
- Army involvement—Loans are intended for “bona fide” residents of Texas that have offered in just about any of this United States’ five branches that are military Army, Navy, Air Force, Marines, or National Guard.
- Lender approval—Qualifying for the VLB land loan additionally calls for lender approval, that is predicated on an applicant’s credit-worthiness. Fico scores is often as low as 620 for approval in certain situations, however the greater these are typically, the higher the opportunities. Continue reading “6 needs for Veterans to be eligible for a Texas Land Loans”