According to a recent report by the Housing Assistance Council, there are more than 1.5 million Veterans living in the state of Texas. With 15 active military bases and a further 1.3 million + active duty and reserve members living here, it’s no wonder that Texas offers some of the best state-level benefits for veterans.
We in the lone star state are proud of our military community members and are honored to serve those who have served and their families. From education to housing to fishing and hunting, Texas veterans can enjoy a wealth of exclusive benefits as our way of saying “thank you for your service.”
To help our veterans and military service members take advantage of everything offered to them, we’ve compiled an extensive list of discounts and special programs available in Texas.
Housing and Financial Assistance Benefits
In addition to the nationally available VA loans, the Texas Veteran’s Land Board (VLB) has several programs to further assist veterans and military members with achieving the dream of homeownership.
To be eligible for any VLB Loans, an applicant must be an 18-year-old legal resident of Texas on the date of application and meet any one of the following criteria:
* An active duty Military Member.
* A member of the Texas National Guard.
* A reserve component Military Member having completed 20 qualifying years for retirement.
* A Veteran having served at least 90 active duty days unless discharged sooner due to a service-connected disability and not discharged dishonorably.
* A surviving spouse of a Veteran listed as missing in action or whose death was service-connected.
Disabled veterans who already own property should be sure to take advantage of their property tax exemption as well.
Home Loan Programs
The VLB Veterans Housing Assistance Program (VHAP) provides low-interest fixed-rate loans at a competitive rate and requires little to no down payment. Veterans and military members can receive up to a $510,400 loan. The current home loan base rate is 2.89%*
Per the VLB, to qualify, homes must meet the following requirements:
* The home must be the veteran or military member's primary residence in Texas.
* The home must be a single-family attached or detached home, townhome or condominium.
* Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan.
* New homes must have either ENERGY STAR certification or HERS Index score of 75 or less.
* The home must remain the veteran or military member's primary residence for at least three years, and the veteran or military member borrower must occupy the home within 60 days after loan closing.
*All VLB interest rates and available discounts are subject to change at any time. The VLB base rate is subject to adjustment on the first business day of each week. All VLB loans are subject to credit approval.
How to Apply:
Contact a participating lender in your area to begin the qualifying process for your VHAP loan.
Land Loans Programs
VLB Land Loans offer veterans and military members a fixed rate 30 year loan of up to $150,000 towards the purchase of land in Texas, with a 5% minimum down payment. The current loan interest rate for VLB loans is 7.25%.*
Per the VLB, to be eligible for financing, the land must:
* Be wholly within the state of Texas.
* Contain at least one acre, excluding any portion beneath a dedicated public roadway or navigable waterway or subject to frequent inundation or otherwise unusable.
* Have legal, usable access to a public road. Access must be a minimum of 60 feet wide or meet the county public road width requirements, whichever is greater. “Usable” means that it can be driven on by a standard passenger car in inclement weather.
* Be properly described by either a field note description of the tract with the surveyor’s official seal and signature (original or copy) or a complete copy of the recorded subdivision plat if the description is by lot & block.
* Not be zoned strictly for commercial use.
* Not have been owned by you or your spouse within the previous three years.
* All trash/debris, tires or dilapidated structures must be removed prior to closing
How to Apply:
* Fill out the online application to get prequalified for a VLB loan. View the Land Loan Checklist for a complete list of required documentation.
* Find the land you would like to purchase that meets the VLB land loan requirements.
* Return all required documents to your loan processor and coordinate a closing date with your title company. Be prepared to pay closing costs.
*All VLB interest rates and available discounts are subject to change at any time. The VLB base rate is subject to adjustment on the first business day of each week. All VLB loans are subject to credit approval.
Home Improvement Benefits
The VLB Texas Veterans Home Improvement Program (VHIP) helps veterans and military members improve their homes through below-market interest rate loans of up to $50,000 to be used for eligible repairs, alterations or improvements.
Per the VLB, to be eligible for a VHIP financing, the following requirements must be met:
* The home being repaired must be wholly located in the state of Texas.
* The home must be the applicant’s primary residence.
* Single-family dwellings, condominiums, duplexes, triplexes and four-plexes are eligible. Duplexes, triplexes and four-plexes must be at least five years old. The borrower must reside in a newly constructed home for at least 90 days. Modular or manufactured homes that are on a permanent foundation and are part of the real estate (real property) may also be eligible, but the final decision on these types of loans will be determined by the VLB.
* The VLB must be in first or second lien position.
* The borrower cannot begin construction or advance funds to the contractor or purchase material prior to receipt of the loan proceeds from VLB. Loan proceeds will be available on the fourth business day after closing.
* The borrower must secure a general contractor.
* A current appraisal report may be required to determine the equity in the home for loans over $25,000.00.
* It’s possible for a Veteran or Military Member to have one active loan in each program — land, home, and home improvement—at the same time. Once a Veteran, or his or her successor, has successfully paid off a VLB home improvement loan s/he may obtain another VLB home improvement loan. The same applies to our land and housing program. All VLB programs are self-funded, using no public taxpayer funding. VLB programs are financed with bonds, which are serviced by loan payments from Veteran participants.
How to Apply:
* Fill out the online application to get started. View the Home Improvement Loan Application Checklist for a full list of documents you will need.
* Once you’ve been pre-approved, get bids from contractors in your area to give to your loan processor.
* Return all required documents to your loan processor and coordinate a closing date with your title company and contractor. Be prepared to pay closing costs.