For veterans living in Texas, there are many housing benefits and homeownership opportunities available. If you’re one of them and you’re planning on buying your own home, like in Weatherford real estate, it is a privilege of yours to know the programs available that can help you.
Texas Veterans Land Board (TVLB)
The Texas Veterans Land Board (TVLB), created in 1946 after the World War II, administers programs that give Texas veterans long term, low interest loans for land purchase. It is funded by the issuing bonds that are authorized by voters; the bonds, as well as the cost of managing it, are paid by the veterans who take part.
Veterans Housing Assistance Program (VHAP)
The Veterans Housing Assistance Program was created in 1983 by the Legislature to aid veterans in Texas in buying a home; it is also financed by bonds. It expanded in 1986, adding the program that gives loans that have below-market interest rates to eligible veterans to for repairing and improving existing houses.
There are many loan programs that veterans can use, including a housing loan, land loan, and home improvement loan. These three can be used all at the same time, if necessary. Furthermore, these programs are not connected with the federal Veterans Administration; therefore, veterans may still be qualified even if they have already used their VA benefits.
The VHAP finances a maximum of $200,000 towards the home purchase, but qualified veterans can still buy something with a sales price that is above $200,000 since there’s no limit to the maximum price. If the price of the house you want is above that figure, this program may be used together with other financing programs like FHA loans or VA loans. This is called a “two-note loan.”
You must remember that this isn’t a refinancing program, so if you already have a mortgage loan for your home, you cannot use the VHAP as a down payment or to lower the rate of interest; it may only be utilized as an initial lien on your main residence.
Housing Benefit Programs
The TVLB offers other programs that benefit veterans. Some of these housing-related benefits are listed below:
1. Green Building Program – Eligible veterans can have their interest rate reduced up to 0.3 percent through this program by using “green” features and materials when purchasing or building a new house, or remodeling an existing property. There are number values assigned by the Land Board to features and materials that are considered “environmental friendly” that save water and energy.
2. Veterans with Disabilities Program – This offers qualified veterans to have their interest rate reduced by a half-percent. To be eligible, an applicant must be verified by the U.S. Department of Veterans Affairs that the veteran has a 10% disability or greater that is service-related.
3. Veteran Teachers Program – This offers eligible individuals a half-percent deduction to their interest rate. Those who are qualified include veterans who accede to be certified teachers in Texas, or veterans or their spouses who work as teachers and are presently attested by the Texas Education Agency.
These programs can really help veterans who want to buy their own homes from the available Weatherford homes for sale. Ask your real estate agent to learn more about these housing benefits.