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Thinking about buying Texas land and getting that loan through the Texas Veterans Land Board (VLB)? Special VLB loans can uniquely make landownership affordable for Texas veterans. But they’re not open to every person or on every bit of land. It’s important for veterans to understand what’s needed to be eligible for Texas land loans before you apply. This can assist ensure they are able to get approved or become conscious of the actions they must simply take getting here.
VLB Land Loan Needs
- Location—VLB land loans are just for properties in the state of Texas.
- Down payment—Only 5% is needed as a payment that is down. Here is the lowest deposit of any veteran loan system when you look at the state.
- Property size—VLB land loans are for properties of at the least one acre.
- Optimum land value—The homesite may not be valued tend to be more than $125,000.
- Military involvement—Loans are intended for “bona fide” residents of Texas who possess offered in just about any of this United States’ five military branches: Army, Navy, Air Force, Marines, or National Guard.
- Lender approval—Qualifying for a VLB land loan additionally requires loan provider approval, which will be based on an applicant’s credit-worthiness. Credit ratings is often as low as 620 for approval in certain situations, however the greater these are generally, the higher the possibilities. It is suggested that veterans make use of a loan provider who is able to help navigate the application that is complicated approval procedure. The first faltering step will be collecting a few key items of information, including detailed information regarding the house you need to buy and individual information regarding you as well as your social safety quantity, past details, and current/previous employment and earnings. Continue reading “6 needs for Veterans to be eligible for a Texas Land Loans”