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Thinking about buying Texas land and obtaining that loan through the Texas Veterans Land Board (VLB)? Special VLB loans can uniquely make landownership affordable for Texas veterans. But they’re maybe not offered to everybody else or on every little bit of land. It is important for veterans to understand what’s needed to be eligible for Texas land loans before using. This may help guarantee they are able to get authorized or become aware of the actions they should there take to get.
VLB Land Loan Needs
- Location—VLB land loans are just for properties into the continuing state of Texas.
- Down payment—Only 5% is necessary as being a advance payment. This is actually the cheapest advance payment of any veteran loan system in the state.
- Home size—VLB land loans are for properties with a minimum of one acre.
- Optimum land value—The homesite may not be valued are far more than $125,000.
- Military involvement—Loans are intended for “bona fide” residents of Texas who’ve offered in almost any regarding the United States’ five army branches: Army, Navy, Air Force, Marines, or National Guard.
- Lender approval—Qualifying for the VLB land loan additionally calls for loan provider approval, that will be centered on an applicant’s credit-worthiness. Credit scores is as low as 620 for approval in a few circumstances, however the greater these are typically, the higher the probabilities. It is strongly suggested that veterans make use of a loan provider who is able to assist navigate the application that is complicated approval process. The first rung on the ladder will be collecting a few key items of information, including detailed ace cash express login information regarding the home you intend to buy and individual information regarding you as well as your social protection number, past addresses, and current/previous work and income. Continue reading