The VLB Veterans Land Loan Program could be the only 1 of the type within the country, providing Texas Veterans and Military Members the possibility to borrow as much as $150,000 to shop for land at competitive interest levels while typically requiring the very least five per cent advance payment for tracts of just one acre or maybe more.

This system is effortless to utilize and provides Texas Veterans and Military users exclusive financing towards the purchase of one’s own bit of Texas. The bonds utilized to finance this system are resigned from loan repayments therefore the cost of administering this system is financed via a fee that is small for each loan.

LAND LOAN FINANCING

Land Loans – Veteran/Military rate of interest 7.25percent

VLB provides financing on tracts as much as $150,000 with the absolute minimum five % down payment and a fixed-rate 30-year loan term. The five % deposit is at the mercy of credit approval.

A $325 assessment and agreement solution cost flow from during the right time of application. There is absolutely no pre-payment penalty.

When you yourself have maybe not currently identified the land you want to buy, consider the next options:

• View VLB land for sale offered to the public

• Check out a house search web site that lists land accessible in Texas
• Phone VLB at 800-252-8387

As soon as a Veteran, or his or her successor, has effectively paid a VLB land loan s/he may submit an application for another VLB land loan. The exact same pertains to our house and do it yourself loan programs.

CURRENT ACCOUNT HOLDERS

To mail the VLB Loan Servicing Company:

Texas Veterans Land Board (via DMI) 1 Corporate DriveSuite 360 Lake Zurich, IL. 60047-8945

Please be aware, when you have difficulties with the processing of one’s loan repayment, you are able to phone our VLB Call Center at 800-252-8387 or e-mail us at vlbinfo@glo. Texas.gov And you can be helped by us resolve the matter. We have been right here to last!

SEVERANCES

The VLB’s severance policy permits Veterans and army people to have a cost name to a percentage of the VLB tract. Such partial resale needs are often in the single discernment for the VLB and topic to greater valuation pricing and stricter instructions than severances for a property web web site. It’s also the insurance policy of this VLB that any ask for severance represents a request to “subdivide” the current tract. Consequently, all severances should be in conformity with state laws and regulations and county and neighborhood ordinances regulating any such “subdivision. ” If any law that is such ordinance imposes a condition which is much more restrictive compared to policy or procedure included herein, regulations or ordinance will get a handle on.

Tracts lower than 3 acres: The VLB will likely not give a severance.

4 – 19 acres: A severance can be done. The severance must certanly be a the least one acre or the minimum size needed by county and regulations that are local whichever is bigger. A partial launch must enable enough space when it comes to home, septic system and water well (where relevant), all of these must fit completely inside the boundaries of this release that is partial. Note: Before employing a surveyor, please contact our servicer.

PRESUMPTIONS (TRANSFERS)

For information concerning presumptions (also referred to as transfers), contact our servicer, DMI, at 1-866-654-6345 and get for unique loans. Presumption kinds should be required because of the account owner and certainly will simply be mailed to your account holder. VLB land loans might be thought after 3 years.

VETERAN ELIGIBILITY

To qualify for VLB programs, Veterans, army people and their partners needs to be:

• At the very least 18 years.
• A bona fide and legal resident of Texas from the date of application and meet oneof the service that is following:
  • An duty that is active Member.
  • A part associated with Texas National Guard.
  • A book component Military Member having finished 20 years that are qualifying your your your retirement.
  • A Veteran having offered at the very least 90 duty that is active unless released sooner because of a service-connected impairment rather than released dishonorably.
  • A surviving partner of the Veteran listed as missing for action or whoever death had been solution linked.

Military Service Documents

• Military Service RecordsVisit the National Archives to request your army solution documents online, by mail, or by fax. Documents consist of DD214/separation papers, workers documents and records that are medical.
• Army Record Request – Standard kind 180 (SF-180)Request your army record utilising the nationwide Archives Standard Form 180 (SF-180).

The Land Loan Process

The mortgage amount is dependant on credit approval. Get made by reviewing your credit. Gather your earnings information and be willing online installment loans massachusetts direct lenders to offer your loan processor together with your newest pay stubs to help in determining your creditworthiness.

Once you’ve collected your earnings information and reviewed your credit, begin the online application procedure for loan approval.

Analysis tracts of land accessible in Texas that meet up with the VLB land loan demands. You may go shopping for land provided through our Land product Sales.

Finish the processing of one’s land loan by coming back all loan that is required (for example. Performed contract, study, industry records, as well as land plat).

Finalize your loan procedure by coordinating a closing time and date together with your chosen name company being willing to spend the payment that is down all the expenses to shut.

LAND LOAN NEEDS

To be qualified to receive VLB funding, the land must:

• Be wholly inside the state of Texas.
• Include one or more acre, excluding any part beneath a separate general public roadway or navigable waterway or at the mercy of frequent inundation or else unusable.
• Have actually appropriate, usable use of a road that is public. Access must certanly be no less than 60 foot wide or meet with the county road that is public demands, whichever is greater. “Usable” ensures that it may be driven on with a standard passenger car in poor weather.

• Be correctly described by either an industry note description associated with the tract aided by the surveyor’s official seal and signature (original or content) or perhaps a copy that is complete of recorded subdivision plat in the event that description is through great deal & block.
• Never be zoned strictly for commercial usage.
• Not need been owned by you or your partner in the past 3 years.
• All trash/debris, tires or dilapidated structures must be eliminated ahead of closing.

No value shall be provided with to virtually any improvements on tracts. Several, contiguous tracts can be combined under one instrument that is financing each share is perhaps not lower than 60 linear foot of typical boundary or tracts are next to the other person and divided entirely by the actual width associated with general general public right of method.