Home Loans
A home is the average American's single largest investment. A purchase of a house is much more than that though, it is your stake in your community and a place your family calls home. When buying a home there is a lot of thought and concern involved maybe even some reservations. Instead of being intimidated by news of foreclosures, learn from it. Buying a house that is larger than your needs can lead to unexpected expenses; an unused room will need furniture and backyard space might be a new home for a pet or toys. Also try to buy a home that is in your qualification range and always try to get the lowest interest rate possible. The VA or the Texas Veterans Land Board (TVLB) can help.
To reduce the stress, become knowledgeable of the process. This can be done by attending a TVLB Seminar or contacting the TVLB at 1-800-252-VETS (8387). If you have questions about a VA guaranteed loan or are having trouble getting a VA guaranteed loan contact the VA Regional Office.
As a veteran you may qualify for the Veterans Affairs (VA) Home Guarantee Program (HGP). There is a misconception in the VA lends you the money for your home purchase; they guarantee the loan to the bank in your behalf. There are some great benefits in getting a VAHGP over other types of loans. You can find a list of the benefits by going to the VA Loan Production Web site. As a Texas Veteran you may also qualify for a home guarantee from the TVLB.
See if you are eligible for a VA Home Loan Guaranty.
See if you are eligible for a TVLB Housing Assistance Program.
The TVLB with their VHAP has the same benefits and procedures as the VA home guarantee does but there are three major differences:
- Neither the VA nor TVLB have limits on how much the purchase price might be but they do have limits on how much they will guarantee the loan for. For the maximum amount the VA will guarantee please go to http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf (PDF). Contact the TVLB at http://www.glo.texas.gov/cf/vlb-contact-us-form/index.html for the most up to date information.
- The TVLB bases their interest rate off the VA but only changes weekly while the VA can change daily. Work with your realtor and lender to insure you are getting the better rate.
- If you are a disabled veteran (30% or greater) the TVLB will reduce the interest rate for you even more with the Veterans with Disabilities Program.
The TVLB also offers a unique program where they will do a direct loan for a smaller home purchase. For more information click on the TVLB Originated Loans.
Land Loans
The TVLB offers a unique loan that allows Texas Veterans to buy "their own piece of Texas." Click on the TVLB Land Program Web site to learn more.
Forfeitures and Foreclosures
Occasionally veterans will forfeit land purchased through the TVLB Land Program and it will go to auction. To learn more about the program, qualifications and land for sale go to Forfeited Land Sale Tracts.
The VA acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. These acquired properties are marketed for sale through a property management service. More information on these properties can be found at the VA Property Management Web site and for a list of acquired properties visit http://va.reotrans.com.
Home Improvement
The TVLB also offers a direct loan for Home Improvement of up to $25,000 for 20 years and $10,000 for 10 years for home improvements. These loans can be for a long list of substantial improvements (PDF).
Home Accommodations for Disabled Veterans
The VA offers a grant for veterans or servicemembers who have specific service-connected disabilities under the Specially Adapted Housing Program. The purpose of the grant is to provide a barrier-free living environment and a level of independent living. The grant can be used for doorways, carpet, faucets, garages, ramps, kitchens, walkways, sliding doors and views to name a few. To apply for a grant follow the steps on the Specialty Adapted Housing Program Web site. If you have any questions contact the Chief of Specially Adapted Housing at 202-461-9546 or via e-mail at brian.bixler@va.gov.
Home Loan Process
Each home loan purchase has its own peculiarities but they all follow a similar chain-of-events. Working closely with a knowledgeable realtor will help you avoid any pitfalls or any unforeseen complications.
Contact your local VA or TVLB rep if you have any questions.
Related Links and Services
Texas State Veterans Homes are for eligible Texas Veterans who are at least 18 years old or older and require long-term nursing care as determined by a physician and concurred by the VA. Spouses and unmarried spouses of qualified Texas Veterans and Gold Star Parents, all of whose children died while serving in the United States Armed Services also qualify.
VA Lenders, Servicers and Real Estate Professionals provide training and information for VA Home Loan service providers.
The mission of the VA Loan Guaranty Monitoring Unit is to protect the interests of the Government and the veterans they serve by ensuring that program participants' process and close VA home loans in accordance with the law, regulations, and program directives.
