The VLB Veterans Land Loan Program may be the just one of its sort within the country, providing Texas Veterans and Military Members the possibility to borrow as much as $150,000 to get 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 program is simple to utilize and provides Texas Veterans and Military users exclusive financing towards the acquisition of the very own bit of Texas. The bonds utilized to invest in this program are resigned from loan repayments plus the price 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 per cent deposit and a fixed-rate 30-year loan term. The five per cent advance payment is at the mercy of credit approval.

A $325 assessment and agreement solution cost is born during the time of application. There’s no pre-payment penalty.

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

• View VLB land on the market offered to the general public

• Go to a house search site that lists land accessible in Texas
• Phone VLB at 800-252-8387

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

UP-TO-DATE ACCOUNT HOLDERS

To mail the VLB Loan Servicing Company:

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

Take note, for those who have issues with the processing of one’s loan repayment, you can easily 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 problem. We’re right here to last!

SEVERANCES

The VLB’s severance policy enables Veterans and armed forces people to get a cost name to a percentage of the VLB tract. Such resale that is partial are often during the single discernment regarding the VLB and topic to higher valuation pricing and stricter tips than severances for a house web web site. Additionally it is the insurance policy regarding the VLB that any ask for severance represents a request to “subdivide” the current tract. Consequently, all severances should be in conformity with state regulations and county and regional ordinances regulating such “subdivision. ” If any such legislation or ordinance imposes a condition which is more restrictive compared to policy or procedure contained herein, what the law states or ordinance will get a grip on.

Tracts not as much as 3 acres: The VLB will not give a severance.

4 – 19 acres: A severance is achievable. The severance must certanly be at least one acre or the minimum size required by county and neighborhood regulations, whichever is bigger. A partial launch must enable enough space for the home, septic system and water well (where relevant), all of these must fit completely within the boundaries associated with partial launch. Note: Before hiring 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 request unique loans. Presumption types should be required by the account owner and can simply be mailed to your account owner. VLB land loans might be thought after 36 months.

VETERAN ELIGIBILITY

To qualify for VLB programs, Veterans, army Members and their partners should be:

• At the very least 18 years.
• A bona fide and appropriate resident of Texas regarding the date of application and meet oneof the after solution criteria:
  • An duty that is active Member.
  • A part regarding the Texas National Guard.
  • A book component Military Member having finished 20 years that are qualifying 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 doing his thing or whoever death ended up being solution linked.

Military Service Documents

• Military Service RecordsVisit the National Archives to request your armed forces service documents online, by mail, or by fax. Records consist of DD214/separation documents, workers documents and records that are medical.
• Army Record Request — Standard type 180 (SF-180)Request your army record with the nationwide Archives Standard Form 180 (SF-180).

The Land Loan Process

The mortgage quantity will installment loans massachusetts online be based upon credit approval. Get served by reviewing your credit. Gather your revenue information and stay ready to offer your loan processor along with your newest pay stubs to help out with determining your creditworthiness.

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

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

Finish the processing of the land loan by going back all necessary loan paperwork (in other terms. Performed contract, survey, industry records, and or land plat).

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

LAND LOAN REQUIREMENTS

The land must to be eligible for VLB financing

• Be wholly in the continuing 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 general public road. Access should be at the least 60 legs wide or meet with the county road that is public demands, whichever is greater. “Usable” ensures that it could be driven on by a standard passenger automobile in bad weather.

• Be precisely described by either a industry note description for the tract utilizing the surveyor’s official seal and signature (original or copy) or even a complete content associated with the 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 36 months.
• All trash/debris, tires or dilapidated structures must be eliminated just before closing.

No value will be provided with to your improvements on tracts. Several, contiguous tracts could be combined under one instrument that is financing each share is maybe not lower than 60 linear foot of typical boundary or tracts are right beside the other person and divided entirely by the real width of this general general public right of means.