It’s November, and this month we’ll be celebrating America’s veterans on November 11, 2022. As we celebrate and honor members of the United States Armed Forces, it’s a good time to highlight Texas veteran home-buying program benefits and answer common questions about home-buying for Texas veterans. Let’s take a closer look at what veterans can expect when looking for property in Texas.
About The Texas Veterans Land Board (VLB)
Back in 1983, the Texas State Legislature passed a law that created the Texas Veterans Land Board (VLB) and the Veterans Housing Assistance Program (VHAP) with the idea of assisting veterans who are residents of Texas in purchasing homes in a more affordable manner. These programs can help military members and their families save money on housing in a variety of ways, so if you’re a veteran or veteran’s spouse, you can take advantage of a number of programs from loan benefits to benefits related to closing costs and more.
Texas Veterans Land Program
One of the biggest benefits of the Texas Veterans Land program is that veterans can take advantage of both their Texas veteran benefits and federal VA benefits at the same time when buying a home. Here are some of the ins and outs of the program:
VA-backed home loans. The Texas VLB’s interest rate on a VA-backed home loan is very competitive with other home loan interest rates. Veterans with a VA disability rating of 30% or greater receive an even better interest rate with an additional .50% reduction on the existing VLB interest rate.
VA Loan requirements in Texas.
In order to qualify for a VA loan as part of the VLB program, you have to meet the following criteria:
The Benefits of Texas VA Home Loans
There are a number of reasons why the VLB home loan program is helpful for veterans and their families:
Property Tax Breaks for disabled Veterans. If you are a veteran and disabled, you may be asking yourself, “Do disabled veterans get property tax breaks?” The answer in Texas is a resounding yes. Veterans with a disability rating of 100 percent get a full property tax exemption. If you have a disability rating of at least ten percent, you will qualify for property tax exemptions as well. Read more information about veteran property tax exemptions and tax breaks here. In addition to property tax breaks for disabled vets, if you have a disability rating of at least ten percent, you don’t have to pay the VA funding fee when closing on a home. The VA funding fee can save you between 1.25% and 2.15% of the loan amount for a Veteran’s first VA-backed mortgage, which is dependent on the amount of the down payment.
To learn more about Texas veterans home buying benefits, visit the VLB website or contact the Lippincott Team today. We’ve helped many veterans and their families find and qualify for their dream home. Call us at 713-494-1818 or check us out on social!
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