Are you a military veteran who’s thinking of moving to Texas? Living in the Lone Star State could work to your advantage. There are several loan programs and benefits available for qualified veterans living in Texas.
They’re overseen by the three-member Texas Veterans Land Board (VLB), which was created right after Word War II. The VLB provides financing for Texas veterans at below-market interest rates.
The VLB originates the loans, not private lenders. Veterans may have only one loan outstanding at a time. Couples (two married veterans) are also limited to one loan. These loans can only be used for property located in Texas.
All of these programs are almost entirely self-supported and cost Texas taxpayers next to nothing.
1) Veterans Housing Assistance Program
Allows veterans to borrow up to $417,000 for the purchase of a new home in Texas. This loan may be used along with VA, FHA, and conventional loans. Down payment amounts are determined by your lender.
2) Veterans Home Improvement Program
Gives veterans the opportunity to borrow money for home improvements and repairs on their primary residence in Texas. These loans max out at $25,000.
3) Veterans Land Program
Unique to the Lone Star State. Gives veterans the opportunity to buy raw land in Texas. The program is simple to use, and a 5% minimum down payment is all that’s required.
4) Texas State Veterans Homes Program
Offers affordable long-term nursing care for veterans, their spouses, and even some qualified parents. Stays are usually subsidized by the VA, so out-of-pocket costs are low. Provides high-quality, specialized care so elderly veterans can enjoy their golden years in comfort.
5) Texas State Veterans Cemetery Program
Offers free burial services for Texas veterans. Includes a free plot, free headstone, grave opening & closing, and perpetual care. Choose from various well-kept cemeteries spread out all over the state.
So, how do you know if you’re eligible for any of these programs?
VLB Program Requirements
1) 18 Years Of Age
2) Bona Fide Texas Resident – means someone currently living in Texas who intends to remain a Texas resident. Texans on active duty outside the state may be considered residents.
3) Served At Least 90 Days Active Duty – Marines, Air Force, Coast Guard, Army, Navy, or US Public Health Service OR 20 Years Military Reserve Service.
4) Served After 1940
5) No Dishonorable Discharge
6) Repaid Any Prior VLB Loans
Surviving spouses of Texas soldiers who are MIA (missing-in-action) or KIA (killed-in-action) may also be eligible for these programs.
So, as you can see, Texas takes care of its veterans. Visit the VLB website for more details. Fill out a certification form to figure out if you’re qualified. And remember, final decisions are made on a case-by-case basis by the VLB Board.
Read More: 10 Reasons Why You Should Move To Texas