Good news for T exas veterans who want to buy land! In his first act as chairman of the Texas Veterans Land Board (TVLB) Texas Land Commissioner George P. Bush increased the land loan limit . The previous land loan limit was $100,000. Texas veterans are now eligible for low-interest land loans up to $125,000. This is the apparently the maximum loan by the TVLB allowed by Texas law.
The TVLB loan requirements are:
1. For the purchase of one acre or more.
2. Up to $125,000 for a 30-year, fixed-rate loan.
3. Minimum 5% down payment.
4. A certified survey.
5. A $325 appraisal and contract service fee.
6. Applicants must be veterans who were honorably discharged, served at least 90 days on active duty and who live in Texas.
Keep in mind that the TVLB originates all its land loans, so don’t let a mortgage broker tell you otherwise. You can get more information and begin the application process here.