Texas Veterans Land Board (VLB)
Austin VLB Lender – Approved
Texas Veterans Land Board
Established over half a century ago, the Texas Veterans Land Board (VLB) has been keeping the promise to serve Texas veterans for life. Since the days of the republic, the great state of Texas has continued to support her veterans in return for their military service. In the beginning, land was given by the state for military service in the Texas Revolution. However, in 1946, this tradition was formerly acknowledged and the official Texas Veterans Land Board was created. The VLB was put in place to administer benefits solely for Texas veterans. Over 200,000 VLB loans have been funded for Texas veterans since the founding of the Texas VLB.
Austin Home Loans
Created by the Legislature in 1983, the VLB Veterans Housing Assistance Program supports Texas veterans in purchasing a home. This program provides eligible Texas veterans an opportunity to purchase a home with an unbeatable, low-interest loan with little or no money down.
- Available for eligible Texas veterans only
- Provides up to $417,000 for purchase of the home
- Fixed-rate Loans- 15, 20, 25 or 30 years
- Originates with participating lender
- The purchased home must be the primary residence
- The purchased home must be in the state of Texas
- All new homes must be ENERGY STAR® certified
- Subject to credit approval
Home Improvement Loans
As part of its commitment to veterans, the VLB can help a veteran buy a home, then help pay to improve it through the Texas Veterans Home Improvement Program (VHIP). Introduced in 1986, this program was created to provide below-market interest rate loans to qualified Texas veterans for home repairs and improvements to their existing homes.
- Originated directly though the Texas Veterans Land Board
- Provides up to $25,000 for a 20-year loan, or up to $10,000 for a 10-year loan
- No down payment is required
- Loan is FHA-insured
- Available for substantial improvements to primary residence only
- One-time closing with up front funding of full amount in four days
- Quick loans are available for health and safety repairs
Austin Loan Discounts
- Disabled Veterans Discount
Veterans with disabilities may qualify for an interest rate reduction on their VLB Home or Home Improvement Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate.
Please note the veteran must also meet all other eligibility requirements for these loans to qualify for the discount.
- Unmarried Surviving Spouse Discount
To honor Texas veterans, the VLB offers a substantial interest rate reduction on Home and Home Improvement Loans to the unmarried surviving spouse of any service member who was killed in the line of duty (service member must have been a legal resident of Texas at the time of death). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate.
An unmarried surviving spouse of a veteran who is missing in action, or who died in the line of duty, or died from a service-connected cause and had a compensable service-connected disability rating of 30% or greater (as verified by an Award Letter from the VA) at the time of death and was a legal resident of Texas is also eligible for the discount.
Please note the surviving spouse must meet all other eligibility requirements for the Home and Home Improvement Loan programs.
Frequently Asked Questions
- How do I apply on-line for a VLB loan?
At this time, only a Home Improvement Loan may be applied for online. The Home Improvement Loan application can be found on the Texas Veterans Land Board website. In order to apply for a VLB Home Loan, you must contact a lender for the VLB Home Loan application packet.
- How can I use the VLB Home Loan Program to finance a home selling for $475,000?
The VLB will lend the amount of the home’s purchase price up to $417,000. All application materials must be requested from and returned to the lending institution, which may choose to finance the balance.
- How can I find out about a discount for disabled veterans?
The VLB Home and Home Improvement Loans offer an interest rate reduction to surviving spouses of those killed in action, and qualifying veterans with disabilities.
To contact a VLB Austin loan expert, use the contact form to the right or call (877) 482-6967.