If you are a Texas Veteran considering the purchase of land using the Texas Veterans Land Board (VLB) Land Loan Program, then don’t delay! In celebration of the new year the VLB will waive the appraisal fee for qualified land loans during the month of March.
This limited-time offer is available to eligible Texas Veterans, military members, and their spouses for land purchases in Texas, of one acre or more, with a minimum 5% down payment for land loans up to $150,000. Land loans have a fixed interest rate of 7.25% on a 30-year loan term with no pre-payment penalty.
The VLB will waive appraisal fees for land loan application packets that are completed, or land loans that close, between March 1, 2017 and March 31, 2017. A completed land loan application packet consists of a loan application, an executed farm and ranch contract, and a survey/field note description of the land being financed.
If you don’t already have a specific piece of land in mind, a great place to start looking would be the VLB Forfeited Land Sales. Type I Forfeited Land Sales occur quarterly and tracts for sale are exclusively available to Texas Veterans and military members. Type II Forfeited Land Sales are ongoing throughout the year and land tracts are available for sale to all Texas residents. Text VLB, your name and zip code to 67076 and be informed when a Quarterly Type I Forfeited Land Sale opens.
If there are no forfeited land tracts that interest you, please consider property search websites that list land for sale in Texas, or contact a real estate professional.
Submit a pre-qualification application for a VLB land loan online any time. If you have any questions our Veteran Benefits Counselors at the VLB Veterans Call Service Center are available from 7:30 a.m. to 5:30 p.m. Monday through Friday. Give us a call today at 1-800-252-8387 or send us an email.
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