Housing Benefits for Veteran Buyers of Homes for Sale
A lot of homeownership opportunities and housing benefits are available to veterans who live in Texas. As a veteran, you have a right to be aware of these programs that can be very beneficial for you, especially if you’re planning to buy a home in Weatherford real estate.
Texas Veterans Land Board (TVLB)
After the World War II in 1946, the Texas Veterans Land Board or TVLB was created to administer programs that provide long term and low interest loans to Texas veterans to buy land. It is financed by the issuing bonds sanctioned by voters. These bonds, including the expenses for administering it are funded by the participating veterans.
Veterans Housing Assistance Program (VHAP)
Created in 1983 by the Legislature and funded by bonds, the Veterans Housing Assistance Program or VHAP aids Texas veterans in purchasing their own residence. In 1986, it expanded to add a program that provides loans with interest rates that are below the market to eligible veterans to repair and improve their existing homes.
There are a lot of loan programs that veterans may make use of, including a housing loan, land loan, and home improvement loan. These three may be utilized all at once, if needed. Moreover, these programs aren’t connected with the federal Veterans Administration (VA); consequently, veterans may still be eligible even if they have already used up their benefits from the VA.
The VHAP pays for a maximum of $200,000 toward the purchase of the property, but eligible veterans can still purchase something with a price that exceeds $200,000 as there is no limitation to the maximum price. If the sales price of the property you like is beyond that number, this program can be utilized along with other financing programs like FHA loans or VA loans. This is referred to as a “two-note loan.”
You have to bear in mind that this program is not the type that refinances, meaning you are not allowed to use the VHAP as an earnest money deposit or to reduce the rate of interest if you already possess a mortgage loan for your property. It may be used solely as an initial lien on your main home.
Housing Benefit Programs
The TVLB gives other programs that are beneficial for veterans. Some of these housing-related benefits include the following:
1. Green Building Program – Qualified veterans can have their rate of interest lowered up to 0.3 percent in this program by means of utilizing “green” features and materials when purchasing or building a new property, or remodeling an existing house. There are number values designated by the Land Board to features and materials that are deemed “environmental friendly” that save water and energy.
2. Veterans with Disabilities Program – It gives eligible veterans to have their rate of interest lowered by a half-percent. To be qualified, an applicant has to be substantiated by the U.S. Department of Veterans Affairs that the veteran possess a 10% disability or greater that is service-related.
3. Veteran Teachers Program – It gives qualified individuals deduction by a half-percent to their rate of interest. Those who are eligible include veterans who ascend to be certified teachers in Texas, or veterans or their spouses who work as teachers and are currently declared by the Texas Education Agency.
Such programs can really be a big help for veterans who wish to buy their own houses from the available Weatherford homes for sale. To know more about these benefits, you should ask your real estate agent to assist you.