Tuesday, January 27, 2009

Texas Vet Home Loans

Texas Veteran Home Loans

The Texas Veteran Land Board was established in 1946 to provide Veterans from the State a way to obtain a low cost, low interest, fixed loan program for the purchase of land. Since the program’s inception, more than 120,000 Texas Veterans have taken advantage of this benefit without costing taxpayers a penny! Funding for the program comes from bonds which are authorized by voters and paid for by the program’s participants.
In 1983, the Texas Legislature created the Housing Assistance Program which passed with an overwhelming majority to assist Texas Veterans in the purchase of a home. This program is funded in the same way and is probably the reason you are visiting my website today!
In 1986, the Texas Legislature added the home improvement portion of the program which provides Texas Veterans a way to obtain a low cost, reduced interest loan for home repairs and improvements of their existing properties.

Who’s Eligible?
To be eligible for the program the following criteria must be met:
· Served no fewer than 90 cumulative days on active duty or active duty training in the Army, Navy, Air Force, Marine Corps, Coast Guard or United States Public Health Service, or recognized reserve component of one of the listed branches of service (unless discharged sooner due to service-connected cause), OR completed all initial active duty training required as a condition of service in any National Guard or reserve component of one of the listed branches of service, OR served in the Armed Forces of the Republic of Vietnam (ARVN) between February 28, 1961 and May 7, 1975 (ARVN - Housing Assistance Program or Home Improvement Program only).
· Served after September 16, 1940
· Not been dishonorably discharged. A person who has been discharged from the branch of the service in which the person served or from the National Guard is considered not to have been dishonorably discharged if the person: (1) received an honorable discharge; (2) received a discharge under honorable conditions; or (3) received a discharge and provides evidence from the Veterans Administration, its successor, or other competent authority that indicates that the character of the person's discharge has been determined to be other than dishonorable
· Listed Texas as the home of record at the time of entry into the military OR must have been a legal resident of Texas for at least twelve consecutive months immediately prior to filing an application OR be on active military duty, stationed in Texas, and have changed his/her state of legal residency to Texas. The applicant must also be a bona fide resident of Texas at the time the application is made. (A "bona fide resident" is someone who is living in Texas with the intent to remain in Texas.) This may include a Texas resident currently serving on active military duty outside of Texas. Presence in Texas due solely to military service may not establish bona fide residency
· Successfully repaid any previous Texas Veterans Land Board (VLB) loan. A loan is considered repaid when the account has been paid in full by the original veteran purchaser or last approved assignee. Any other active VLB loans in programs other than the one for which application is being made must be in good standing. Veterans are entitled to have only one loan in each VLB program at the same time
NOTE: The unmarried, surviving spouse of a Texas veteran who is missing in action, or who died in the line of duty, or died from a service-connected cause may be eligible to participate in the programs. The veteran's home of record must have been Texas at the time of entry into the military, OR the veteran must have been a legal resident of Texas at the time of death. Qualified unmarried, surviving spouses may be eligible for an interest rate discount.
Veterans with Disabilities Program
Interest rate reductions are offered to Veterans with 30% or more VA related indebtedness for both the Veterans Housing Assistance Program and the Veterans Housing Improvement Programs.

Interest Rates
For more information on interest rates and discounts, please give me a call and remember it doesn’t cost a penny to talk! You can also fill out a quick loan application at www.legacymutualsa.com.

Tyler E. Krug
Sr. Loan Officer
Legacy Mutual Mortgage
2526 N. Loop 1604 West
Suite 150 (at Bitters Rd.)
San Antonio, TX 78248
Mobile: (210) 204-8249
EFax: (877) 885-1512