The Texas Vet Land Board has allowed qualified Vets to borrow up to $125,000 for land purchases.
Qualified Veterans can purchase land with as little as 5% down and up to 30 yrs fixed rate of today at 6.75%.
There are no income requirements for VLB loans, however, as with any mortgage, there are credit qualification requirements. Application approval is based on the veteran’s credit-worthiness, which is determined by checking your credit score and confirming that it is in the desired range. Credit scores can be as low as 620 to qualify, however higher scores make it more likely that you will be approved.
Be sure to ask your financing professional for credit repair options if you do not yet have the credit score to meet the minimum requirement for a VLB loan. In many cases, it can be improved enough to qualify in a matter of a few months depending on the starting score and the specific entries on your credit report.
Please call us today and one of our salesman can assist you with any questions you may have about a VA Loan.