|
Texas Vet Home Improvement Program |
Print |
The Texas Veterans Land Board (VLB) will lend eligible Texas veterans up to $25,000 for up to 20 years on a fixed-rate note to make substantial repairs to their existing primary residence.
Please note the following:
- No down payment is required.
- For loans of less than $10,000, the maximum term is 10 years.
- All loans are FHA-insured.
- The VLB must be in a first or second lien position.
- The veteran cannot advance any funds to the contractor or purchase materials prior to receipt of loan proceeds from the VLB.
- The VLB now offers a one-time closing with up-front funding (4 days after closing) of the full amount of the loan.
- The parties may draft their own agreement, including hiring an escrow agent.
- All property improvements should be completed within six months from the date of disbursal of loan proceeds.
- If the veteran is required to vacate the home while the improvements are being made, the veteran must re-occupy it within 60 days after completion of the construction.
- The Home Improvement Program cannot be used for refinancing.
Like the Land Purchase Program, the Home Improvement Program is provided directly by the Texas Veterans Land Board and not through participating lenders; therefore it is recommended that you contact them directly at 1-800-252-VETS (8387).
Click here to go direct to the Texas Veterans Land Board's website to download a copy of the Home Improvement Loan application.
|
