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The VLB Board unanimously approved three critical changes for
Texas Veterans benefits. With home prices on the rise, the VLB unanimously
authorized an increase to the maximum home loan amount the VLB can approve
for Veterans seeking homeownership. The VLB also unanimously approved a
reduction in the price of several tracts of land available for sale to
Texas Veterans, following new appraisal data. The votes took place on January
28, 2021 during the first Board meeting of the year.
“Veterans across Texas trust the VLB to make constant changes and updates
that continue to make us an exceptional resource for their land, home, and
home improvement loan needs,” said VLB Chairman and Land Commissioner Bush.
“I am excited to kick off 2021 off with this news that helps Veterans
purchase their own piece of Texas and secure a better financial future.
There is no better place for Veterans than right here in Texas.”
Specifically, the Board approved increasing the maximum home loan limit of
$510,400 to $548,250, matching current Federal Housing Administration
limits. The rate locks will be effective on January 29, 2021.
The Board accepted a land loan interest rate of 6.95 percent for Veterans,
a reduction from 7.25 percent. The interest rate change applies to land
loan applications made on January 29, 2021, and later.
Additionally, the Board approved a minimum bidding price reduction and
offered no-down payment on four land tracts. The reduction in minimum bid
amounts ranges from 4 to 59 percent off the current asking price.
More information on available land tracts for sale and home loan
applications can be found here.
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