VLB Raises Land Loan Limit to $150,000
On Monday, January 30, Texas Land Commissioner George P. Bush announced that Veterans and military members in Texas are now eligible for low-interest land loans up to $150,000. Commissioner Bush increased the land loan limit from $100,000 to $125,000 in his first act as chairman of the Texas Veterans Land Board (VLB) in 2015, and he’s raised it again two years later. Additionally, the VLB Veterans Housing Assistance Program (VHAP) loan guarantee was increased from $417,000 to $424,100, the current maximum VA conforming loan amount.
“In Texas, honoring Veterans is in our DNA,” Commissioner Bush said. “From the days of the Republic to the present day, we provide Vets with additional services and benefits above and beyond those provided in other states. As Chairman of the VLB I have made it my mission to improve the benefits we provide and work to ensure that more of my fellow Veterans are aware of the great benefits they earned serving our great country.”
Texas has always taken care of her Veterans. In 1836, the Texas General Land Office was formed, in part, to make sure Veterans of the Texas Revolution received the land rights they were promised in exchange for their role in the liberation of Texas. The Texas Veterans Land Board was created in 1946 to do the same for Texas Veterans who helped liberate the world. Today, the VLB serves more than 1.7 million Texas Veterans of all ages, as well as military members and their families.
“No other state can match what the VLB offers: low-cost land, home and home improvement loans; skilled nursing in long-term care facilities, and cemeteries — all exclusively for Veterans and military members in Texas and their spouses,” said Matt Elledge, Senior Deputy Director of the VLB. “Additionally all of our programs are self-funded, which is great news for Texas taxpayers.”
The cornerstone of benefits for Veterans in Texas is the VLB’s ability to offer below-market interest rate loans for land and home purchases, and home improvements. The VLB operates eight Texas State Veterans Homes that serve more than a thousand Veterans and their families needing long-term, high-quality care. The VLB also provides free burial of Veterans and military members with full military honors at Texas State Veterans Cemeteries in Abilene, Corpus Christi, Killeen and Mission.
“Texas Veterans have more than earned this benefit,” said Bill McLemore, Deputy Director of VLB Loan Operations. “This will make it easier than ever for Veterans to achieve the American Dream they fought and sacrificed so much for through their service.”
For information about the Texas Veterans Land Board, visit TexasVeterans.com or call 1–800–252-VETS (1–800–252–8387).