Home Improvement Loans for Texas Veterans & Military

On this episode of The Dog Tag, Matt Elledge talks with Bill McLemore, Deputy Director for the VLB Veterans Land & Housing Program, and Charlotte Mumphord, Director of the Land & Housing Program, about the Texas Veterans Home Improvement Program (VHIP).

Matt and his guests break down the home improvement loan process including how to apply for pre-approval online, select a contractor and which projects are eligible. These loans are available to Veterans, Military Members and eligible spouses in Texas.

Charlotte Mumphord has served Texas Veterans and Military Members in Texas for 32 years at the Texas Veterans Land Board (VLB), helping them realize their dream of owning their own little piece of Texas.

Before Bill McLemore retired from the U.S. Army in April 1986, he deployed on four combat tours — three in Vietnam and one in the Dominican Republic. After leaving the Army, Bill worked as the Travis County Veterans Service Officer until 2001 when President George W. Bush appointed him to the position of Senior Advisor and Deputy Assistant Secretary for the United States Department of Veterans Affairs, where he served until 2008. From 2008 to 2013 he served as a Senior Staff Advisor and Veteran Advocate to the Director of the VA Heart of Texas Health Care Network. In 2013 Bill joined the Texas Veterans Land Board.

We are very proud to have these two hardworking, dedicated individuals on board serving Texas Veterans and Military Members.

(L-R) Matt Elledge, Charlotte Mumphord and Bill McLemore

Show Notes:

Introductions [:43]

The difference between the VLB Veterans Home Improvement Loan and a home equity loan. [1:34]

Eligibility requirements to participate in this loan program. [3:02]

Credit score and debt-to-income ratio requirements. [4:09]

Down payment, loan term and interest rate. [5:38]

Types of properties eligible for this loan program. [6:12]

Types of improvements that are eligible and ineligible with this loan program. [7:21]

How much you can borrow. What if your project is more than the loan limit? [8:13]

Fill out a pre-qualification application for the Veterans Home Improvement Loan. [8:37]

Information you’ll want to have on hand when beginning the application. [9:05]

A few guidelines to be aware of while filling out the application. [9:37]

How the pre-approval process proceeds and what happens after you’ve been approved. [10:05]

When and what kind of contractor to select. [10:39]

Loan underwriting requirements. [11:34]

How long the loan process may take. [12:23]

Closing costs, title fees and title companies. [13:57]

How the loan is serviced. [15:19]

Who is responsible for paying the contractor? [15:32]

Requirements for liens on the property being improved. [16:24]

How to select a contractor. [17:19]

Can you get more than one home improvement loan? [18:32]

Who we serve and how we expect to serve them. [18:42]

Helpful Resources:

Texas Veterans Home Improvement Program (VHIP)

VLB Home Improvement Loan Application

Eligible and Ineligible Home Improvement Projects

Related Podcasts:

Land Loans for Texas Veterans & Military

Listen to this podcast on iTunes or SoundCloud.

The Dog Tag® is brought to you by the Texas Veterans Land Board and the Texas Veterans Commission. Find more episodes at texasveteranspodcast.com. If you have questions about this topic, or suggestions for other podcast topics, call 1–800–252-VETS or email vlbinfo@glo.texas.gov. Visit TexasVeterans.com to find out more about your benefits!