Land Loans for Texas Veterans & Military
On this episode of The Dog Tag, our host Matt Elledge talks to a panel of Texas Veterans Land Board (VLB) loan experts to better understand the Land Loan Program available to Veterans and military members in Texas. The panel includes Bill McLemore, Deputy Director of the Land and Housing Program, Charlotte Mumphord, Director of Loan Operations, and Kim Mangum, Manager of Loan Origination.
Buying your own little piece of Texas can sometimes seem like an unattainable dream, but Matt and his team will walk you through the land loan process step by step. They cover everything including how to get pre-approved for a land loan, where to begin your search for land and how the loan process unfolds.
*Special Note: After this podcast was recorded the land loan limit was raised to $150,000. All other rules and guidelines still apply.*
Show Notes:
Matt introduces his guests. [1:09]
Eligibility requirements for a VLB Veterans Land Loan. [3:36]
Are there similar programs in other states? [5:28]
How to start the land loan application process. [7:13]
Use a participating VLB Real Estate Professional to find land for sale in Texas. [7:40]
Minimum acreage to purchase, down payment and maximum loan amounts, and loan term. [7:58]
How the VLB differs from other lenders who offer land loans. [8:34]
What if the property you’re looking to purchase is over *$150,000? [9:57]
What credit-worthy and debt-to-income ratio mean. [10:18]
The next step after you receive your pre-approval letter from the VLB. [15:12]
Farm and ranch contracts, legal descriptions and appraisals. [16:37]
Call the VLB if you need help finding a piece of land. [18:22]
What happens while your land loan is processed at the VLB. [19:10]
Appraisal and contract service fees, title companies and closing costs. [20:13]
How the appraised value is determined [22:11]
How the closing costs are calculated. [23:36]
How the land loan is serviced. [25:28]
What is an easement and why is it important? [26:34]
Is it possible to have more than one VLB land loan? [28:41]
VLB Forfeited Land Sales (Type I and Type II) [29:34]
How to apply for property tax exemptions. [37:08]
Can property be transferred to a Veteran’s family member? [38:06]
Other VLB loan programs available to Texas Veterans. [38:35]
- Stay tuned for our next podcast: Education Benefits for Veterans
- Listen to our previous podcast: A Guide for Veterans to Write and Publish a Book
Helpful Resources:
Land Loan Pre-Qualification Application
Automatic Payment Authorization Form
Type II Forfeited Land Sale Handbook
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!
