Veterans Land Board Land Loan offers competitive interest rates and generally a minimum of 5% down payment on land of one acre or more. Veterans and Military Members can borrow up to $150,000 with this program.
1. Review Veteran Land Board Land Loan Terms and Conditions
If you are just starting out and want to learn more about the Veterans Land Board, check out their website. There you will find terms and conditions, frequently asked questions, and other benefits available.
2. Eligibility
Below are the minimum requirements that must be met in order to be considered eligible for the Veteran Land Board loan program.
- Must be at least 18 years old
- A legal resident of Texas on the day application is submitted
- Meet one of the following service criteria:
- An active duty military member.
- A member of the Texas National Guard.
- A reserved component Military Member having completed 20 qualifying years.
- A veteran having served at least 90 active duty days unless discharged sooner.
- A surviving spouse of a Veteran listed as missing in action or whose death was service connected.
For land to be considered eligible for Veteran Land Board financing, it must meet the following guidelines:
- Located wholly within the state of Texas.
- Contain at least one acre, excluding any portion beneath a dedicated public roadway or navigable waterway or subject to frequent inundation or otherwise unusable.
- Have legal, usable access to a public road. Access must be a minimum of 60 feet wide or meet the county public road width requirements, whichever is greater. “Usable” means that it can be driven on by a standard passenger car in inclement weather.
- The flagpole access portion of the property must be drivable in inclement weather to the main body of the tract.
- Be properly described by either a field note description of the tract with the surveyor’s official seal and signature (original or copy) or a complete copy of the recorded subdivision plat if the description is by lot & block.
- Not be zoned strictly for commercial use.
- Not have been owned by you or your spouse within the previous three years.
- All trash/debris, tires, and dilapidated structures must be removed prior to closing.
3. Gather Financial Documents
To save time, go ahead and start gathering the following documents. More information may be requested depending on your unique situation, but the following will be requested for all those that apply for a loan.
- Valid Texas Driver’s License
- State ID (if a valid driver’s license is not available)
- Social Security Card
- DD214 (member 4)
- Last 2 years of Tax Returns
- Last 2 years of W-2’s, 1099, or 1040
- For those Self Employed, profit and loss statement
- Last 2 months of ALL bank statements
- Additional Income documents: SSI, Disability, Pension, Child Support
- Retirement and Investment Statements
- Completed Farm & Ranch Contract
- Field Notes & Survey Plat that meet VLB Requirements
Other Items required (if applicable):
- Verification of discharged bankruptcy
- Certified copy of divorce decree
- Verification of previously owned real estate or being paid in full if sold within the last 30 days
Military service records can be requested online through the National Archives. You may also request military records by filling out and submitting form SF-180 through the mail.
4. Get Pre-Qualified
Now that all the above documents have been gathered, they can be uploaded with your application online. Your eligibility status, income statements, and credit will be reviewed by the Veteran Land Board to determine if you qualify. This step is important because it states how much land you can afford.
5. Find Property
You will want to research tracts of land for sale in Texas that will meet the Veteran Land Board terms and conditions to be eligible for a land loan. There are several ways to search online but we recommend working with a professional such as the NewHomePrograms.com Team. You will save time and money by letting our REALTORS® assist in your search to buy land.
6. Work with Veteran Land Board Loan Processor to Complete the Paperwork
Once the ideal property has been located, a contract has been submitted and accepted, loan documents will be executed.
7. Have Financing Finalized, Downpayment Ready, and Schedule a Closing Date!
Loans generally take 30 days to process. There may be a few bumps along the way, but it will be worth it! Remember not to make any large purchases or open new lines of credit at this time as it can affect your eligibility status. You will work with the loan originator and title company to set a closing date and time to sign and finalize your transaction!
