This Blog will answer questions regarding real estate and mortgage financing. One question will be selected from the most frequently asked questions of the week regarding real estate and mortgage financing.
Does Texas offer any housing benefits for disabled veterans? The State of Texas provides a number of veteran benefits, including Veteran Housing Benefits. The Texas Veterans Land Board (VLB), administers three veterans' loan programs: The Land Loan Program, Veterans Housing Assistance Purchase Program, and the Veterans Home Improvement Loan Program.
Veterans with disabilities may qualify for an interest rate reduction on their VLB Home or Home Improvement Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater. This has to be verified by an Award Letter from the Department of Veterans Affairs (VA). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate. The veteran must meet all other eligibility requirements. The first step is to prequalify with an approved VLB lender. Click here to search for a VLB lender near you.
Additionally, disabled veterans who meet certain requirements, their surviving spouses and minor children of a person who dies on active duty in the U.S. Armed Forces, are eligible for property tax exemptions on the appraised value of their property. The exemption applies to taxes levied by all taxing authorities in the State. For exemption forms and more information, contact the appraisal office in the county where the home is located.