Are Energy Star Homes the only homes that qualify for the Texas Veterans Land Board (TVLB) program?
Yes, the new program requirements state that the home must be Energy Star to qualify. The Texas Veterans Land Board (TVLB) will purchase the tract of land in which you are interested directly from the seller. The TVLB then resells the land to you by a 30-year contract of sale. It takes approximately 90 days to close a loan, provided all-necessary documentation is submitted timely and there are no unusual situations associated with the purchase. When the terms of the contract are fulfilled, the TVLB will issue a deed to the property to you. The Texas Veterans Land Program is self-supportive, funded by bonds and the fees submitted by each Veteran purchaser. The Veterans Housing Assistance Program (VHAP) will provide financing up to $150,000 toward the purchase of a home to qualified Texas Veterans. The term of the loan can be 15, 20, 25, or 30 years. There is no maximum sales price restriction with the VHAP; however, the Board can only invest $150,000 toward the purchase of the home.
