My Real Estate Tips

                    (Subtitle:  You May Be a Veteran! )

…under starry skies above, the answer to your dream of owning property could be just around the corner.  Would you believe, there are Veterans who don’t even know they are Veterans.  Yes, in Texas and a few other states (Alaska, California, Oregon, and Wisconsin) there are Veteran’s programs that have less restrictive requirements to qualifying as a Veteran, and there are many qualified ex-Reservists and Guardsmen/women who are not aware that they are qualified for state Veteran’s programs. 

In Texas, for example, as long as you have reasonably good credit, all you need to qualify for Land loans or Home mortgages and even Home Improvement Loans under the Veteran’s programs is having spent at least 90 days active duty, and even that can be cumulative.  So all those summers you spent training instead of vacationing with your family and friends, well they count, too.  You can just add them together and if they total 90 days, you are in!  As far as I know, Texas is the only state that has a Land loan program, but the other states I mentioned above do have extended Veteran’s programs of their own.  Check it out, there may be a program that will help you.

I’m sure that if you’ve considered buying land, you’ve encountered some difficulty finding financing.  The Texas Veteran’s Land loan program offers 95% financing and a 30-year fixed rate of 7.25% interest, plus you can make your application on-line.  There is a 1 acre minimum in size and $80,000 maximum loan.  If you check around you will find that this is great!!  Consider the possibilities.  Let’s say you find a city property, a commercial lot, or a group of smaller lots zoned multifamily that in size add up to 43,560 square feet (an acre) — you can buy it with a Texas land loan.  That wonderful 1 acre lake view lot at your favorite recreation lake — it is within reach.  Or you can buy a few acres in the country, it’s left to your imagination.

If you qualify for a Texas Veteran’s Land loan you are also eligible for other programs as well.  Other state programs you probably don’t know about include Home Improvement loans.  You can borrow up to $25,000 to make improvements to your home, there are some restrictions on the type of projects that are accepted but the financing is FHA insured and for 20 years at a reasonable fixed rate.  There is another loan type that fills a niche where no funds are usually available from lenders, and that’s loans for homes under $50,000.  The Texas Veteran’s Land Bank will make direct home loans to those who qualify for homes up to $45,000.  There are still many small rural towns in Texas where you can find a home for sale under $45,000 and now financing is available under the Texas Veteran’s program.  They also underwrite loans for 1 to 4 family residential properties up to $325,000.  You could buy a duplex or even a fourplex as long as you occupied one of the units, and pay up to $325,000 with only 5% down under this program. 

So you can see, if you were in the Reserves or National Guard, you may, if you live in Texas, be considered a Veteran and be qualified for a great loan.  It’s worth your time to check it out.  In Texas go to:  http://www.glo.state.tx.us/vlb/ – and if you’re in other states, check your state’s veterans sites for their programs.

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