If you have heard about the VLB then we would like you to know that veterans and their families living in Texas, can take the help of this loan to save money on home mortgages. For a veteran who has been planning home ownership, taking the help of lenders who offer VA loan facility is the most convenient path towards home ownership However, they do not know that the additional savings they would be entitled to if they combine the VA home loan guarantee with the low interest loan rate of VLB, is something that no other authority can offer them. Veterans Land Board or the VLB lenders were the people who actually initiated the VLB home loans. The mortgages initiated by the VLB home loans are divided into three categories - FHA loans, conventional and VA loans. Taking advantage of the lowest interest rates as well as the down payment options in the market, can help them fulfill their dreams without taking things too hard on the pocket.
Competitive rates of interest
The very reason why people should consider getting a VLB loan is because these loans offer competitive rates of interest. Veterans get low interest rates through this policy and those who apply for veteran disability discount can enjoy further benefits. If a Texas veteran has been offered a service-related disability rating of 30 or above by the board, can receive some great discounts on home loan rate. Such discount benefits on Texas VA loans are also available for surviving spouses as well.
Finding an appropriate lender
The entire procedure of applying for a VA loan and reaping benefits from it cannot be conducted without the help of a professional. Today there are several consultants and advisers in Texas, who have got complete knowledge in VLB and VA loans and in exchange of a nominal fee they offer helpful guidance to veterans. In most cases VLB asks lenders for one percent origination and long with one percent participation fee. Both are negotiable.
We would like to inform you that every home loan is different from the other. The fees that a lender charges mainly depend upon loan amount, credit rating and term of loan. Fees charged while closing the home loan include origination fees, down payment, mortgage insurance, earnest money and appraisal fees. This implies that if even if one is a veteran, he must always be prepared for certain out-of-the-pocket expenses. Nevertheless, you can always get in talk with your lender and spread out costs throughout the duration of the loan.
Eligibility requirements for acquiring a VLB
You can settle for any type of mortgages, but there is need for submitting some paperwork for qualifying for the loan. For participating in the home loan programs, you would need a score of around 620. Also, you should be a resident of Texas and should have the necessary documents to prove that you have been discharged from duty honorably. You should also get your status checked with VLB before getting certified for eligibility.
Competitive rates of interest
The very reason why people should consider getting a VLB loan is because these loans offer competitive rates of interest. Veterans get low interest rates through this policy and those who apply for veteran disability discount can enjoy further benefits. If a Texas veteran has been offered a service-related disability rating of 30 or above by the board, can receive some great discounts on home loan rate. Such discount benefits on Texas VA loans are also available for surviving spouses as well.
The entire procedure of applying for a VA loan and reaping benefits from it cannot be conducted without the help of a professional. Today there are several consultants and advisers in Texas, who have got complete knowledge in VLB and VA loans and in exchange of a nominal fee they offer helpful guidance to veterans. In most cases VLB asks lenders for one percent origination and long with one percent participation fee. Both are negotiable.
We would like to inform you that every home loan is different from the other. The fees that a lender charges mainly depend upon loan amount, credit rating and term of loan. Fees charged while closing the home loan include origination fees, down payment, mortgage insurance, earnest money and appraisal fees. This implies that if even if one is a veteran, he must always be prepared for certain out-of-the-pocket expenses. Nevertheless, you can always get in talk with your lender and spread out costs throughout the duration of the loan.
You can settle for any type of mortgages, but there is need for submitting some paperwork for qualifying for the loan. For participating in the home loan programs, you would need a score of around 620. Also, you should be a resident of Texas and should have the necessary documents to prove that you have been discharged from duty honorably. You should also get your status checked with VLB before getting certified for eligibility.
EmoticonEmoticon