In 1983, the Legislature created the VLB Veterans Housing Assistance Program (VHAP), to aid Texas Veterans in purchasing a home. Eligible Texas Veterans have an opportunity to purchase a home with a competitive, low-interest loan with little or no down-payment. Veterans, military members and their spouses may receive up to $100,000 to build/buy a new home – with only $5,000 down.
To qualify, homes must meet the following requirements:
- Home must be the veteran’s primary residence in Texas
- Home must be a single family attached or detached home, town home or condominium
- Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan
- New homes must have either ENERGY STAR certification or HERS Index score of 75 or less
- The home must remain as the veteran’s primary residence for at least three years, and the Veteran borrower must occupy the home within 60 days after loan closing.
The VLB home loan program provides Veterans with loans, where VLB is in first lien position of the primary residence. It’s possible for a veteran to have one active loan in each program — land, home, and home improvement — at the same time.
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