What is the philosophy behind the Texas Veterans Land Board program?
The tradition of rewarding veterans with land as thanks for their military service began in the days of the Republic of Texas. While today we can no longer give land to
veterans, we continue the tradition by offering them low-interest rate loans for land, homes, and home improvements, all at no cost to the taxpayer.
Prior to January 1999, the TVLB could only lend a maximum of $45,000 for housing loans, and this loan amount did not reflect the prices of today's housing market. To correct this, the TVLB gained permission from the Legislature to increase the amount it could lend to a maximum of $240,000. The interest rate was also lowered to increase the overall value of this benefit package for Texas veterans. Since then the loan amount has been increased to $325,000.
Yes. Veterans who repay their TVLB loans can reuse their benefits and secure another housing, land, and/or home improvement loan.
Several other states (CA, OR, AK, WI, MS) offer veterans a special home loan program. However, Texas is the only state to offer the unique combination of low-interest rates for land, housing, and home improvement loans.
The Texas ENERGY STAR Program makes good economic sense and saves money. When veterans build energy efficiency into their homes, they not only limit the amount of money they will spend on utility bills, but are also rewarded with a reduced interest rate on their home loans.
Money from loan related fees and interest paid on the loans themselves make the program self-sufficient. No state tax revenue is used to fund the VLB programs. These programs are an innovative and cost effective way to reward veterans for their service and sacrifices.
