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Old 09-08-2010, 02:43 PM
 
Location: 1604 & Potranco Area
314 posts, read 833,188 times
Reputation: 385

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Looking at buying a new (used) home and wanted to find out peoples experience with the TVLB process.

Looks like someone with a VA Rating of 30% or more can get a home loan for 3.54% or 4.04% with no rating.

If you used it I have the following questions:

New home or used?
What bank?
How was the process?
How were the fees?

Link: Texas Veterans Land Board


Thanks,
Mike
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Old 09-08-2010, 05:49 PM
 
1,276 posts, read 3,828,504 times
Reputation: 700
We used them 6 years ago when we bought our house. Now I've slept since then, but I remember the process to be very easy and painless. We told the bank we wanted to go Texas Vet for our home and they took care of everything. We had to supply a few documents to prove eligibility, but other than that, I don't remember us having to do a whole heck of a lot.
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Old 09-08-2010, 05:54 PM
 
Location: Pipe Creek, TX
2,793 posts, read 6,054,263 times
Reputation: 1604
I look at the parcels of land for the auctions through their website. I have driven out to several of the parcels that I was interested in. When I find the right one, I will bid. I'm not too thrilled with the interest rates for land compared to homes.... but I understand why they are higher.
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Old 09-10-2010, 04:54 PM
 
Location: 1604 & Potranco Area
314 posts, read 833,188 times
Reputation: 385
Hadley,
was it a new or "used" home?
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Old 09-10-2010, 09:12 PM
 
5,642 posts, read 15,723,713 times
Reputation: 2758
I got 4.75% on just land out in the hill country. Owner financed, with 10% down!

To be honest, I believe land is going to be all the rage in the near future and homes will continue to dive as a means to build weath. NYTimes also had an article on this recently.

Good luck!
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Old 09-10-2010, 09:32 PM
 
1,276 posts, read 3,828,504 times
Reputation: 700
It was a new home.
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Old 09-10-2010, 10:53 PM
 
Location: San Antonio,TX
48 posts, read 193,022 times
Reputation: 28
Quote:
Originally Posted by AFMike View Post
Looking at buying a new (used) home and wanted to find out peoples experience with the TVLB process.

Looks like someone with a VA Rating of 30% or more can get a home loan for 3.54% or 4.04% with no rating.

If you used it I have the following questions:

New home or used?
What bank?
How was the process?
How were the fees?

Link: Texas Veterans Land Board


Thanks,
Mike

Mike,

I have never used the Texas Veteran's Land Board personally. I am a mortgage banker that provides this type of service to her clients. If you buy a brand new home, it will have to be certified as Energy Star. If the builder did not build it under this criteria, you can have a certified Energy Star inspector inspect the property and if it meets it specifications, will then provide you the certification. However, this is a costly inspection report that can cost you approximately $1,000.00. If you find an existing property, this type of inspection will not be required.

Since you have a VA disability, you will be able to get the Qualified Veterans with Disabilities Program Discount, which is 0.5% discount. This means that with the current 4.13% rate, your 30-yr rate will actually be 3.63%. This is a great rate. It's unfortunate that you had to realize this type of disability, but this is the least that you should get for your sevice. Mike, we Americans thank you for your service.

Sincerely,

Dianne Y. Ayala Steffey
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Old 09-11-2010, 07:20 AM
 
Location: 1604 & Potranco Area
314 posts, read 833,188 times
Reputation: 385
Dianne,
Thanks for the info and your kind words, can you explain the fees associated with the TVLB loan on a "used" house (foreclosure).

My realtor said the fees are high and it is difficult to use on a foreclosure...can you set the record straight?
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Old 09-21-2010, 07:46 AM
 
Location: San Antonio,TX
48 posts, read 193,022 times
Reputation: 28
Quote:
Originally Posted by AFMike View Post
Dianne,
Thanks for the info and your kind words, can you explain the fees associated with the TVLB loan on a "used" house (foreclosure).

My realtor said the fees are high and it is difficult to use on a foreclosure...can you set the record straight?

Mike, Sorry for the delay in getting an answer to you. The fees are not high, when you consider the low rate that you will be getting. Most realtors have the misconception that the TXVET loan is difficult to do and takes too long. This is not true.

It is possible to use this type of loan on a foreclosure. It depends on the condition of the property, and whether the Seller is willing to accept VA as a preferred term to use for the purchase of a particular property. The reason that it depends on the property is because when the Seller agrees to VA financing, the VA appraiser (professional who estimates the value of the property) may identify lender-required repairs on the appraisal. When this happens, then the Seller is obligated to make these repairs. Typically, the Seller does not want this responsibility or that possibility. But, if the property is in good condition, and there are no obvious problems with the house (e.g. foundation, roof, wood rot issues, etc.), the likelihood that the VA appraiser will identify lender-required repairs is very low. You will then be able to use a VA loan for this type of house. It will take work on the part of your realtor to find the house that you want using the type of loan that fits your long-term goals.

Good luck to you.

Dianne
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