When it’s time for members of the United States to retire, they may want to purchase some land for their time after that. Texas is a state that has ways for them to be able to buy it without having to suffer financially.
They won’t have to look too far. There are options out there to help veterans buy Texas land.
The VLB Veterans Land Loan Program
This is probably the best way for a veteran to buy land in Texas. They can borrow up to $150,000 and they usually have to pay down 5% of the cost of the land to start off. Interest rates are on the “competitive side”, with the 2021 rate being 6.95%.
The only stipulation is that it has to be at least an acre of land and that there has to be access to a public roadway. Also, since the Veterans Land Board (VLB) is the lender for this, they don’t look at credit scores.
Get The Land at a VLB Auction
There is another way for a Veteran to get a tract of land. The VLB usually puts up land for sale four times a year: January, April, July, and October. This all depends on whether there is any kind of moratorium in effect due to something like a national pandemic.
Use The Property Tax Exemption
Here is something that can also help a veteran when it comes to buying land. If they are 100% disabled, they can get a full exemption. There can be a sliding scale with the others based on their level of disability.
Veterans can also borrow money to improve their homes, with the Veterans Home Improvement Program. They can borrow up to $50,000 and if they are more than 30% disabled, they can also get lower interest rates.
Veterans can also move into homes that are specifically for them, but it is a shared place, not their own residence. That might be an option if they cannot meet the requirements for buying the land. This could be the last resort option for them, especially if they want to remain fully independent.
Veterans give themselves to the country… and here is a way for them to enjoy life post-military. Then they can set up roots and live in something that they can call home for a long time.