Land for Texas Veterans
Veterans are given the opportunity to purchase land in Texas with a lot less cash out of your pocket than anybody else. While many of us dream about owning our own little piece of Texas, veterans can make their dreams come true for as little as 5% down payment, thanks to the Texas Veteran Land Board.
Low Interest Loans
The Texas Veteran Land Board is a state agency providing low interest loans to qualified Texas veterans for the purchase of land, the purchase of housing and the purchase of home improvements or repairs.
The tract of land can range in size from hundreds of acres down to a minimum of one usable acre, as long as it meets minimum Texas Veterans Land Board criteria.
Qualified veterans can purchase land priced up to $80K with a fixed rate low interest loan for up to 30 years. While the interest rate for a 30 year fixed rate loan for veterans is updated weekly, currently it is only 7.25%.
Other types of financing for land purchases typically require 20%- 50% down payment, higher interest rates and balloon payments.
Land with a value greater than $80K, may be purchased, but the veteran must pay the difference between the net financing amount and the purchase price at closing. For more information about the Texas Veterans Land Board, check out www.glo.state.tx.us/vlb.
Affordable tracts of land are currently available throughout the state. For example, in Montgomery, Grimes, and Waller counties, two acres can be purchased for $15,000-$20,000.00 and up, while five acres or more can be purchased for $50,000.00 and up.