Every role in each military branch should be honored, from the foot soldier to the navy chief, from the Air Force navigator to the Army general. That is why for National Military Appreciation Month, we are breaking down some of the real estate benefits that are currently available in Texas for our military service members.
The U.S. Department of Veterans Affairs (VA) Loans
The U.S. Department of Veterans Affairs (VA) helps service members, Veterans, and eligible surviving spouses become homeowners. As a part of their mission, they provide home loan guaranty benefits and other housing-related programs to help those in the military buy, build, repair, retain, or adapt a home for their own personal occupancy.
Some of the benefits of a VA home loan include:
No downpayment required
Competitively low interest rates
Limited closing costs
No need for Private Mortgage Insurance (PMI)
The VA home loan is a lifetime benefit that you can use multiple times
The VA home loan programs includes the following options:
VA Direct Home Loan
With a VA direct home loan, the VA serves as your mortgage lender. This means the military service member will work directly with the VA to apply for and manage your loan.
VA Backed Home Loan
With a VA-backed home loan, the VA guarantees (or stands behind) a portion of the loan provided from a private lender. If the VA-backed home loan goes into foreclosure, the guaranty allows the lender to recover some or all of their losses. Since there’s less risk for the lender, they will most likely issue the loan under the best terms.
A VA-backed cash-out refinance loan lets military service members replace their current loan with a new one under different terms. They can utilize it to cash out home equity or refinance a non-VA loan into a VA-backed loan.
VA Financial Counseling
If you’re a Veteran or the surviving spouse of a Veteran and have fallen behind on your mortgage payments, the VA has loan technicians that can provide counseling services to help avoid foreclosure.
VLB Veterans Land Loan Program
The VLB Veterans Land Loan Program offers Texas Veterans and military service members exclusive financing towards the purchase of their own piece of Texas. It is the only program of its kind in the nation, giving Texas Veterans and military service members the opportunity to borrow up to $150,000 to purchase land at competitive interest rates.
Texas Homestead Tax Exemptions
Partially Disabled and Veterans over 65
Texas offers a partial property tax exemption for partially disabled Veterans. The amount of the exemption is based on the percentage of service-connected disability the VA awarded the Veteran. An un-remarried surviving spouse or child (under 18 and unmarried) of a qualifying disabled Veteran who dies are also eligible for this exemption.
100% Disabled or Unemployable Veterans
Veterans who receive compensation from the VA for a service-connected disability rating of 100% disabled or of individual unemployability are eligible for 100% property tax exemption on their homestead. An un-remarried surviving spouse can continue to receive this exemption if they continue to live on the homestead after the Veteran dies or receive this exemption on a subsequent homestead if they do not remarry.
Texas Veterans Commission Programs
Forward Home Program
This program helps veterans, surviving spouses and their families by providing them with one-time rental/mortgage and utility payments to prevent homelessness.
Housing For Texas Heroes Grant
Disabled Veterans can qualify for house modifications, critical home repairs, & home weatherization services to improve home accessibility and the quality of life. Modifications may include (but are not limited to) walkways, ramps, sliding doors, handrails, kitchen and bathroom modifications, plumbing, electrical, interior walls, flooring, lighting, doors, windows, siding, and roofing.
At Willow Bend Title we salute our military for the sacrifices they have made for our freedoms. Our team is honored to give back and help our service members and their families find closure in the home buying process and are here to use our years of experience and compassion to make sure they receive the treatment and service they deserve. If you need additional Veteran resources or want to learn more about our services, please contact our real estate experts and we will be happy to lead you on the path to homeownership.