In 1983, the Legislature created the VLB Veterans Housing Assistance Program (VHAP), to aid Texas Veterans in purchasing a home. Eligible Texas Veterans have an opportunity to purchase a home with a competitive, low-interest loan with little or no down-payment. Veterans, military members and their spouses may receive up to $417,000 on a fixed-rate loan for 15, 20, 25 or 30 year terms*. Veterans with a VA service-connected disability rating of 30% or greater qualify for a discounted rate of .50 basis points.
To qualify, homes must meet the following requirements:
The VLB does not offer refinancing. If you have an existing loan on your home, the VLB cannot provide refinancing to lower your interest rate, nor can the VLB home loan program be used for a down-payment on a home.
The VLB home loan program provides Veterans with loans, where VLB is in first lien position of the primary residence. It’s possible for a veteran to have one active loan in each program — land, home, and home improvement — at the same time.
Once a Veteran, or his or her successor, has successfully paid off a VLB home loan s/he may obtain another VLB home loan. The same applies to our land program. All VLB programs are self-funded, using no public taxpayer funding. VLB programs are financed with bonds, which are serviced by loan payments from Veteran participants.
*All VLB interest rates and available discounts are subject to change at any time. VLB Base Rate is subject to adjustment on the first business day of each week. All VLB loans are subject to credit approval.
To be eligible for VLB programs, Veterans, military members and their spouses must be: