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SCRA Assistance


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Texas Reservists and National Guard troops with a VLB Home or Home Improvement Loan may be able to defer interest payments when called up for active duty, thanks to the Servicemembers Civil Relief Act (SCRA).

Participants who meet the eligibility requirements of the applicable provision of the SCRA can save thousands of dollars and don't have to repay the interest after returning to civilian life. The VLB's goal is to lower monthly expenses for military men and women called up for future contingencies, because their incomes are typically much lower until they return to civilian life.

This program also lets many Reservists and National Guard members defer their entire monthly payments on VLB Land loans, as long as they're on active duty.

If participants choose to continue principal payments while on active duty or during the three-month grace period following deactivation, their payments will go toward reducing the principal balance of their loans. Veterans who have participated in the program have greatly reduced their principal balances by continuing to make payments.

  • Policy for VLB Home and Home Improvement Loans: Participants pay only the principal portion of their loans and any required escrows for taxes and insurance as long as they're on active duty, plus a three-month grace period following deactivation.  For nine months following the grace period, the interest rate will be no more than 6%.  After that time, the interest rate and standard payment will return to normal.
  • Policy for VLB Land Loans: The entire monthly payment is deferred for most participants, however; for those loans that require escrow payments, the principal and escrow portion of the payment must continue to be paid each month, plus a three-month grace period following deactivation.  For nine months following the grace period, regular payments will resume, but the interest rate will be no more than 6%.  After that time, the interest rate and standard payment will return to normal. If participants choose to continue principal payments while on active duty or during the three-month grace period, their payments are applied to the principal balance of their loans.

star How To Apply

Land Loans
Eligible Reservists and National Guard members who want to reduce or defer loan payments should send a copy of their orders showing activation date.  Remember to include your loan number for proper identification.  Send to:

Texas Veterans Land Board
Research Department
1 Corporate Dr., Suite 360
Lake Zurich, IL  60047-8945

Additional information on the program and federal protections is available.  For more info contact the VLB.

Home and Home Improvement Loans
Eligible Reservists and National Guard members who want to reduce loan payments should send a copy of their orders showing activation date to the lending institution to which they make their payments. Remember to include your loan number for proper identification.

Additional information on the program and federal protections is available.  For more info contact the VLB.

 


Links to Additional Resources

Contacts

VLB Help Line
1.800.252.VETS (8387)
512.463.5060
VLB Help Line