Most veterans living in Texas are aware of the benefits of purchasing a home through The Texas Veterans Land Board. Internet website, mine included, key in on the low interest rates that veterans can obtain on their next home purchase using what is popularly known as a Texas Vet Loan.
Not so widely advertised is the availability of Home Improvement Loan. The Texas Veterans Land Board will lend eligible Texas veterans up to $25,000 for as long as 20 years on a fixed-rate note that carries a much lower interest rate than you can obtain through private financing. To qualify for the loan, the veteran must have lived in Texas for at least one year prior to loan application. Having designated Texas as your permanent home address when you first entered the service is not a requirement.
No down payment is required on the home improvement loan. For loans of less than $10,000, the maximum term of the loan is 10 years. The Veteran Land Board now offers a one-time closing with up-front funding (4 business days after closing) of the full amount of the loan. The veteran should not advance funds to a contractor, nor should the veteran purchase materials prior to the receipt of loan proceeds from the Veterans Land Board. Usually, the funds are distributed to the contractor as work is completed. 31 days after completion of the required work, the agreement usually calls for a final payment of 10%. The 10% money that is retained after completion of the work is to comply with statutory requirements to avoid liens b subcontractors. All property improvements should be completed within six months from the date of disbursal of loan proceeds.
You can obtain a Home Improvement application by calling toll free 1-800-252-vets, or simply fill out my feedback form at the bottom of this page and I'll send the forms to you via e-mail.