VA Loans - Are you Utilizing Your Benefits?
A VA home loan is one of the most widely used benefits available to veterans and active duty service members. In fact, more than 20 million loans have been guaranteed by the Department of Veterans Affairs since 1944. However, just because they’re widely used doesn’t mean all eligible service members understand how they work. Today only 15% of Veterans utilize their VA loan benefits.
Common Misconceptions:
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Only veterans and active duty service-members are eligible for VA 100% financing.
Truth - All service members, having served the prescribed active duty time and have an honorable discharge, are eligible for VA financing, which includes the National Guard, Reservists, veteran retirees, along with active duty service members.
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I am guaranteed a VA loan because I have served my country regardless of my credit status.
Truth - Though you may have served your country, you must be ELIGIBLE for the program (time & character of service). All purchasers must qualify for their loan request, following the VA guidelines relative to income, asset and credit requirements.
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I used my VA benefit already, I can’t use it again.
Truth - Though you may have used your eligibility to purchase a home previously, VA benefits are updated continuously and these benefits may be used again, either due to use of “partial eligibility,” restoration of benefits, or reinstatement of benefits.
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I served in WWII, Korea or Vietnam; my home purchase benefits have expired long ago.
Truth - Though home purchase benefits at one time did expire or could only be used once, that has changed because VA is constantly upgrading this benefit AND WWII, Korean Conflict, and Vietnam veterans are still ELIGIBLE for 100% financing as long as they qualify.
TxVet Loans - What is VLB?
VLB is a designation obtained through training provided by the Texas Veterans Land Board, and supported by the Texas Real Estate Commission. This training covers the VLB’s land, home, and home improvement loan programs for Texas veterans. The VLB provides the best benefits package in the nation exclusively for Texas Veterans, military members and their families. These benefits are on top off and in addition to federal VA, FHA and conventional loans.
Today, the VLB oversees the administration of five veterans programs: the Veterans Land Program, the Veterans Housing Assistance Program, the Veterans Home Improvement Program, the Texas State Veterans Homes Program, and the Texas State Veterans Cemetery Program.
The Texas Veterans Land Board provides low interest loans to Veterans of Texas.
Home Loans - In 1983, the Legislature created the VLB Veterans Housing Assistance Program to assist Texas Veterans in purchasing a home. Through this program, eligible Texas Veterans have an opportunity to purchase a home with an unbeatable, low-interest loan with little or no money down.
Land Loans - The VLB Veterans Land Loan Program is the only one of its kind in the country—giving Texas Veterans the opportunity to borrow money to purchase land at below-market interest rates while only requiring a minimum 5% down payment.
Home Improvement Loans - As part of its commitment to veterans, the VLB can help a veteran buy a home, then help pay to improve it through the Texas Veterans Home Improvement Program (VHIP). This program was introduced in 1986 to provide below-market interest rate loans to qualified Texas veterans for home repairs and improvements to their existing homes.
Military Relocation Professional - What is MRP?
A REALTOR® with the MRP certification understands that when military staff and their families relocate, the services of a real estate professional who understands their needs and timetables makes the transfer easier, faster, and less stressful. The MRP certification focuses on educating real estate professionals about working with current and former military service members which helps their clients find the housing solutions that best suit their needs and take full advantage of military benefits and support that are available.
Service members and veterans who hire REALTORS® with NAR’s MRP certification will have increased confidence that the REALTOR® will understand their specific real estate requirements and processes as well as understand available finance benefits and support.