Q:

How can veterans obtain unimproved land loans in Texas?

A:

Quick Answer

Through the Veterans Land Program, Texas veterans may borrow up to $125,000 for land at below-market interest rates, as of 2015, according to the Veterans Land Board. Borrowers must make a minimum 5-percent down payment on a 30-year fixed-rate loan, purchase at least one acre, and pay a small fee.

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Full Answer

Completely self-funded, without any taxpayer money, the Veterans Land Program provides loans to borrowers age 18 or over who are residents of Texas and are one of the following: an active military member, a member of the Texas National Guard, a reservist with no less than 20 qualifying years for retirement, a honorably discharged veteran with at least 90 days of service, or the surviving spouse of a veteran killed in action or missing.

Borrowers must select land located completely in the state of Texas that is one acre or greater, and it must be properly surveyed and not zoned exclusively for commercial use. It must also have access from a public road. The borrowers cannot choose property they owned during the previous three years.

The Veterans Land Board also holds forfeited land sales four times a year, during which veterans can make bids on land to purchase through the loan program.

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