General Information on Veterans Land Mortgage Financing Program

 

1
  Must be an eligible Texas veteran.
2
  The Veteran will sign a Conventional Farm & Ranch Sales Contract subject to Veterans Land Board financing.
3
  All loans are subject to credit approval.
4
  The VLB will finance the LESSER of the following:
 
*
  95% of the final agreed purchase price
 
*
  95% of the appraised value of the land
 
*
  $80,000 maximum loan

5

 

 

 
The eligible veteran must have AT LEAST, a five percent (5%) down payment invested as cash equity in the property. The difference between the VLB’s net financing amount and the purchase price is paid to the closing agent at closing.
DOWN PAYMENT: At least five percent (5%) of the purchase price must be paid at closing to the closing agent.
FEES DUE WITH APPLICATION:
 
*
  $75.00 Contract Service Fee
 
*
  $250.00 Appraisal Fee for each noncontiguous tract appraised
  FEES DUE AT CLOSING:
 
*
  $63.00 Tax Service Fee
 
*
  $25.00 Servicing Set Up Fee
 
*
  Prepaid Interest (amount to be determined)
 
*
  Tax Reserve (amount to be determined)
6
  A survey will be required of the property, with a new survey or a survey less than eight (8) years old.
7
  The tract must contain a minimum of one (1) acre.

8

 

 

 

 

 

 

IMPORTANT NOTICE: You must determine if the property condition will allow for your intended use and the seller has provided you all applicable disclosures.
PLATTING: If the land is not a recorded subdivision you should make sure that the transaction complies with city/county requirements and that tract will be eligible for public services such as utility connections, building and septic tank permits.
RESTRICTIVE OF PROTECTIVE COVENANTS, RESTRICTIONS: Land sold in smaller tracts, particularly in subdivisions, is often subject to limitations on use or activities. For example, homes must be of a minimum size, hunting or the raising of livestock may be prohibited, or the owner must contribute to a fund to maintain roads and common areas or pay dues to a Property or Homeowners’ Association. If you buy land subject to covenants or restrictions, you will be responsible for complying with them, whether you knew about them or not. Please be sure you have read and understand any covenants or restrictions affecting the land you intend to purchase.

Section 403.055 of the Government Code and Section 231.006-7 of the Family Code prohibits issuing state funds or granting state loans to persons who are delinquent in paying child support or other debts owed to the state, such as state taxes or a guaranteed student loan.

         
If you have any questions, the VLB is available to assist you Monday through Friday from 7:30 a.m. to 6:00 p.m., or call toll free in Texas at 1-800-252-VETS (8387). For assistance outside of Texas, please call 1-512-463-5060. Their web site address is www.texasveterans.com. Their mailing address is 1700 N. Congress Ave, Austin, Texas 78701-1496 or P.O. Box 12873, Austin, Texas 78711-2873.
         

P.O. Box 5051, Abilene, Texas 79608
4481 S. Treadaway, Abilene, Texas 79602
Phone: 325.698.3374 • Toll-Free: 866.218.6238
Fax: 325.698.3381

aenelson2@earthlink.net

         
Nelson Farm & Ranch Properties
This property being offered by Nelson Farm & Ranch Properties.  All preceding information, while obtained from sources believed reliable, isn't in any way guaranteed by Nelson Farm & Ranch Properties.   mail to:aenelson2@earthlink.net