# Veteran Land Board



## ksk (Aug 9, 2008)

I have thought about using this to purchase a home in the country.Has anyone used the VLB? If you did,how much paper work,hassles etc. did you experience? Thanks..


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## RogerB (Oct 11, 2005)

I used it in addition to my VA for purchase. No problems and I didn't do anything other than sign the realtor and mortgage company took care of the details.


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## ksk (Aug 9, 2008)

RogerB said:


> I used it in addition to my VA for purchase. No problems and I didn't do anything other than sign the realtor and mortgage company took care of the details.


RogerB what do you mean ''in addition to my VA''? Thanks..


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## RogerB (Oct 11, 2005)

Texas VLB home loan program can be combined with the standard U.S. VA home loan if necessary. Not sure how it all works but with my loan (16 years ago) a regular VA loan was 7. Something percent and Texas VLB was 5. Something Texas VLB would finance up to 60K at that time so the mortgage company took financing from both for our purchase. 

We've since refinanced to a 15 year note to be paid off next year and the refinance was through my VA loan. The VLB is clear now as far as I know


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## ksk (Aug 9, 2008)

Thanks RogerB.Currently VLB offers 4.52% for a home loan to $325,000.00 and a land loan at 7.25% to $80,000.00.I used up all my student VA benefits many,many years ago but have used no other VA benefits.Thanks again.


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## RogerB (Oct 11, 2005)

Yeah I know about the new rates those would have been nice to have had 16 years ago

Good luck on your purchase


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## banpouchi (Feb 21, 2011)

Once you have repaid your loan to the Texas VA (As it was explained to me) you may use it again. This is not so for the fed.


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## RogerB (Oct 11, 2005)

banpouchi said:


> Once you have repaid your loan to the Texas VA (As it was explained to me) you may use it again. This is not so for the fed.


You can use your VA home loan again. I've done so. You have to make sure the buyer of your current VA backed home signs appropriate documentation and you must apply for reinstatement of your VA loan eligibility. I don't remember exactly what the buyer must sign but I think it's a releas of liability document. I've used my VA twice and Texas Vet once


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