The Land Up Learning Series

Each year on Memorial Day, we recognize the men and women who have given their lives to protect our freedom. In Texas alone, there were over 1.4 million veterans as of 2021 - more than any other state in the nation. We are proud that so many veterans and U.S. service members call Texas home.

To help support our local veteran and service member communities, we have compiled a list of resources that may benefit you along your real estate journey. If you ever have questions or are looking to learn more, we look forward to being your #1 resource for all things real estate in Central Texas.

Texas Veteran Land Loans

The Texas Veterans Land Board (TVLB) offers low-interest land loans to eligible veterans to purchase rural Texas land, taking approximately 45 days to close on this loan.

Eligibility Requirements

• 18 years old at the time of application

• Legal, bona fide Texas resident

• Meet one of the following:

  • Active duty military member

  • Texas National Guard member

  • Military member of a reserve component who has completed 20 qualifying years for retirement

  • Veteran who has served 90 cumulative days or more of active during (unless discharged sooner due to service-connected cause)

  • Surviving spouse of a military member who is missing in action or had a service-related death

• Successfully repaid any previous TVLB loans

• Served after September 16, 1940

• Listed Texas as home or record at the time of entry in the military, OR is a legal resident of Texas for 12 or more consecutive months prior to applying

The Loan

When utilizing a VLB land loan, at least a 5% down payment in cash equity will be required. The TVLB will then provide the loan amount by warrant. The buyer will need to cover any excess after these amounts are paid, if applicable. Appraisal and contract feeds will be due at the time of application for the TVLB loan. In Texas, appraisal fees can vary from $450 to $650 and are good for 90 days.

The VA Home Loan

This loan product can be used to buy, repair, or even build a new home. It is available to honorably discharged veterans, service members, and surviving spouses that are eligible. Private lenders will offer the loan and the VA will guarantee to cover a portion of it, leading to more favorable loan terms. The VA Home Loan covers and takes place of the down payment.

The Loan

• No down payment needed towards the VA and often the bank/lender itself

• Favorable terms - low interest rates

• No need for Private Mortgage Insurance

• Lifetime benefit - use as many times as needed, one property at a time

Texas Disabled Veteran Homestead Exemption

‌Homestead exemptions may be applied towards your primary residence to remove part of your home’s value that can be taxes, lowering your overall property taxes. Eligible Texas residents, disabled veterans, and surviving spouses or children may apply between January 1 and April 30 in the year they are looking for the exemption. May only be applied towards one property, being the primary residence.

About the Exemption

• Due no later than April 30 of the year of the exemption

  • Disabled veterans under Tax Code Sections 11.131 or 11.132 may file up to 5 years after the delinquency date

  • Surviving spouses of a disabled veteran under Tax Code Sections 11.131 or 11.132 may file up to 2 years after the delinquency date

• Required documentation

  • Copy of property owner’s license or state-issued ID certificate

  • Documentation indicating the percentage of disability, certified by the Veterans Administration or its successor or the branch of the armed services in which the veteran served

  • Chief appraiser may waive requirements for certain active duty U.S. armed services members and their holders

• Who may apply

  • Property owners who have a disability rating from 10%-100% due to service-connected disability

  • Surviving spouse of a disabled veteran who would have qualified OR U.S. armed service member who died on active duty (who have not remarried since the death of the veteran) who owned the property

  • Surviving child of a disabled veteran who would have qualified OR U.S. armed service member who died on active duty who owned the property

Exemption Amounts By Disability Rating

• 10-29 percent: up to $5,000

• 30-49 percent: up to $7,500

• 50-69 percent: up to $10,000

• 70-100 percent: up to $12,000

Additional Resources in Central Texas for Veterans

Hope 4 Hays County Veterans

This organization provides non-emergency financial assitance programs for veterans, dependents, and survicing spouses living within Hays County. They provide support with:

• past due rent payments

• past due mortgage payments

• past due utilities payments

• past due car payments

• and more

AMVETS

Central Texas American Veterans is a federally-chartered non-profit consisting of serving Military and Honrably Dischared Military Veterans. They support Veterans and Military members by providing community service programs to enhave the quality of life for all Central Texas citizens. Their membership offers camaraderie and a family-friendly atmosphere. Veterans are encouraged to participate, as well as their spouses, partners, and family members.

If you are a veteran or military service members and need help with any of these real estate resources, give Land Up a call; we’re always happy to help our vets.

Contact Land Up Realty + Investments