The Texas Veterans Housing Assistance Program, or VHAP, is designed to aid Texas Veterans and Military Members who are interested in buying a Texas Property. A low-interest loan can be obtained with no or little down payment. Loan amounts of up to $726.200 may be available with fixed-rate loans for 15, 20, 25 or 30-year terms.
The individual must be over 18 years old, a legal Texas resident and meet at least one of the service criteria. This includes being an active military member or a Texas National Guard Member.
As part of the loan requirements, the home must belong to the Veteran’s or Military Member’s primary residence and be a single-family attached or detached house, townhome or condo. Duplexes, multi-family units, and new homes that are at least five years old must have ENERGY STAR, HERS Index score below 75, or Energy Rating Index below 75. The home must be the primary residence of the Veteran or Member for atleast 3 years. Borrowers must move into the home no later than 60 days following loan closing.
Veterans with VA service-connected disabilities of 30% and higher are eligible for discounted interest rates. Veterans and Military members can only have one active loan at a given time in each of the three programs – home, land and home improvements. Once a Veteran has paid off his VLB mortgage, he or she can obtain another VLB mortgage.
VLB loan interest rates and discounts are subjected at any time to change. They are also subject to credit approval. The program is financed through bonds and self-funded.