I just received a tip from Cyd West at 1st Community Mortgage (our local TX Vet expert) about an important announcement that the Texas Veteran’s Land Board will be making next week!

“On September 5th there will be an announcement from the Texas Veterans Land Board regarding their home loan program. The change will be effective on September 12th and files can begin to close under the new program on September 15th. Contracts can be dated prior to that date.

As you know, the TVLB discontinued the “service era” and the “15 year term” discount effective August 8th. To replace those programs, the TVLB has announced the following incentive for disabled veterans:

Veterans with a compensable disability of 30% or more will receive a 1% discount from the weekly posted rate effective 5:00 PM on September 12, 2008. This does not exempt them from paying the 1% participation fee, this is a discount to the rate. For example, if the posted rate is 6.15%, the discounted rate would be 5.15%.

Please let me know if you have any questions regarding this change. It should be very good for our retired military buyers – many of them have a disability of 30% or more. “

This is great news for our community as it will open lots of new opportunities for our Veterans to get below market financing! If you want to take advantage of this great opportunity, please give us a call – 254-690-4321.