Discounted Home Loans Available to Veterans Displaced by Memorial Day Flooding

Veterans get a break on home loans after Texas flooding
Veterans get a break on home loans after historic flooding in central Texas. Photo credit: “A Veteran’s Salute” – US Army

Central Texas often faces extended periods of drought; however, when it does rain, it floods. Just a couple months ago, over the 2015 Memorial Day weekend, central Texas faced some of the worst flooding in Texas history, which resulted in the deaths of over a dozen people and caused thousands to flee their homes (texasmonthly.com).

Ultimately, 110 counties were declared disaster areas, including the areas around Austin and San Marcos, made up of Travis, Williamson, Bastrop, Hays, Caldwell and Guadalupe counties, allowing residents affected by the flooding to receive emergency aid. The Texas Veterans Land Board has recently announced that it will also be offering assistance by granting no-interest home improvement loans and reduced interest 30-year mortgage rates to Texas veterans whose homes were damaged, or to those who were forced out of rental homes due to the flooding (San Marcos Mercury).

The Land Board’s Veterans Housing Assistance Program already serves Texas veterans by offering low-interest and low or no down payment mortgage loans, with additional discounts extended to veterans with disabilities rated 30% or higher. With this additional discount, Hays County veteran services officer, Jude Prather estimates that a disabled veteran in Texas, who was displaced by the disaster, could take advantage of interest rates as low as 2.64% (San Marcos Mercury).

Veterans Land Board home loans has criteria service members must meet, very similar to a VA home loan. One difference, of course, is that the home for which the loan is taken out must be the veteran’s primary residence in Texas. Texas National Guard members and spouses of veterans who are either MIA or were killed in action are also eligible (Veterans Land Board).

Find information on VA home loans for Texas veterans at lonestarfinancing.com.

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