You can borrow below market rates to repair or improve a home you already own: up to $50,000 over 2 to 20 years, or $7,500 to $10,000 over 2 to 10 years. No down payment is needed, but a $10 flood certification fee and a $125 title search fee are due when you apply, plus closing costs. If the VA rates your service-connected disability at 30 percent or more you get a discounted interest rate. The work has to be the kind the federal Housing and Urban Development Title I loan programme allows, and some improvements are not eligible.
Apply online through the Veterans Land Board loan application before any work starts or materials are delivered. Check the eligible and ineligible improvements fact sheet first, and be ready to hire a general contractor. For help, call 800-252-8387 or email VLBinfo@glo.texas.gov.
Your DD214 or proof of current service, your VA rating letter if you are claiming the discounted rate, your contractor’s bid and scope of work, and an appraisal report if the loan is over $25,000.
