Average Insurance Rate For Motorcycle
Average Insurance Rate For Motorcycle
A LITTLE HISTORY OF THE TEXAS VET LAND BOARD
Texas has always been considered a “land rich” State and in the days of the Texas Republic, it gave land to its vets in recognition of their military service. “Texas Vets” got the benefit of this by being issued grants of land. The tradition followed after World War II and the Texas Veterans Land Board was formed. It provided Texas Veterans low interest loans for purchase of land as their homestead. Then in 1983, the Texas Legislature created the Housing Assistance Programs which allowed Texas Vets to purchase a home.
Today, this program allows for the financing up to $325,000.00 towards the purchase of a home. There is no maximum sales price for a VA loan but the Land Board will only provide up to $325,000.00 towards that purchase. Keep in mind…the Texas Vet Land Board only specifies the rate and loan requirements. It is not the underlying underwriting instrument. That means there are such things as a Texas-Vet-VA loan, A Texas-Vet-FHA loan and a Texas- Vet-Conventional loan. I’ll be writing about the Texas Vet FHA & Conventional loans down the road. Suffice it to say, the most popular of the three is the Texas Vet VA Home Loan.
SO WHO QUALIFIES?
Today, to be considered a “bond fide” Texas Vet you must have served in either the Air Force, Marine Corps, Army, Navy, Coast Guard and/or National Guard. You must have served at least 90 days and if discharged, your DD-214 must say either Honorable Discharge or General Discharge under Honorable Conditions. You must also plan to use the home as your primary residence so no putting down 20% and renting out it to any of your relatives, okay?
You also qualify if you are Active Military and you are PCS’ing to Texas. Let’s stop right here folks. If you are reading this article and do not know what PCS stands for, you’re probably not military. Or…you just enlisted and have not gotten to boot yet. I’m having fun with you here of course and yes it stands for “Permanent Change of Station.” If you have your orders and you PCS here to Texas, you only have to be here one day to receive your Texas Vet status. Another qualification is that your DD-214 stated that your “Home of Record” was any city in the State of Texas such as; Texas was your home when you entered the military. If retired, discharged or your ETS is coming up and it is not in Texas but you wish to buy a house here, you must first have lived in any city in Texas for 12 months before you can receive status as a “bona fide” Texas Vet.
Keep in mind that the Texas Vet Land Board offers a disability discount. They have the regular rate which is about on par with whatever national average you would find in a VA rate. However, if you have been registered by the VA with having 30% or more disability your rate would be 50 basis points lower (a half of one percent) than the regular Texas Vet rate. For example; if the Texas Vet rate was 5.25% and you have 30% or more disability, your rate would then be 4.75%. Not too shabby, eh?
WHAT DO I NEED TO GET A TEXAS VET VA HOME LOAN?
I’m going to give you the following qualifications for both active and discharged Vets. That will make it easy for all of us. For starters you are going to have to give your lender a copy of your DD-214 with the above stated Honorable Discharge on it. If you are active, a clean copy of your S.O.S. (Statement of Service) which you can get at your CO or XO’s office and/or at personnel. You will also need a copy of your orders to any base in Texas and also provide your lender with 2 months of your most recent LES statements. If retired or discharged and if you have received 10% or more disability, please provide proof of your VA rating of disability. Also keep in mind…there is no mortgage insurance on any VA loan. Not now, not ever. In addition, any percentage disability 10% or more gets your funding fees waived. Please refer to my other articles on funding fees and how they affect you.
Well… that’s about it for now. I hope this article helped you and I also wish to thank you for your service tour country. It is a pleasure being of service to you this time around and happy house hunting.
I need loan advice!?
Help! I need loan advice!?
So I just finished college and my credit is average. Its been pulled a few of times over the last couple of months as I’ve been applying for a small loan ($3000) to help build credit. I applied online at US Bank and was denied so I called in to apply with a representative who told me I would qualify no problem. I didn’t. I’m not sure where to go to get a loan. Any ideas?
Additional Details
1 hour ago
I have student loans that I’ll start paying in a couple of months. I bank at US Bank so I thought that would be the most convenient route to get a loan. The loan is for a motorcycle. I can’t afford to finance a car because of insurance rates, but motorcycle rates are much lower. I currently have 2 credit cards and 1 secured credit card. All of these have $0 balance
The first thing I would do is to get your credit report. The US gov’t passed a law more than a year ago allowing you to get it free once per year from each of the three agencies. That means you can get it free three times a year. Go to http://www.annualcreditreport.com/ authorized by the Fair and Accurate Credit Transactions Act (FACT Act).
Next, study it. You will see which entries are lowering your score. Too many inquiries from your credit applications will also lower your score.
In the meantime, you need some wheels. I did a little surfing on the Web for you, and did find a site that rates lenders for peeps like yourself that are being denied. Check it out at http://lendersrated.com/index.htm#car
Hope this helps you.
Leafgreen
Ask an Attorney-Melbourne FL-Injured from auto accident and out of work-Will PIP pay my bills
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