Veteran's Voice, Volume 7, Number 1, Spring 1993 Page: Inside Front Cover
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New program aids home purchases
The Texas Veterans Land Board (VLB) with the help of the
Texas Department of Housing and Community Affairs
(TDHCA) is making zero percent interest loans available to
Texas veterans to help fund the down payment on a home
purchase.
Under the Down Payment Assistance Program (DPAP),
qualified Texas veterans can borrow up to 66 percent of the
DPAP eligible incomes by area*Amarillo Metro............................
34,080
29,200
35,840
29,360
30,320
36,000
31,600
30,240
29,280
33,920
32,240
36,080
29,280
29,600
29,120*Income figures represent 80 percent of applicable area's median
income.
Source: Texas Veterans Land BoardAustin Metro
Beaumont-Port Arthur Metro.................
Brazoria Metro
Chambers County.................................
Cooke County
Dallas Metro..........................................
Fort Worth-Arlington Metro
Galveston-Texas City Metro.................
Hood County
Houston Metro......................................
Matagorda County
Midland Metro.......................................
Tyler Metro
Victoria Metro........................................
Balance of Staterequired down payment and related closing costs of a home,
up to $1,500, at zero percent interest. Only a single repayment
is necessary upon sale of the property, refinancing of the first
lien, or payoff of first mortgage loan.
Because the money for these loans comes from state
issued tax-exempt mortgage revenue bonds, certain restric-
tions are placed on who can use this money to buy a home
and how much the home can cost.
In order to be eligible, the borrower cannot earn more
than 80 percent of the applicable area's median income (see
graph).
The borrower must be a first-time home buyer, which
means he or she has not owned a home in the past three years.
The maximum amount of liquid assets available to an eligible
borrower cannot exceed $6,000 at the time of loan approval.
In addition, the home can cost no more than $65,000.
"This program is going to be of immediate benefit to our
state's low-income veterans. Thanks to the cooperation of
TDHCA, these loans will make the dream ofhome ownership
a reality for many," said David Gloier, Deputy Commissioner
of the VLB. "On a $45,000 house at 5 percent down, with this
loan a veteran can put a roof over his head with a down
payment of less than $1,000."
Some other restrictions may apply. For more information
on the Down Payment Assistance Program, please contact
the VLB Regional Loan Office in your area (see below).Texas Veterans Voice
Texas Veterans Land Board
Garry Mauro, Chairman
Jesse Martin, Member
Mike McKool, Member
Jack Giberson, Executive Secretary
David Gloier, Deputy Commissioner
Gavin R. Villareal....................Editor
Texas Veterans Voice
is published by the
Texas General Land Office.
News items, photographs and letters
may be submitted to:
Editor Veterans Voice
Texas Veterans Land Board
Stephen F. Austin Bldg., Room 730
Austin, Texas 78701-1496VLB Regional Loan Offices
In addition to its headquarters in Austin, the Texas Veterans Land Board (VLB)
has seven regional loan offices to assist our state's veterans.Region 1
Kimberly Rhodes
1700 N. Congress Ave.
Austin, TX 78701-1496
(512) 475-1434
FAX (512) 475-1425
Region 2
Michelle Davis
3727 Dilido Dr., Ste. 124-B
Dallas, TX 75228-5531
(214) 320-9098
FAX (214) 327-3614Region 3
Charles Ball
4200 S. Freeway, Ste. 422
Ft. Worth, TX 76115-1405
(817) 924-7391
FAX (817) 921-2337
Region 4
Eddye Walker
2656 S. Loop West, Ste. 500
Houston, TX 77054-2639
(713) 666-3091
FAX (713) 666-8657Region 5
Toni McCurdy
1231 Agnes, Ste. B
Corpus Christi, TX 78401-3266
(512) 887-6358
FAX (512) 883-7633
Region 6
Fred Munoz
6585 Montana, Bldg R Ste 100
El Paso, TX 79925-2122
(915) 772-6285
FAX (915) 774-0359Region 7
Annette Muniz
718-A McCool Rd.
McAllen, TX 78501-9337
(512) 686-8387
FAX (512) 630-6326
Region 8
Tamara Hamm
4204 Woodcock Dr. #240
San Antonio, TX 78228-1324
(512) 736-2042
FAX (512) 736-5324Source: Texas Veterans Land Board
.......... $29,360
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Texas. Veterans' Land Board. Veteran's Voice, Volume 7, Number 1, Spring 1993, periodical, Spring 1993; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1032900/m1/2/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.