Tiffany & Tonya - Sharkey/ Peek Group

Homeownership Opportunities for Texas Veterans

Since the days of the Texas Republic and Sam Houston, Texas has given its veterans land in recognition of military service. While the state no longer gives land to veterans, there are still plenty of housing opportunities such as low interest loans for land, homes, and home improvements.

After World War II, the state created the Texas Veterans Land Board (VLB) in 1946 to administer a new program that would provide low-interest, long-term loans to Texas veterans for the purchase of land. Since then, more than 120,000 Texas veterans have taken advantage of this self-supporting program. (Issuing bonds authorized by voters fund the program. The veterans who participate pay for the bonds and the cost of administering the program.)

In 1983, the Legislature created the Veterans Housing Assistance Program to assist Texas veterans in purchasing a home, also funded by bonds. In 1986, the VLB expanded the Veterans Housing Assistance Program, adding the Veterans Home Improvement Program to provide below-market-interest-rate loans to qualified Texas veterans for home repairs and improvements to their existing homes. Needless to say, there's a wealth of options provided by this program alone for veterans across the state.

About the Veterans Housing Assistance Program
Texas veterans can use all three Texas veteran loan programs at one time. That means, if needed, you can receive a land loan, a housing loan and a home improvement loan. And, these special loan programs for Texas veterans are not associated with the federal Veterans Administration. So, even if you've used your VA benefits, you may still be eligible for the state loan programs.

The Veterans Housing Assistance Program (VHAP) provides financing up to $200,000 toward the purchase of a home to qualified Texas veterans. Loans for $45,000 or less may be originated through the Texas Veterans Land Board's direct loan program.

There is no maximum sales price with the VHAP; however, the VLB can only loan up to $200,000 toward the purchase. If the purchase price is more than $200,000, the VHAP can be used in conjunction with Federal Housing Administration (FHA), Veterans Administration (VA), or conventional financing. This is known as a "two-note loan" and must be originated by a participating lender.

Keep in mind that the VHAP is not a refinancing program. If you have an existing loan on your home, you can't use the VHAP to lower your interest rate, nor can it be used as a down payment on a home. It can only be used as a first lien on your primary residence.

Other housing benefits for veterans
The Land Board also offers other housing-related benefits for veterans. For example, through the Greenbuilding Program, veterans can reduce their interest rate even further (by as much as 0.3%) by using "green" materials and features in their homes. The TVLB assigns number values to "environment friendly" building materials and features that save energy and water.

Veterans who achieve a required minimum score when building or purchasing a new home, or remodeling an existing home, are eligible for the reduced interest rate. Kermit the frog was wrong - it IS easy being green (in Texas)!

There's also the Veterans with Disabilities program, which offers a half-percent interest rate reduction to those veterans who have a service-connected disability of 10% or greater (as verified by the U.S. Department of Veterans Affairs).

Finally, the Veteran Teachers Program is for veterans or their spouses who are currently certified by the Texas Education Agency and who work as Texas teachers, or veterans who agree to become certified Texas teachers. Educate Texas' children, and you could be eligible for a half-percent interest-rate deduction.

Eligibility requirements
To be eligible to participate in the Texas Veterans Loan Programs, applicants must have:

• Served no fewer than 90 continuous days on active duty (including active duty for training) in the Army, Navy, Air Force, Marines, Coast Guard or United States Public Health Service (unless discharged sooner by reason of a service-connected disability), or a reserve component of one of the listed branches of service, or have enlisted or received an appointment in the Texas National Guard after completing all initial active duty training requirements as a condition of enlistment or appointment, or have completed 20 years in a reserve component so as to be eligible for retirement as a condition of enlistment or appointment, or, if currently an active duty member of a listed service or a full-time reservist, have completed the initial service obligation;
• Served after Sept. 16, 1940 (for Texas veterans who entered the armed services before Jan. 1, 1977, and who have been discharged from active duty less than 30 years, certain interest-rate incentives may be available for housing or home improvement loans);
• Been honorably discharged;
• Been a bona fide resident of Texas at the time of entry into the military or must have resided in Texas for at least two consecutive years immediately prior to filing an application; applicant must be a bona fide Texas resident at the time the application is made (a bona fide resident is someone who is living in Texas with the intent to remain in Texas). Presence in Texas due to military service alone does not establish bona fide residency); and
• Have successfully repaid any previous TVLB loan within the same loan program. A loan is considered repaid when the account has been paid in full by the original veteran purchaser or last approved assignee. Any active TVLB loans in programs other than the one for which application is being made must be in good standing.

Whether you served in the Army, Air Force, Navy, Marines, National Guard, or any of the armed services, it's easy to take advantage of these great programs that thank you for your service to our country. For more information, contact the Texas Veterans Land Board at 800-252-VETS or CONTACT TIFFANY SHARKEY OR TONYA PEEK AT 972-977-2254 FOR MORE INFO ON VA LOANS.

Property taxes and appraisals
As a group, Texas REALTORS® work in the public-policy arena to help reduce the state's heavy reliance on property taxes. In 2009 and 2007, we urged passage of appraisal-system reforms in the Texas Legislature to make the process more fair and transparent, and easier for homeowners to contest their property appraisals. In 2006, we led the charge for historic property-tax cuts in a special legislative session. We'll continue to work on your behalf on both these fronts: lowering your property-tax rates and closing loopholes in the appraisal system. After all, it doesn't do much good to lower your tax rates when appraised values continually shoot up to overtake any tax savings.

Learn more about the property-appraisal process.
Learn more about property-tax cuts.

Homeowners insurance
In the 2003 legislative session, Texas REALTORS® led the fight to make homeowners insurance more affordable.

Learn more about this issue.
Get ideas on how to lower your homeowners insurance costs.

Transfer taxes and fees
The Texas Association of REALTORS® supports property-tax relief, but does not support new taxes and fees that single out the most steady contributor to our economy: real estate. We oppose measures that would diminish real estate's contributions to the Texas economy or increase the cost of homeownership in the state. One idea that continues to crop up among some legislators is a real estate transfer tax, also sometimes referred to as a fee. Either way, it's an additional tax that hits consumers at the absolutely worst time: when you're scrimping and saving to buy a home, or trying to sell your home. Texas currently does not have a statewide real estate transfer tax, and we should keep it that way.

Learn more about this issue.

Point-of-sale
Real estate transfer taxes and fees are applied at the point of sale, when homebuyers and sellers can least afford it. So sometimes are other measures. In Austin, for example, some city leaders want to mandate energy-efficient retrofits to all homes at the point of sale.

Learn more about this issue CONTACT TIFFANY SHARKEY OR TONYA PEEK 214-356-4472.

Other Issues

Municipal utility districts
Municipal utility districts, also known as MUDs, provide water, sewage, and drainage services to residential neighborhoods that are not served by local water districts. Read more

Homeowners associations
Some neighborhoods have their own homeowners associations. Whether membership is voluntary or mandatory, homeowners associations provide benefits and services to their members in exchange for dues or fees.

Eminent domain
Eminent domain is governmental taking of private property for the public good. Cases involving individual homeowners are extremely rate. Read more

Water rights
Cheap, plentiful, and good-quality water is essential to a good quality of life. Some Texans have it, while others want it. Read more

Transportation
More and more homebuyers are taking proximity to work into account when choosing their new home's location.

Moving to Texas

By the numbers

• 23,507,783 people (2006 census estimate) reside in Texas. For more demographic data about the Lone Star State, visit the official site of the Census Bureau.
• 262,017 square miles of land; equal to 7.4% of the total area of the United States, and second only to Alaska for size
• 4,790 square miles of inland water
• 367 miles of coastline
• 801 miles is the longest point from north to south within Texas
• 733 miles is the state's widest point from east to west
• 8,749 feet - Guadalupe Peak, the highest elevation
• 305,951 miles of roadways, more than any other state CONTACT TIFFANY SHARKEY OR TONYA PEEK 214-356-4472 FOR MORE INFORMATION ON MOVING TO PROSPER TEXAS!

Moving to Texas

Congratulations and welcome to the Lone Star State. Texans are friendly people. In fact, our name comes from the Caddo Indian word tejas, which means friend. We are very proud of our state - and you will be, too. There's an old saying among naturalized Texans, "I wasn't born in Texas, but at least I got here as fast as I could."

Texas' size is matched only by its diversity - people of different cultures coexist and several different industries flourish. You'll also find a variety of food, music, languages, entertainment, employment opportunities, professional sports, and outdoor activities.

The Texas Department of Information Resources has put together TexasOnline.com, a nationally recognized, award-winning portal for the citizens of Texas. You'll find links to Web sites for counties, cities, chambers of commerce, schools, and libraries. You will also find answers to questions about state laws, state government, required business licenses, taxes, and much more. We specialize in Frisco, Texas & Prosper, Texas as well as Plano, Allen & McKinney CONTACT TIFFANY SHARKEY OR TONYA PEEK FOR MORE INFO ON MOVING TO TEXAS 214-356-4472.

What's your home worth?

When putting your home on the market, there are two ways to go about estimating what your property is worth. The first is a professional appraisal, and the second is a comparative market analysis (CMA). If you are thinking about listing your home, talk to your Texas REALTOR® about hiring a professional appraiser, conducting a CMA, or doing both.

A professional property appraisal is done by a certified appraiser and estimates your home's value based on a variety of things, including square footage, design and floor plan, the neighborhood, schools, landscaping, any additions or updates, and more. The cost of an appraisal varies and usually can be done in an hour or so. If you get an appraisal and then decide you are not quite ready to sell, don't assume that appraisal will be very helpful in the future. Markets can change quite rapidly. If you determine that a professional appraisal is right for you, ask your Texas REALTOR® for a reputable appraiser in your area.

In addition to finding a professional appraiser, your Texas REALTOR® can also conduct a CMA for you. A CMA is a market analysis that compares similar properties in the area that have recently sold. This is an informal assessment that can go a long way in establishing a benchmark of where your asking price should be.CONTACT TIFFANY SHARKEY OR TONYA PEEK FOR CMA FOR YOUR HOME 214-356-4472.