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A Publication of Guidry News Service |
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A Publication of Guidry News Service |
Jerry
Patterson, chairman of the Texas Veterans Land Board, has announced more
than $684 million in VLB home loans went to Texas veterans in 2003.
That's the most since the home loan program started in 1983, more than
double the amount loaned in 2002 and triple that of 2001. The year
2000 saw the second greatest value of loans funded at $658 million.
"I
wish I could claim the credit, but I can't," Patterson said.
"This success is no doubt due to the state of the economy, our low
rates, and most importantly, the hard work of our Veterans Land Board
staff. They are a dedicated bunch."
Patterson
said another factor in the program's success was the raising of the
maximum home loan amount from $150,000, to the current limit of
$240,000.
"In
the past, veterans had to blend our loans with loans from other sources
if they wanted a home worth more than $150,000," Patterson said,
adding that veterans may even combine their loan from the VLB with loans
from other sources. "With our higher loan limits, we became more
attractive to both veterans and lenders."
Patterson
noted that also in 2003, the "environmentally progressive" VLB
Greenbuilding Program saw a more than 400 percent increase in loans to
veterans who build homes that are more energy efficient and have less
impact on the environment. More than $230 million worth of
greenbuilding home loans were funded by the VLB.
Patterson noted that all VLB loan programs, whether for homes, land or home improvements, are entirely self-funding and don't use any tax revenues. The VLB is a state agency that is entirely separate from the U.S. Department of Veterans Affairs. For more information call (800)-252-VETS ((800)-252-8387)), or visit www.texasveterans.com.
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