A Texas veteran is eligible for both the federal VA home loan guarantee and the Texas VLB home loan program. His real estate agent tells him he must choose one or the other. Is the agent correct?
Correct Answer
B) No, because a Texas veteran may use the VLB home loan program in conjunction with a federal VA loan guarantee
The Texas VLB home loan program can be used in conjunction with a federal VA loan guarantee, giving Texas veterans a unique combination of state and federal benefits. The agent is incorrect in saying the veteran must choose one.
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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