Published: 05-23-08
Texas veterans earn big savings on home loans regardless of when they served
AUSTIN — Jerry Patterson chairman of the Texas Veterans Land Board praised Congresses for quick passage of the Heroes Earnings Assistance and Relief Tax Act (HEART) which will provide even lower home mortgage rates for veterans in five states including Texas.
“This legislation can potentially save Texas veterans tens of thousands on their home mortgage” Patterson said. “Before our home and home improvement loans at the Texas Veterans Land Board were about one-half percent lower than the VA. Once the President signs this into law we could be as much as a full percentage point lower. That’s a huge savings.”
The Heroes Earnings Assistance and Relief Tax Act H.R. 6081 includes provisions from legislation Sen. Cornyn co-sponsored last year that will open an existing low-interest housing loan program to all Texas veterans including those who served after 1977.
Under current law the Qualified Veterans Mortgage Bond (QVMB) program administered by the Texas Veterans Land Board is only open to veterans who served on active duty prior to 1977. Sen. Cornyn co-sponsored bipartisan legislation S. 2277 which would greatly expand the QVMB eligibility criteria for Texas veterans who served in more recent conflicts by eliminating the pre-1977 requirement.
“I want to thank Chairman Patterson and his staff for their expertise on this issue and tireless efforts to improve the quality of life for our Texas veterans” said Cornyn a member of the Armed Services Committee. “Because of their help all Texas veterans are one step closer to having access to affordable housing through this important legislation and I applaud their efforts.”
Patterson thanked the entire Texas Congressional delegation for their broad support of this bipartisan effort.
“Specifically I want to thank our two Senators John Cornyn and Kay Bailey Hutchison and their staff as well as our Texas congressional members on Ways & Means Congressman Kevin Brady and staff Congressman Lloyd Doggett and staff and Congressman Sam Johnson and staff for never giving up on this issue” Patterson said.
For more information on benefits available only to Texas veterans such as low-interest land and home loans call 1-800-252-8387 or visit www.texasveterans.com.
