Sec. 161.503. LOANS. (a) In addition to purchasing land under Subchapters F and G, the board shall make or acquire loans with money from the fund to finance land purchases by eligible persons in accordance with this subchapter and rules adopted by the board.
(b) The board may enter into contracts with lending institutions to assist in processing, originating, servicing, or administering loans under this subchapter.
(c) The board shall adopt credit, underwriting, and appraisal standards that protect the best interest of the program and limit the exposure of the fund to any losses.
(d) The board shall adopt rules as necessary to implement this subchapter.
Added by Acts 2001, 77th Leg., ch. 333, Sec. 2, eff. May 21, 2001. Amended by Acts 2003, 78th Leg., ch. 674, Sec. 19, eff. Sept. 1, 2003.
Structure Texas Statutes
Chapter 161 - Veterans Land Board
Section 161.501. Purpose of Subchapter; Construction
Section 161.504. Eligibility for Loan
Section 161.505. Security for Loan
Section 161.506. Initial Payment or Equity
Section 161.507. Loan Payments
Section 161.508. Fees; Interest
Section 161.509. Late Payments; Default Interest Rate
Section 161.510. Combination With Certain Home Loans
Section 161.511. Time Limit on Transfer of Land
Section 161.512. Increase in Interest Rate; Accelerated Repayment
Section 161.513. Foreclosure and Resale
Section 161.514. Sale of Loans
Section 161.515. Certain Rights, Benefits, Conditions, and Obligations Prohibited