TexasCHLforum.com

The Tx Veteran's Land Board will do their own independent appraisal on the property (you'll pay a fee for it), & will only give you the loan based on what their appraisal says it's worth. We were a bit frustrated in this, till their appraisal showed that the 3x comps the seller's appraisal used were in no way 'comparable' to the lot in question when more suitable comps were available ('comparables' used larger lots; inside city limits vs unincorporated part of county; water/electric already run; etc.).

We ended up backing out of the bidding on the lot, so can't really comment on the rest of the process. But, we were appreciative in the end when we realized how much the seller wanted to hang us over the barrel.

ETA: if I remember correctly, the other benefit was the length of the loan made for smaller monthly payments, so if you make more than the minimum payment each month y'all may be able to reduce the interest significantly over the life of the loan.