Veterans have played important roles in the history of this country. Even with their patriotic and courageous service, there seems to be an information gap about the support and resources that are available to them when they’re attempting to purchase their own home.
Even active duty military personnel may not be able to find a home for their family if they think they don’t have enough money to afford one. Both veterans and active service members are searching for options on what possible financing resources they can use to purchase their home and that’s something that needs to be fixed.
What Home Grants or Loans are Available for Veterans?
When you search online, there are many home financing options that you can choose from. However, there are some who may not understand the requirements, especially when the information provided is focused more on technicalities than explaining things. Those in search for home loans and grants offered for veterans need to check out what’s below.
VA (Veterans Affairs) Loan
A loan from the VA is available to U.S. veterans, service members and other eligible surviving spouses. In this loan, the VA will enable a lender to provide the entire loan while they guarantee a portion of it. The requirements for this loan may be confusing for many as the process may seem to have a lot of requirements. However, to get started you need to obtain a Certificate of Eligibility, that lets the lender know that you are in fact eligible for a VA backed loan.This certificate only makes a person eligible, it does not mean that you secure the loan.
What makes this a convenient option is that qualified applicants will not have to deal with a down payment as the VA does not require it. However, your capability of paying the loan will be checked to ensure that you can actually make payments for the loan.
VA Specially Adapted Housing Grant
Veterans who are facing challenges with their disabilities as a result of their military service, may need to have special accommodations or facilities in their homes. This Specially Adapted Housing Grant can be used for renovating their existing home, even if your home is still in the progress of construction. It also can be used to purchase land for the specific purposes of helping with the special accommodations that they need. Here is the VA’s Grant Fact Sheet that covers everything.
State and Local Grants
Depending on which state you live in, you might find that there are more grants that you’re eligible for. There are some states that provide down payment assistance in the form of 0% interest loans. Down payment assistance can reach $5,000, and it’s not repayable until your house is refinanced, sold, or transferred. For those considered as protectors: working in the military, police, firefighters and first responders, the amount may even rise up to $7,500.
It’s a given that veterans and even active duty military personnel are all facing troubles with how they can possibly obtain a home. With the possible financing solutions provided, you now have the opportunity to choose what financing options are available and fit your situation the best.
Websites You Should Check Out
It can be extremely challenging learning how VA loans work as well as other financial homebuying assistance that’s available for military service men and women. We think the websites below provide helpful information for anyone looking for even more detailed information and assistance in their area.