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 (PDF) that covers everything.
It can be extremely challenging learning how VA loans work as well as other financial home buying 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.