Most likely, the best-known lending support option for veterans is VA home loans. This program, backed by the U.S. Department of Veteran’s Affairs, allows former members of the military and surviving spouses to apply for mortgage loans with very favorable terms. Primarily, VA home loans are offered at competitive interest rates and require little or no money down. Without having to save up cash for a down payment, some veterans may find property ownership is a real possibility.
To qualify for a VA loan, veterans must go on a process very similar to any other loan. You must have good credit, relatively low amounts of credit card and other debt, and enough income to make the payments. The VA requires anyone applying for a VA home loan to get pre-approved, which is good advice no matter what type of mortgage loan you are applying for. You can also choose from a fixed-rate or a variable-interest loan. Another important thing to consider is that you will need to have enough cash on hand to pay the VA loan funding fee, roughly 1% of the total price of the loan, and some closing costs.
With regard to VA home loans, there are several other lending support options for veterans of the U.S. military. The U.S. Department of Veteran Affairs provides a comprehensive guide to buying a house with a VA home loan on its official website. The VA also includes assistance grants, disability housing grants, and Specially Adapted Housing grants for veterans that are permanently disabled in the line of duty.
More specifically, the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant are two grants that offer government funds to help disabled veterans buy or build a home. Although slightly different in focus, both of these grants are designed to help veterans “buy, build, or permanently change” an apartment that meets the unique needs of someone who is blind, who has limited mobility due to leg injury, or other physical impairments. To apply, a veteran must have a qualifying disability and meet other selection criteria. But since the funds are a government grant, they do not need to be repaid. It will help veterans adapt or build a home that supports a good quality of life.
By knowing about these lending support options, many veterans can make your dream of owning one or more residential properties a reality. Once you’ve purchased your property, hiring a professional Suffolk property manager is also a great investment. Contact us online or at 757-395-4274 for more information.