Across the United States, thousands of military veterans, and active-duty service members, many of which need financial assistance to buy a home. Fortunately, the U.S. Department of Veterans Affairs (VA), state and local governments, in addition to various foundations, or at least offer programs designed to help veterans who are in this predicament.
The Dream Makers Program
Specifically targeting veterans, active-duty service members, reservists and National Guard members, the Dream Makers program was developed by the PenFed Foundation. The program will offer grants to eligible first-time homebuyers, helping them with costs of down payments and closing costs. The amount granted is determined by the borrower’s contribution to the mortgage combined with the cash brought at closing.
Using VA Loans
Veterans and active-duty service members are not the only ones eligible for a VA loan. Some surviving spouses, reservists and Natural Guard members can also be eligible. One of the primary advantages of having a VA loan is that a down payment is generally not required. It is helpful for homebuyers as they no longer need to worry about paying a certain percentage of the loan to qualify.
There are VA loans providers, like Hero Loan, who offer soldiers or former soldiers insightful information about what loans are available to them.
Remember that VA loan requirements are a bit more lenient in comparison to conventional mortgage loans, especially in terms of credit and income. As such, it makes it easier for applicants to get approved.
Specially Adapted Housing Grant
Unfortunately, some veterans return from service after sustaining a life-changing injury. As such, the Specially Adapted Housing grant is designed to help disabled veterans by providing them with a barrier-free living environment. For instance, a wheelchair accessible home will provide a level of independent living that they may not have been able to enjoy otherwise.
For veterans who obtain a Specially Adapted Housing grant can utilize the funds in various ways. This can include remodeling an existing home to make it suitable for specially adapted housing or building a home on a piece of already owned land if it is suitable for specially adapted housing.
Special Housing Adaptation Grant
A Special Housing Adaptation Grant is different to a Specially Adapted Housing Grant, despite both helping veterans to buy a home. A Special Housing Adaptation Grant can be used to help increase the mobility of eligible applications throughout their residencies. Those eligible include veterans and services members currently living with specific service-connected disabilities.
Whether you are a first-time buyer or are moving home, maximize the opportunities available to you to help you reduce the upfront costs. By combining it with ways to improve your chances of buying a home and finding the right property for you within your budget, you will be able to buy a house.