With more than 18 million veterans across the nation, America takes pride in its extensive veteran community and strives to implement programs that offer necessary support. Some of these assistance initiatives are designed for those with limited income, while others serve as unique benefits of military service. Veterans looking to buy a home or seeking help with their current residence can access mortgage assistance programs specifically tailored for them.
The federal government primarily finances mortgage assistance programs for veterans. Certain programs are designed to support veterans at risk of foreclosure, while others facilitate the home-buying process. No matter their income level, veterans can find mortgage assistance options available to aid in their home purchasing endeavors.
Types of Mortgage Assistance Programs for Veterans
VA Home Loans – Veterans in America are eligible for home loans through the Department of Veteran Affairs. They offer a few different loan programs that will help with purchasing, building, or refinancing a home. The Department of Veteran Affairs backs the loans, which are provided through private lenders. With the government agency backing the loans, it reduces the risks involved, making it easier for veterans to get mortgage loans. If for some reason a veteran loses their home to foreclosure, the private lender will not lose money. The government agency will cover the loan and take the loss. Their programs make it possible for around 90% of all home loans that veterans get to not need a down payment, which further makes it easier for a veteran to purchase a home and easily obtain a mortgage. To be eligible for the VA Home Loans program, you have to have a Certificate of Eligibility from the military. The certificate is issued to veterans who didn’t receive a dishonorable discharge, and who have met the minimum requirements for active duty. You can apply for a VA Home Loan online. To apply, click here.
Housing and Urban Development (HUD) – Veterans who already own a home, but are facing foreclosure or need help paying for necessary home repairs may qualify for help through HUD. The government program will help those with a low income. In addition to helping veterans find affordable housing, they will help people avoid foreclosure, as well as pay for necessary repairs to be made to the home. There are HUD offices in each state around the country. To qualify for the HUD programs, you need to meet the low income requirements. Those who would like to apply should first contact a HUD counselor in their state. The counselor will assess your current financial situation and needs to determine if you meet the eligibility requirements. To apply, click here.
Real Estate Agent Assistance – Many real estate agents around the nation have special programs in place to help make it easier for veterans to purchase a home. When looking for a real estate agent, find one that offers a veterans program or access to mortgage assistance programs for veterans. An agent who has experience working with veterans will know how to help you make it easier to get a mortgage, and will often offer a reduction in their fees, or offer other perks. A veteran-friendly real estate agency will be able to guide you in finding ways to get mortgage assistance. Be sure to ask any agent that you go to work with if they offer any type of veterans program assistance.
USA Credit Union – There is a special mortgage program for veterans offered through the USA Credit Union. The loans are available to active duty U.S. military, reserves, and all veterans. The program makes it easier to buy a home, because there is no down payment required, the fees are reduced, and the program provides plenty of options to meet your needs. You can apply online. To apply, click here.
There are mortgage assistance programs for veterans around the country. You can often find them by reaching out to your veteran friendly real estate agencies, credit unions, and local VA office. Veterans have put in their time helping to look out for the country, and one way that the country gives back is by providing mortgage assistance programs.