Military borrowers now have plenty of options when it comes to purchasing a home. A VA loan comes complete with little to no down payment, no PMI, and is topped off with the seller paying the closing costs. Other programs such as the Military Housing Assistance Fund can help buyers with grants for closing costs, meaning the money is a gift and does not have to be repaid. With military families and veterans as the focus, these programs are designed to get our hometown heroes into home ownership at the same rate as non-military Americans. Let’s take a look at some of the loans and programs offered….
The VA Loan
The VA loan, which is offered by the Department of Veteran Affairs, is strictly for use by military service members or veterans. VA loans are insured by the federal government and require no down payment. Standards for qualifying for these loans are less strict than the Conventional loans backed by private lenders, making it more likely for those with lower credit scores to qualify.
The VA Specially Adapted Housing Grant
This grant, amazingly, offers up to fifty percent of the home value for veterans who require special accommodations for disabilities. The grant can be used for new construction or to modify an existing home. For more information on this program, go to http://www.benefits.gov/benefits/benefit-details/4733.
Military Housing Assistance Fund
The MHAF is designed to help military personnel qualify for non-military loans such as an FHA or Conventional loan. These loans usually require a down payment or closing costs. The Military Housing Assistance Fund gives qualified military workers and veterans, alike, grants to cover these costs. Funds from this grant are a free gift, and the service is also free of charge. Visit http://usmhaf.org for more information.
Dream Makers Grant
The Dream Makers Grant offers a program to cover down payments and closing costs for first-time homebuyers with modest means. These grants are open to any Active Duty, Reserve, National Guard, or Veteran who are first time homebuyers or who have not owned a home for the past three years. For more information on requirements and qualifications, visit www.pentagonfoundation.org.
There are many state and local grants and programs available to military service members and veterans as well. The federal government even offers programs for homeless veterans. With some research and probing, funds and grants can be uncovered for the men and women who serve our country. Websites such as www.grantwatch.com and www.grants.gov can be instrumental in your search. If you’re ready to move toward home ownership, contact the Scherer Team at 888-300-4431.