Some Important Insights About Home Buying Assistance Programs For Veterans
While in the Armed Forces, you are constantly relocating, this fact in itself does make purchasing a home not only challenging but out rightly difficult. With this in mind, veterans are usually accorded some special privileges for faithfully serving the country. By using available state, federal and private agencies, veterans can receive grants to help them achieve the American dream of home ownership. There are also programs available to assist disabled veterans who require homes that are accessible to the handicapped. In most instances, eligibility is usually pegged on income or disability.
For many veterans, the Department Of Veteran Affairs is usually the first stop. The department usually helps veterans, service members and eligible surviving spouses become homeowners. The department through several of its programs provides a home loan guarantee benefit as well as other housing related programs which assist you to build, buy, retain, adapt or retain a home for their own personal occupancy. These home loans are not provided directly by the department, they are provided by private lenders such as banks and mortgage companies. The Department Of Veteran Affairs assists by guaranteeing a portion of the loan. This enables the lender to provide the veteran with more favorable terms.
VA guaranteed loans are usually available for homes for your occupancy or a spouse and dependent for those who are still in active duty. For one to be eligible, he or she must have credit that’s satisfactory as well as sufficient income which can meet the expected monthly obligations as well as a valid COE (Certificate of Eligibility).
Depending on the state’s department of VA programs, veterans can qualify for what can be termed as low-interest conventional loans. Depending on your eligibility, you may qualify for a home loan with very little or no down payment at all. The main advantage of these programs is that they tend to work with community housing agencies as well as other programs that can assist to provide you with down payment and closing costs. Normally, these offers are limited to first time buyers even though this is dependent on the state where you are seeking the loan or buying the home.
A veteran can also apply for assistance through the Pentagon Federal Credit Union Foundation. This is a non-profit national organization that administers the popular Dream Makers Program. This program does provide down payment assistance grants to first time buyers. To qualify for this program, veterans are expected to have an annual income eighty percent (80%) or less than the area’s median income. This median must be based on household size. The grants offered are usually three percent (3%) of the sale price.
In order to qualify for any of the above mentioned veterans programs, veterans or active service US military personnel are expected to supply some relevant documentation to the lending agency. These usually include a Certificate of Release or Discharge from Active Duty or Report of Separation and Record of Service. In the event that you are not a first time home buyer then a lender may require that you present a Military Veteran’s Eligibility Affidavit. For those who are still in active duty, they would be required to present a Leave and Earning statement as well as a military ID. For obvious reasons, those who have left the service will not be required to show their military ID.
Here are some of the popular home buying assistance programs for veterans readily available to them at both the federal and state level. These include but are not limited to the following:
1) U.S. Department Of Veterans Affairs
Mailing Address: 810 Vermont Avenue NW, Washington DC 20420
Phone Numbers: 1-800-273-8255
Web URL: http://is.gd/Qjis0S
Programs offered: being the main custodian or veteran affairs, they do offer lots of programs such as the Purchase Loans and Cash Out Finance, The IRRRL (Interest Rate Reduction Refinance Loan), the Native American Direct Loan (NADL) program which helps native American Veterans construct, re-finance or improve a home on Native American trusts lands as well as the Adapted Housing grants that assist veterans with certain permanent and total disabilities related to their military service.
2) SONYMA (State of New York Mortgage Agency)
Mailing Address: 641 Lexington Avenue 4th Floor New York, NY 10022
Phone Numbers: 1-800-382-(HOME)
Web URL: http://is.gd/HBU8SU
Programs offered: they do also offer Down Payment Assistance Loans (DPAL) as well as RemodelNY which is a mortgage product that finances both the renovation and purchase of a home that’s in need of repairs. They also have the Achieving the dream program as well as the homes for veterans program.
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