If you’re a veteran (thank you for your service) who’s looking to buy a house, there are plenty of veteran home buying resources available for you. Unfortunately, there’s often an information gap that serves as a barrier for would-be homeowners to take advantage of them. We’ve rounded up some of the best ones here for you.
Veteran Loans and Grants
The U.S. Department of Veteran Affairs (VA) provides a variety of grants and loans for both active and inactive members of the military. Loan applicants will need to apply for a Certificate of Eligibility (COE) to be considered for any of the options below.
VA Loans
The VA offers three different loan options for veterans: purchase loans, interest rate reduction refinance loans (IRRRL), and cash-out refinance loans. Of course applicants must pass credit and worthiness in addition to any other lender requirements. All of these are VA-backed loans through private lenders. However, they offer no down payment, better terms and interest rates than conventional loans, fewer closing costs, and no need for private mortgage insurance (PMI) or mortgage insurance premium (MIP).
- Purchase Loans
These are used to purchase a new primary residence. A portion of the mortgage is VA-backed and is guaranteed by the Veteran Affairs. These loans may also be available for surviving spouses.
- IRRRL Loans
Also called streamlining, IRRRL loans reduce the interest rate or terms of an existing VA-backed loan. These can lower monthly payments or make them more stable. Fees for the IRRRL loans can be rolled into the amount of the loan, requiring little to no money upfront for a veteran to refinance.
- Cash-Out Refinance Loans
Similar to IRRRL loans, cash-out refinance loans restructure existing mortgages; however, you can refinance either VA-backed or non-VA loans. The difference is veterans can cash out equity in their home to pay for renovations, vacations, or college tuition.
VA Adaptive Housing Grants
If you’re facing disabilities that qualify as a service-connected disability, you could be eligible for a specially adaptive housing (SHA) grant. The grant could be used to buy, build, or make adaptations to an existing home to accommodate a veteran with disabilities. There are limits to the number and amounts of each grant, so it’s best to review information on the VA website or work with your local VA office.
State and Local Grants
State and local VA programs may have additional grants available for qualifying veterans. For example, some states like Florida provide down payment assistance (up to $5,000) or 0% interest loans. Plus for those considered as protectors: working in the military, police, firefighters and first responders, the amount may even rise up to $7,500.
Additional Veteran Resources
Here are some additional resources to help you with your home buying journey:
- Veterans United: Check your eligibility for home loans through the nations top veterans lender.
- FAQs on Veteran Home Loans: Check on specifics about repayment, guaranteed amounts, maximum loan amounts, and more.
- VA Home Loan Process: Zillow shares how a VA loan works and more eligibility requirements.
- Military Transition: More than just housing information, find tons of resources to help with the transition from active service member to civilization.
More Information
If you have questions, let a professional property manager guide you! Our real estate services can help you find your dream home or sell your current property (or possibly even rent your current property!).
Why would an Orlando property management company want to help veterans find their own primary residence? Even if you don’t plan to turn your home into rental property, we’re happy to help a veteran anyway we can! Call us today at 321-947-7653 or get in touch with our online form.
