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Active Duty Military & Veteran Housing Benefits

Are you aware of the active duty military & veteran housing benefits available? Here are a few that are worth a special salute.

military family sitting in front of house

VA Home Loan

Without a doubt, one of the biggest VA benefits available is the VA home loan. This loan is guaranteed by the Department of Veterans Affairs for qualified veterans, active duty military members, members of the National Guard or Reserves, and surviving spouses.

The benefits of the VA home loan are big and can offer a major savings for those that qualify. Here are some of the wonderful benefits:

  • No Down Payment Required. One of the biggest benefits of the VA loan is that you can purchase with $0 down.
  • No Private Mortgage Insurance (PMI). Typically when you put less than 20% down on a loan, PMI is required. Not with the VA home loan.
  • Competitive Interest Rates. In most cases, VA home loans benefit from lower rates than traditional financing.
  • Relaxed Credit Requirements. You don’t have to have perfect credit!
  • Lifetime Benefit. Your benefit does not expire and you can use it multiple times and in some cases, you can have more than one VA home loan at a time.
  • No Prepayment Penalties.
  • Foreclosure Avoidance. The VA provides counseling to help Veterans avoid foreclosure during periods of financial difficulty.

If you think that you may qualify, it is important to work with a lender familiar with VA Home Loans to determine eligibility. It also helps to find a real estate agent who is familiar with the VA loan process. This particular loan is a great product but sadly, is highly misunderstood. Too many eligible veterans have been talked out of using the benefit they have earned which is why it is important to work with professionals that understand it completely!

Home Improvement Discounts

Discounts on purchases for military members are available from many retailers, including some home improvement and hardware stores such as The Home Depot and Lowe’s. You can also talk to small businesses about what they offer. Many with rewards programs will waive fees or provide extra points to Veterans, military service members, and their families.

Property Tax Benefits

Many states will offer property tax elimination or reductions for veterans based on certain criteria. Most often the amount of discount will be dependent on the veteran’s disability rating and income. Since each state can be unique in it’s requirements, it is important to look at the area specific to where you are buying. When trying to determine if you meet eligibility requirements, your lender can be a great resource for you in helping you find this information.

VA Housing Grant

If you have a disability related to your military service, you may be able to apply for a VA Housing grant. This program provides financial assistance to make homes more accessible for Veterans with disabilities. This can include widening doorways, installing ramps, or even changing the structural elements of your home. Even if you are living with a relative or caregiver, you can still qualify to make modifications that make your home better suited for your needs.

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