Veteran Home Purchase Assistance

This blog provides information on programs and services that are designed to aid veterans and their widows (in most cases) to obtain additional benefits on a home purchase.

There are several programs available to veterans including the VA Loan Program and Homes for Heroes that provide direct and indirect financial assistance and help locating and funding their home purchase

VA LOAN PROGRAM

VA loans are a great benefit for eligible service members, veterans and their surviving spouses. It allows you to qualify for a low-cost mortgage when you’re looking to purchase or refinance, even if your credit isn’t perfect.

How does the VA Loan Program work?

VA loans are considered nonconventional loans because of their easier credit requirements. They offer many advantages over conventional loans, including lower interest rates, more lenient borrowing requirements, no mortgage insurance and no down payment due at closing. Although lenders set their own requirements for certain aspects of qualification, VA loans have more lenient credit requirements than many other mortgage programs

Who qualifies?

Not all who have served in the Armed Forces qualify for a VA loan. You must meet at least one of the following criteria to qualify:

• Served 181 days of active service during peacetime.
• Served 90 consecutive days of active service during wartime.
• Served more than 6 years of service with the National Guard or Reserves or 90 days under Title 32 with at least 30 of those days being consecutive.
• Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

You’ll need to obtain a Certificate of Eligibility (COE) and the requirements will vary slightly depending upon whether you are on active-duty, veteran, or surviving spouse.

HOMES FOR HEROES

There are a number of programs that provide assistance to veterans to purchase their home in addition to the VA Loan Program. Many of these programs are known variously as “Homes for Heroes” or similar names. The Geni Manning Real Estate Group has a program that provides for credit to sellers and buyers that they represent who are veterans, work in public safety (police, fire, EMTs), teachers and healthcare workers.

MORE INFORMATION

For more information on these and other veterans housing programs contact Geni Manning at 469-556-1185 (text or call), RealEstate@GeniManning.com or click on the following link to schedule a non-obligation conference call with Geni or a member or her team.