Free Home Grants For Veterans-Home Buyer and Home Repair Grants
Free Home Grants For Veterans-Home Buyer and Home Repair Grants
Veteran home loans are funds allocated to eligible American Veterans and also to their spouses through the U.S. Department of Veterans Affairs (VA). The US government undertakes to grant financial assistance to people who have served the nation by offering varies home loan programs for property ownership without any down payment.
With the aim to serve eligible Veterans and Service Members, the US government offers benefits for home loans and also other housing programs that enable them to construct, purchase, retain, repair homes for an affordable and healthy livelihood.
As a Veteran, you can benefit from the VA loans and also other government grants for the best and required housing plan for your family.
Benefits of Government Home Grants
Over the years, the home loans from the Veterans Affairs have lent a helping hand to over 21 million Veterans and Servicemen to fulfill their dreams of home ownership. The home loans are however not lent directly but through private lenders like mortgage companies and banks. The specific benefits to avail are:
- $0 down payment
- Low-interest rates
- No insurance required for private mortgage
- Eliminates extra expenses of mortgage insurance
- Portion of a loan is guaranteed by the Department of Veterans Affairs
- Enables in attaining favorable loan terms from lenders
And there is more.
Interest Rate Reduction Refinance Loan (IRRRL): also known as the Streamline Refinance Loan, for veterans with existing Veterans Affairs (VA) loan, this provides an option to obtain a lower interest rate by refinancing loan.
Native American Direct Loan (NADL) Program: it provides an option for reducing the interest rate on VA loan to Native American Veterans or even get financing on construction, purchase or enhancement of homes on Federal Trust land.
Adapted Housing Grants: for Veterans with a permanent and total service-connected disability, this grant provides help to purchase or build an adapted home or an option to alter an existing home for their disability.
Other Resources: there are several other resources many states offer to the Veterans including help like property tax reductions.
Eligibility for the Veteran Home Grants
To qualify or be eligible for the Veterans Affairs loan grants, Veterans need to fulfill certain criteria that are stated below:
- The service requirements of the Veterans are required to be any of the two types: wartime or peacetime.
- Wartime Veterans should have worked for a minimum period of 90 days consecutively
- Peacetime Veterans should have worked for a minimum period of 181 days consecutively
- National Guard or Reserves Veterans are required to work for a minimum of 6 years
- Deceased or service related disability Veterans’ surviving spouses are also eligible if only they have not re-married
Few more eligibility criteria.
Purchase Loans and Cash-Out Refinance: For personal occupancy loans veterans must have adequate income, good credit score, COE i.e. Certificate of Eligibility and few service requisites.
Interest Rate Reduction Refinance Loan (IRRRL): this is a "VA to VA" loan that can be used to finance a previously VA loan.
Native American Direct Loan (NADL) Program: To apply for this you must possess legal Certificate of Eligibility (COE) and have the required service records.
Adapted Housing Grants: it can be availed along with Special Housing Adaptation (SHA) grant or Specially Adapted Housing (SAH)
VA sponsored loans have proved to be beneficial for veterans over the years. Even HUD had offered above 58,000 Housing Choice vouchers to veterans in the country (2013) that enabled them to reside at market rate rental accommodation. HUD has provisions for women Veterans, those who are back from combat regions and also those with disabilities.
For any homeless Veterans, VA offers resources, needed support and help in allocating houses. Through The Grant and Per Diem, (GPD) Program VA offers almost 65% of the funds for the construction project. So, if you have served the country, the government also has the best of services and programs to serve you back.
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