As a military veteran, you hold access to many unique programs designed to help you purchase a Henrico County residential property. While some veterans may use these programs to buy a single home, some would consider the benefits of expanding into investment properties. Doesn’t matter which route is perfect for you, it’s very significant to first to know what type of lending support is available for veterans.
Quite possibly the best-known lending support option for veterans is VA home loans. This program, backed by the U.S. Department of Veteran’s Affairs, allows former members of the military and surviving spouses to apply for mortgage loans with very favorable terms. Predominantly, VA home loans are offered at competitive interest rates and require little or no money down. Without having the need to save up for a down payment, some veterans may find property ownership is a real possibility.
To qualify for a VA loan, veterans have to go through a process very similar to any other loan. You’ll need to have good credit, relatively low amounts of credit card and other debt, and enough income to make the payments. The VA requires anyone applying for a VA home loan to get pre-approved, which is good advice no matter what type of mortgage loan you are trying to get. You can then choose from a fixed-rate or a variable-interest loan. One important thing to remember is that you will need to have enough cash on hand to pay the VA loan funding fee, usually about 1% of the total price of the loan, and some closing costs.
In addition to VA home loans, there are several other lending support options for veterans of the U.S. military. The U.S. Department of Veteran Affairs offers a comprehensive guide to buying a house with a VA home loan on its official website. The VA also provides assistance grants, disability housing grants, and Specially Adapted Housing grants for veterans who have been permanently disabled in the line of duty.
More specifically, the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant are two grants that offer government funds to help disabled veterans buy or build a home. Although slightly different in focus, both of these grants are designed to help veterans “buy, build, or permanently change” an apartment that meets the unique needs of someone who is blind, who has limited mobility due to the loss of a limb, or other physical impairments. To apply, a veteran must have a qualifying disability and meet other selection criteria. But because the funds are a government grant, they do not need to be repaid. This can help veterans adapt or build a home that supports a good quality of life.
By knowing about these lending support options, many veterans can make your dream of owning one or more residential properties a reality. Once you’ve purchased your property, hiring a professional Henrico County property manager is also a great investment. Contact us online or at 804-417-7005 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.