As a military veteran, you’re allowed to access to many unique programs designed to help you to purchase a Bountiful residential property. While some veterans may use these programs to buy a single home, others may consider the benefits of expanding into investment properties. Irrespective of which option is right for you, it is necessary first to know what type of lending support is available for veterans.
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. Generally, VA home loans are offered at competitive interest rates and require little or no money down. Without needing to pay a lot of money for a down payment, other veterans may find property ownership is a real possibility.
To qualify for a VA loan, veterans must undergo a process very similar to any other loan. It is better 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 need. You can then choose from a fixed-rate or a variable-interest loan. One important thing to keep in mind is that you will need to have enough cash on hand to pay the VA loan funding fee, usually around 1% of the total price of the loan, and some closing costs.
When we talk about VA home loans, there are several other lending support options for veterans of the U.S. military. The U.S. Department of Veteran Affairs gives a comprehensive guide to buying a house with a VA home loan on its official website. The VA also includes assistance grants, disability housing grants, and Specially Adapted Housing grants for veterans who have been permanently disabled in the line of duty.
What is more, 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 property. Though 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. It 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 Bountiful property manager is also a great investment. Contact us online or at 801-546-1770 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.