November is a great time to recognize the contributions of Veterans. But did you know that there are benefits when it comes to homeownership that are available for Veterans year-round? Here are a few that are worth a special salute
VA Home Loan:
One of the most significant benefits available to Veterans is the VA home loan. Secured by the Department of Veterans Affairs, this loan enables qualifying Veterans to obtain a mortgage with a 0% down payment. However, there are eligibility criteria, such as a minimum time in service requirement and specific discharge types. Additionally, the home must meet basic habitability standards, and there is some additional paperwork involved in the application process.
This loan is also accessible to active duty service members, certain military spouses, and some members of the National Guard or Reserves. If you believe you qualify, consulting with a lender to assess eligibility is advisable. It’s also beneficial to engage a real estate agent familiar with the VA loan process, as it involves extra inspections and appraisals.
Home Improvement Discounts:
Many retailers, including some home improvement and hardware stores like The Home Depot and Lowe’s, offer discounts to military members. Small businesses may also provide discounts or benefits, particularly those with rewards programs that waive fees or offer additional perks to Veterans, military servicemembers, and their families.
VA Housing Grant:
Veterans with disabilities related to their military service may be eligible to apply for a VA Housing grant. This program provides financial assistance to make homes more accessible, including modifications such as widening doorways, installing ramps, or altering structural elements. Even if living with a relative or caregiver, individuals can still qualify for modifications to improve home suitability for their needs.
