As a military veteran, you are given access to many unique programs designed to help you purchase a Cumberland residential property. While some veterans may use these programs to buy a single home, others may consider the benefits of expanding into investment properties. Regardless of which alternative is suitable for you, it’s crucial first to know what type of lending support is available for veterans.
Probably 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. For the most part, VA home loans are offered at competitive interest rates and require little or no money down. Without having to save up for a down payment, some veterans may find property ownership is a real possibility.
To qualify for a VA loan, veterans must go through a process very similar to any other loan. You’ll want 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 crucial thing to bear in mind 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.
On top of 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 gives 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. Albeit 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 Cumberland property manager is also a great investment. Contact us online or at 401-272-3300 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.