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Veterans’ Home Loans and Other Resources

May 27, 2014

As you know, yesterday was Memorial Day, so I, like most Americans I’m sure, spent some time thinking of our troops. We are so grateful for the contributions and sacrifices that US soldiers and their families make every day.

But this is a real estate blog, and veterans get some pretty special home buying benefits, so I wanted to go over a few of them here. I found all this info here on the VA Benefits website.

1. Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.

2. Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.

3. Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan.

4. Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.

5. Other Resources: many states offer resources to Veterans, including property tax reductions to certain Veterans.

Thanks again to all our veterans!

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