Home Programs Vets Should Know About Today

Dated: January 9 2020

Views: 154

Veterans sacrifice a lot for this country. To help honor these sacrifices, special programs were put in place to aid vets in getting and keeping a home. Unfortunately, not all veterans know that these programs exist. Even for those who do, they may not realize exactly what options are available for them and may apply for a program that doesn’t really match their situation ideally.

To help sort out some of the confusion, here are a few of the most common home programs that vets might be interested in. As requirements and availability can change over time, be sure to find out more before attempting to apply for any specific program.

VA Home Loans

One of the most commonly used home programs for vets are VA home loans. These loans are subsidized by the Veterans Administration itself, similar to HUD home loans or rural loans subsidized by the Department of Agriculture. Thanks to the VA subsidy, vets can qualify for better-than-average interest rates and may be able to reduce or eliminate down payments or closing costs as well. Houses must meet the livability requirements of the VA to be purchased with a VA home loan.

VA Foreclosure Programs

Another useful home program for vets is the VA foreclosure program. This features homes that have been foreclosed upon that meet livability requirements, allowing vets to buy the homes at a discount from their market value. This lower price can make VA loans even more affordable since there is less to repay from the start.

Loan Forbearance

One problem that vets sometimes face is getting behind on mortgage payments and running the risk of losing their home. The VA offers loan forbearance programs that can help with this. While this doesn’t serve as loan forgiveness, the forbearance does temporarily stop repayments to give veterans more time to catch up. There are no penalties accrued during the forbearance period – and pending foreclosures won’t move forward while the loan is in forbearance. Once the forbearance period ends, the vet can begin making payments again at their normal rate.

Loan Modifications

VA-backed loan modifications are another option for vets that are struggling with their mortgage payment. These modifications can make changes to the interest rate, interest type or even the repayment period of the loan to reduce the amount of the monthly payment. There are a few different types of loan modifications available for vets ranging from basic loan refinancing to specialized repayment plans designed to keep vets in their homes when times are tough. The specific terms of the modification will depend on the specific program or plan that the veteran uses to modify their loan.

In-Home Care Programs

For veterans who were injured in service or who experience other chronic health issues, the VA offers programs to aid in getting in-home care. These programs pay out directly to the care provider and may also cover the cost of specialized care equipment or home modifications that are necessary to help the vets get through their day. These programs may be a good option for injured vets who need minor remodeling for medical reasons but who are unable to get it done on a fixed income.

VA Disability Status

It is important to point out that some VA programs require a veteran to have disability status before they can qualify. Disability through the VA can take a while to certify, so vets who have ongoing mobility or health issues should apply early before applying for other programs. Some programs may have options available while a disability decision is still pending, but there are at least a few VA programs that can’t do anything for you unless you’re already certified as disabled by the VA.

Finding the Right Program

If you’re struggling to navigate the complexities of some of these programs, there are mortgage and loan experts out there who can help you. They have experience dealing with VA programs and may be able to advise you on which programs are best for your situation. Sign up for a free HomeKeepr account and get connected with an expert today!

Blog author image

Kelvin Verrett

Kelvin Verrett, Expert Advisor, After 20 years in Real Estate industry and over 15 years as a Broker Owner, I returned to the Real Estate industry after an pleasant eight sabbatical where during that ....

Latest Blog Posts

Staying Connected in 2021

MARKET UPDATEFROM THE DESK OF KELVIN VERRETT, YOUR EXPERT ADVISOR7th Edition: January 6th, 20202021. Whew. We finally made it. Thank goodness! I don't know about you, but I'm ready

Read More

2021 is Almost Here!

MARKET UPDATEFROM THE DESK OF KELVIN VERRETT, YOUR EXPERT ADVISOR6th Edition: December 30th, 2020 A NEW YEAR is a powerful occasion. It’s a time when we reflect on our

Read More

Holiday Wishes, Festive Ideas and Updates!

MARKET UPDATEFROM THE DESK OF KELVIN VERRETT, YOUR EXPERT ADVISOR5th Edition: December 23rd, 2020 The holidays are officially in full force. And, it looks as though I get to

Read More

Here Is What's In Congress' COVID-19 Relief Package

December 21, 2020 11:48 p.m. ET UPDATEby Brian Naylor, TwitterCongress passed on Monday a bipartisan $900 billion COVID-19 relief bill after intense negotiations over its final.

Read More