Today is Veteran’s Day. This post is dedicated to all the men and women who served and are serving our country. Thank you! I salute you! Veteran’s Day should be a day that we all take time to pay our respects to those who give up civilian life for a different path. Often times, these men and women put themselves in extreme harms way to protect our country. Freedom certainly isn’t free.
My Grandfather served in the Korean War and my cousin is an active member of the US Army. My wife’s father served during the Vietnam War in the Navy, both of her Grandfather’s served during WWII, and her Uncle served during the Korean War. All their sacrifices are remembered and honored today. I posted a few pictures I was able to find of family members who have served.
In keeping with the Veterans Day theme, there are various federal programs available to help Veterans attain home ownership. One program is Veteran Home Ownership Program (VHP). It is designed to help veterans with limited access to affordable housing be able to purchase a discounted home while receiving assistance with the challenges involved in home ownership. With acceptance into VHP, the qualified veteran will receive assistance throughout the home buying process and guidance on the necessary steps to maintain the home for many years to come. For more information go to Veterans Home Ownership Program.
In addition to housing programs, the Department of Veterans Affairs also offers home loans to assist Service members, Veterans, and eligible surviving spouses attain home ownership and secure a loan. According to the VA’s website The VA’s mission with this program is to “provide a home loan guaranty benefit and other housing-related programs to help buy, build, repair, retain, or adapt a home for your own personal occupancy.” VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. I work with a small handful of really great lenders and some of them have been able to provide this type of loan for clients over the years. During my experience as a Realtor I have learned who the reliable lenders are in my community and have a handful of connections I share with my clients if they need them.
The guarantee VA loan has a list of benefits:
- No down payment as long as the sales price doesn’t exceed the appraised value.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
- You don’t have to be a first-time home buyer.
- You can reuse the benefit.
In closing, I wanted to share a quote from Maya Angelou that resonates with me today on Veteran’s Day. “How important it is for us to recognize and celebrate our heroes and she-roes!”