As a military veteran, you gain access to many unique programs designed to help you purchase a West Des Moines residential property. While some veterans may use these programs to buy a single home, others may consider the benefits of expanding into investment properties. It doesn’t matter which option is perfect for you; it is necessary first to know what type of lending support is available for veterans.
Maybe 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. In most instances, VA home loans are offered at competitive interest rates and require little or no money down. Without needing to save cash for a down payment, several veterans may find property ownership is a real possibility.
To qualify for a VA loan, veterans must experience a process very similar to any other loan. You’ll need 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 want to use. You can also choose from a fixed-rate or a variable-interest loan. One significant thing to remember is that you will need to have enough cash on hand to pay the VA loan funding fee, usually around 1% of the total price of the loan, and some closing costs.
What’s more with VA home loans, there are several other lending support options for veterans of the U.S. military. The U.S. Department of Veteran Affairs renders a comprehensive guide to buying a house with a VA home loan on its official website. The VA also offers assistance grants, disability housing grants, and Specially Adapted Housing grants for veterans who have been permanently disabled in the line of duty.
Furthermore, 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. Although 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 losing an arm, 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. It 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 West Des Moines property manager is also a great investment. Contact us online or call at 515-251-8200 for more information.