The Department of Veterans Affairs offers the VA loan program to qualified veterans as a way to honor them for their time of service. The VA recognizes that those brave individuals who were injured or sustained a service related disability sometimes need additional help in buying a home. As such, the VA offers special programs specifically to help disabled veterans realize the dream of home ownership.
Waived Funding Fee
The primary benefit offered to disabled veterans is the fact that the funding fee is waived. This means that a disabled veteran can purchase a home with no money down and no additional fees other than closing costs. Other qualified veterans who use the loan benefit must pay the funding fee either at closing or by rolling it into the cost of the loan.
Specially Adapted Housing Program
The VA wants disabled veterans to be able to create a living environment where they can live in a barrier-free, independent way, which for some disabled veterans requires an adapted house. To help offset the costs of building or renovating an adapted house, the Department of Veterans Affairs offers the Specially Adapted Housing Program. Veterans who need adapted housing can apply for a grant from the VA that gives them money to either build an adapted home or modify their existing home to meet their needs.
If you are a disabled veteran who meets the eligibility requirements, you will find that the VA home loan is the most affordable option for you. With its favorable rates, competitive closing costs, no down payment option and waived funding fee, the VA loan is the best option for those who qualify. Find out more about the program by talking to one of our community bankers that specialize in VA home loans today.