In this article, I’m going to share the best mortgage programs for military and veterans. Our military service members put their time and effort into keeping us safe, even when it means they might be in serious danger. Though there is no right way to truly give back to these men and women for what they sacrifice, the real estate world does try to offer assistance when they can. Every veteran or active military member deserves a home for their family, which is why we wanted to detail out a few mortgage programs available for active-duty military members and veterans.
Home Ownership Advantage Initiative
The Home Ownership Advantage (HOA) initiative has been specially created to help active-duty military & veterans purchase their home. The fact is that military salaries can vary by quite a bit depending on your rank and type of duty, because of this homeownership can seem out of reach.
With this in mind, the Home Ownership Advantage initiative brings local business professionals together to offer incentives to community heroes in our military. This initiative was created to provide active duty and veteran members of our armed forces at all income levels with the ability to purchase a home.
There is great value with this initiative including down payment assistance for those who qualify, closing cost assistance provided by the participating HOA initiative Realtor partners, possible discounted title & escrow services, Home insurance discounts to those who qualify & discounted home inspection fees. The end goal of this program is to not only to assist military members and veterans with their home purchase & to save them thousands of dollars in the process…but to also to bring the community together to help support them each & every day.
VA Home Loans
The Veteran’s Association is proud to offer a great deal of assistance when it comes to helping service members get a new home. The VA Loan is one of few loans that make it possible for you to move into a new home with $0 for a down payment. This makes it easy to move into a home sooner rather than later. Service members can also count on low monthly payments, low insurance rates, and a forgiving analysis of your credit.
Military Choice Loan
Navy Federal is a long-time provider of perks for the United States Military and they are happy to help service members get a new home. This is a particularly great option for those who have already had a VA Loan and still want benefits. You can get fixed payment rates and no down payment. As an added perk, the seller can even offer up 6% of the home value to help lower all of your new home costs. This is a great choice for service members who are looking to save but have already used their VA Loan on other properties.
VA Mortgage Assistance
Managing a mortgage is about more than just obtaining a mortgage. Sometimes, during times of hardship, you might need assistance to keep your mortgage in line. If you are in this situation, you are not alone. While it might seem terrible at the moment, the good news is that veterans also have access to mortgage assistance with the VA.
The VA is not only known for helping veterans and military members to secure loans. They can also help out after the fact. Whether you are experiencing a Permanent Change of Station (PCS) or are dealing with personal circumstances relating to your health or that of a loved one, you might find yourself in a bad spot. The VA offers its services to help military service members who need to renegotiate or get out of their mortgage for any reason.
For all that they do, we cannot thank our military service members enough. However, it is always nice to know that there are some benefits offered to these brave professionals. If you are an active member, veteran, or reservist, be aware that there is a wide range of options that are available to you. Many programs are offered outside of these that give additional perks to members of the military, as well as their families. Take time to talk with your real estate team to learn if there is any way that you can save a little additional money. You might be closer to a new home than you think!