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A lot of US military veterans don’t understand the benefits that they have or simply don’t know about them. These benefits include many things, from healthcare, education, job positions, to property or real-estate perks. In this post, we are going to talk about the perks and benefits veterans have in regard to real-estate.
Most benefits are provided by the US Department of Veteran Affairs, and there are different organizations that work under their regulation, in an effort to provide these benefits legally and transparently.
In this post, we will present you six property-related benefits that military veterans have the right to in the US.
When it comes to property loans, most of them come in the form of loans, and they are called VA loans. Here are some of them you can consider and other benefits you might not know about.
#1. Veteran Home Admission
Aging veterans who need a place to stay can apply for Veteran’s Homes provided by IDVA. These homes offer a comfortable environment with professional care, where veterans can spend the rest of their twilight years with other seniors.
Veterans who have been in wars have admission precedence for this type of accommodation.
Additionally, even veterans who haven’t served in any wars can be accepted with benefits, veteran spouses, and surviving spouses. However, it’s also important that they meet other requirements.
#2. Mortgage Assistance
If a veteran has a mortgage on their name, and they are unable to pay it, they have the right to ask for help from the Department of Veterans Affairs.
It doesn’t matter if the person had the mortgage before they joined the service, or they’ve taken the loan after, they still have the right to this help. There are several ways the Department of Veterans Affairs can help, including:
- Various loan modification programs
- Loan forbearance
- Special repayment plans
#3. Homeless Veterans
All homeless veterans in the United States have the right to many kinds of different benefits, ranging from free accommodations, property loans, and construction loans. Most of these benefits are state-based, meaning that all states offer different kinds of benefits and help.
They also offer various programs like residential rehabilitation programs, homeless grant programs, per diem programs, and domiciliary residential rehabilitation programs.
The only things required for these benefits are proof of service and that there was no dishonorable discharge condition. In some cases, even dishonorably discharged veterans have the right to benefits.
#4. VA Property Purchase Loans
Even though VA loans are given by private lenders, they are all backed by the Department of Veterans Affairs. This is why these loans are some of the very few loan options that come with no required down payment.
VA home loans also don’t have private mortgage insurance, meaning that they save the borrower hundreds of dollars each month.
They also come at much better rates than conventional loans, further saving the borrower’s money. The lending policies are also more lenient, so even if you don’t qualify for conventional loans, you might be approved for VA loans.
A VA loan application can be submitted online, via mail, or in-person with an authorized lender.
#5. VA Construction Loans
If a military veteran needs a loan for building a property, they can get the funding that covers all the construction expenses. These loans also require no down payment and have better rates than regular construction loans that only civilians can get.
They also cover the mortgage phase of the loan. It’s important to know that not all lenders will provide VA construction loans for all types of property types. This is different with each lender, and that’s why it’s important to ask them specifically.
#6. VA Renovation Loans
VA renovation loans are limited to smaller amounts, but this means that they also come with smaller interest rates. However, the applicant will only be allowed an essential renovation of their property.
Simply put, if you want to furnish your home with expensive furniture, the loan might not be approved.
These are some of the many benefits that military veterans across the US have. Bear in mind that many states have added unique benefits that they offer, so make sure that you learn what additional rights you have in your state.