Homeownership Benefits Every Veteran Should Know About

Those who have served our country have earned some of the most valuable homeownership benefits available anywhere. Yet many eligible veterans and service members are not aware of everything they can use. Whether you are buying your first home, upgrading or making your current home more accessible, here is an overview worth reading.

VA Home Loans

The VA home loan program is the headline benefit, and for good reason. Loans are made by approved lenders and backed by the Department of Veterans Affairs, which allows for terms that can be hard to match.

• $0 down payment: Eligible borrowers with full entitlement can buy with no down payment.
• No monthly mortgage insurance: Unlike many low down payment loans, VA loans do not charge monthly mortgage insurance.
• Funding fee: Most borrowers pay a one-time VA funding fee, which can often be rolled into the loan. Some borrowers, such as many veterans receiving service-connected disability compensation, may be exempt.
• Reusable benefit: Many veterans can use their VA benefit more than once over a lifetime.
• Refinance options: VA homeowners may also have streamlined or cash-out refinance options, depending on their situation.

Who may be eligible

Eligibility generally extends to veterans who meet minimum service requirements and were not dishonorably discharged, active-duty service members, members of the National Guard and Reserves who meet service requirements, and certain surviving spouses. Your Certificate of Eligibility confirms your entitlement, and your lender can often help you request it. If you used your benefit before and still own that home, your remaining entitlement can affect how much you can borrow with no down payment, so it is worth reviewing early.

What to expect in the process

VA loans include an appraisal that also checks that the home meets minimum property requirements. In plain terms, the home needs to be safe, sound and sanitary. A home with major issues, like a damaged roof or missing utilities, may need repairs before closing. It helps to work with a real estate agent who has experience with VA buyers and can set expectations with sellers.

Learn more on our VA home loan page.

Grants to Adapt Your Home

Veterans and service members with certain service-connected disabilities may qualify for VA housing grants that help pay to build, buy or modify a home for greater independence. Eligible projects can include things like:

• Wheelchair ramps and wider doorways
• Accessible bathrooms with roll-in showers
• Lowered counters and accessible kitchens
• Other structural changes based on specific needs

There is also help available for veterans who are temporarily living in a family member’s home and need modifications there. Eligibility and grant amounts are set by the VA, so contact the VA directly or a veterans service officer to learn what applies to you.

Everyday Savings for Homeowners

Beyond financing and grants, many home improvement stores, appliance retailers and service companies offer military discounts or reward programs. These may include a percentage off purchases, waived delivery fees or bonus points. Some local utilities, insurance companies and moving companies have military programs as well. It is always worth asking at checkout or before you sign a service contract.

Some states and counties also offer property tax exemptions or reductions for veterans, especially those with service-connected disabilities. Check with your local property appraiser’s office to see what is available where you live. Exemptions usually must be applied for, and deadlines vary, so ask soon after you buy.

Thank you for your service. If you are thinking about buying or refinancing with your VA benefit, a FLO Mortgage loan officer would be glad to help you understand your options. Reach out to our team anytime.

This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.