Not only are veterans and active-duty service members eligible for a VA loan, but some surviving spouses, reservists and Natural Guard members are, too. This loan is guaranteed by the VA and offered by mortgage lenders. One of the major advantages of obtaining a VA loan is that a down payment is typically not required, which is extremely helpful for home buyers, as they don’t have to worry about being able to pay a certain percentage of the loan to qualify.
(Still, there are other upfront costs to keep in mind, such as home inspections, appraisals, and funding fees.) Since people who receive a VA loan aren’t usually obligated to put money down, you may think they would need to pay private mortgage insurance (PMI). However, this isn’t the case due to the fact that the VA guarantees the loan, as aforementioned.
VA loan requirements are also a bit more lenient than conventional mortgage loans, in terms of credit and income. This makes it easier for applicants to get approved.
Specially Adapted Housing Grant
The Specially Adapted Housing (SAH) grant is also a product of the VA. Its purpose is “to help disabled Veterans by providing a barrier-free living environment, such as a wheelchair accessible home, that affords them a level of independent living they may not otherwise enjoy,” as the VA describes.
In fact, service members and veterans with disabilities connected to their time in the service “may be entitled to a grant for the purpose of constructing or modifying a home to meet their adaptive needs, up to the current maximum of $81,080.”
For instance, someone who became blind in both eyes and lost the use of at least one lower extremity would likely qualify. Other conditions apply, as well.
Those who obtain a SAH grant can utilize the funds in a variety of ways. For instance, VA states on its official website that the grant can be used to “build a home on land already owned if it is suitable for specially adapted housing” or “remodel an existing home if it can be made suitable for specially adapted housing.”
Special Housing Adaptation Grant
The Special Housing Adaption (SHA) grant sometimes gets confused with the SAH grant, but they are two different programs to help veterans buy a home.
“The SHA grant can be used to increase the mobility of eligible” applicants “throughout their residences,” explains the VA. Veterans and service members living with “specific service-connected disabilities may be entitled to this type of grant” and can receive “up to the current maximum of $16,217.”
Someone who suffered from a “severe burn injury,” for example, is eligible for a SHA grant.
You can learn more about veteran housing programs at https://www.usa.gov/veteran-housing.