Best Housing Options for Veterans

Veterans have given their time and risked their lives to help keep our country safe, and just one small way our country seeks to repay them for their service is to offer them affordable housing when they return from their active duty. Below, we’ll be discussing housing assistance offered to veterans as well as alternative housing that is available for those veterans who need it.

veteran house

Assistance for Veterans Looking to Purchase a Home

One of the most effective ways to help veterans settle down once they return from service is to offer assistance in procuring permanent housing options. Below are a few options available to qualifying veterans.

1. VA Loans

VA loans are designed for veterans with lower down payment qualifications and lower interest rates than traditional mortgage products. For veterans who can afford them, VA loans provide a convenient and more affordable way to purchase a home and settle down after returning from active duty.

2. Specially Adapted Housing (SAH) Grants

SAH grants are designed for veterans with disabilities. They provide a grant totaling over $100,000 for qualifying disabled veterans to purchase or renovate a new or existing home. These grants are available for those with leg-related disabilities, blindness, and some other medical issues.

3. Special Housing Adaptation Grant (SAH) Grant

Although the name is similar, this grant covers up to around $20,000 for new or existing homes for qualifying veterans. Qualifications include disabilities related to hands and breathing complications.

4. Temporary Residence Adaptation (TRA) Grant

This grant covers up to around $40,000 for adapting a veteran’s current residence to meet their specific needs after returning from active duty. In addition to products like home warranties for veterans, this grant could help cover unexpected or ongoing expenses related to veteran disability and related home improvements.

5. Exemption From Funding Fees

Funding fees are required of most veterans securing a mortgage, even if they take out a VA loan. The funding fee is usually between 2 and 3% of the purchase price, but this can be waived for some veterans and surviving spouses of veterans in many cases.

6. VA Loan Interest Rate Reduction Refinance Loan (IRRRL)

IRRRLs are designed for veterans who have already taken advantage of VA loans but need to reduce their rate or refinance to keep monthly payments low enough to afford.

7. Home Improvements and Structural Alterations Grant

This grant is very similar to the TRA grant in that it provides monetary assistance for veterans who need to alter existing homes to meet their needs. However, this grant does not require that the veteran have an active-duty-related disability.

Alternative Housing Options for Veterans

For veterans who are unable to take advantage of the options above, there are some alternative housing options available, which we’ll discuss below.

1. Armed Forces Retirement Home

There are two retirement homes in the US for retired veterans and their spouses, located in Mississippi and Washington, DC. This housing is provided for veterans with severe disabilities (50% or more) or who have served for 20 years or more.

2. Supportive Services for Veteran Families

This service is available from the US Department of Veterans Affairs as a way of protecting and helping the families of active service members and veterans. This program seeks to maintain established housing for low-income veterans or establish new housing options for them, as well as additional services, like health care and mental well-being support.

3. HUD VA Supportive Housing

HUD VA Supportive Housing is available to veterans with severe medical or physical disabilities. This program provides affordable housing in addition to VA medical treatment in nearby facilities.

4. Housing Choice Voucher Program

This program is a government-backed subsidy that can be applied to your rent to help you afford housing. It’s available only to those who earn below 50% of the median income in a given area and where the subsidy is accepted by the landlord.

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