The U.S. Department of Veterans Affairs offers a number of programs to assist veterans with buying a home. Eligible veterans can apply for insured loans, and disabled veterans can seek assistance with building or adapting homes to be accessible, explains the Department of Veterans Affairs. There are also loans available to Native American veterans for building or purchasing homes on reservation land. Some state governments offer additional resources to assist new veteran homeowners, such as reduced property taxes.
To apply for housing assistance from the Veterans Affairs office, veterans should first apply for a Certificate of Eligibility at the department’s eBenefits site or directly from the lender. This certificate informs a private lender that the department assumes all risk for the loan and guarantees a number of favorable lending terms, including no requirement for private mortgage insurance, according to the Department of Veterans Affairs. An eligible veteran does not have to make a down payment as long as the price of the home is equal to or less than the appraised value.
The Veterans Affairs office bases eligibility on the length and type of service, and a loan is subject to the veteran having sufficient income. The department does not limit loan benefits to first-time homebuyers, and veterans can use the benefit multiple times, states the Department of Veterans Affairs.