Learn About First Time Home Buyer Grants and Loans for Veterans

If you are a veteran, there are various first time home buyer grants that are available to you.

Purchasing a home is a major financial responsibility, but you can find grant opportunities to help offset your costs. When you are deciding how much house you can afford or the size your down payment needs to be, be sure to consider your grant options. 

In addition to government grants for first time home buyers, there are also veteran loan options you can take advantage of. These funding opportunities can reduce the amount of money you need to spend, which can reduce the stress you need to undergo when it comes time to buy your home. 

The following sections explain different ways you can locate funding opportunities. Likewise, you can review the information below to learn how to get a first time home buyers grant as a veteran applicant. The more you prepare for this process, the better your chances are of saving money when you purchase your first home. 

Are there any federal first time home buyer grants for veterans?

There are various first time home buyer federal grants that can help you afford your dream house. When searching for a funding opportunity, you should begin by looking for options available through the U.S. Department of Veterans Affairs (VA). This federal department is responsible for connecting veterans with various forms of support. 

If you are a disabled veteran looking for a first time home buyer grant program, consider applying for the Specially Adapted Housing (SAH) grant. Among its many benefits, this grant is available if you are interested in building a home or buying one. Furthermore, you can obtain this benefit even if you currently own a house or previously owned one. 

In any case, remember you can only receive this benefit if you are a disabled veteran and need to make improvements on your house is adapted to your needs. If you are a first-time homebuyer, there are some other grants you could qualify to receive. Programs that offer benefits include:

  • The Special Housing Adaptation (SHA) grant. If you are a disabled veteran who wants to purchase a home, you may be eligible to use this benefit to assist you. 
  • The Military Housing Assistance Fund (MHAF). This fund can help you pay on your closing costs when you purchase a new place to live. When available, you can obtain assistance through this program at no cost to you. 
  • The Dream Makers Program. If you have never owned your home before, this benefit can help lower your closing costs. It can also lessen the down payment you need to put down. You need to meet specific income requirements to qualify. 

Are there any local first time home buyer grants for veterans?

In addition to federal government grants for first time home buyers, there are local grants you may qualify for. Some of these programs are managed on a city level while others are operated by states. In fact, you may be eligible to receive support through the following organizations: 

  • Atlanta’s Neighborhood Development Partnership (ANDP) – If you are a veteran living in Atlanta, you may qualify to receive a grant to help you afford your home. The maximum benefit amount you can receive is $7,500, and you must purchase one of the ANDP homes available. Furthermore, you can only use this benefit toward principal reduction and closing costs associated with the purchase. 
  • Homes for Texas Heroes – If you are a veteran and a resident of Texas, you can apply for a grant through this program to help offset the downpayment costs for your home. You can also use this program to obtain a fixed interest rate loan to help pay for your mortgage. 
  • Veterans Housing Initiative – The Huntington WV Area Habitat for Humanity (HAHFH) provides more than grant assistance for first-time homebuyers. Single, qualifying veterans can have their homes built for them through this program. Recipients are then responsible for paying back a no-interest mortgage. 

Where can I find government grants for first time home buyers? 

When looking for first time home buyer grants, it is important that you diversify your search strategy. For larger federal programs, you may be able to find information on a government site. 

However, for smaller, more localized efforts, you probably need to contact individual organizations to learn about the benefits they offer. Not every first time home buyer grant program is guaranteed to be advertised online. 

Discover How to Get a First Time Home Buyers Grant as a Veteran 

If you are a veteran who wants to obtain first time home buyer grants, you need to apply for these funding opportunities. Otherwise, there is no way you can be considered for these benefits. 

Furthermore, you will likely need to apply for each grant individually. Make sure you understand the application procedures you must follow. This will vary based on the grant you are applying for. 

What veteran loans can supplement my first time home buyer federal grants? 

Most likely, the veteran grants you qualify for will not be enough to cover the entire cost of your new home. Therefore, you may need to obtain a loan to help you afford your purchase. If you want to keep your costs low, the VA may have loan options for you. 

Unlike government grants for first time home buyers, you will be responsible for paying back the amount you borrow through your loan. For this reason, it is critical that you find a loan option that provides you with favorable terms. 

If you want to purchase your own house, a VA home loan may be a good choice to consider. Usually, a VA loan means that the department guarantees a part of the loan you obtain from a lender. Generally, this results in your loan coming with better interest rates for you. If you want to learn more about this funding opportunity, contact your local VA representative.