Veteran First Time Home Buyer Program
As a veteran, you may be in a unique situation - you may be a first-time home buyer, but you
aren't eligible to receive a VA loan or take out a conventional mortgage. If so, you should know
about the Veteran First Time Home Buyer Program. This program is designed to help veteran
first-time homebuyers purchase their new homes with down payment assistance and reduced
loan rates. It also offers down payment assistance up to 3% of the purchase price. However,
you'll have to make a contribution of at least 1% of the total price of the home or a gift of at least
2% of the purchase price to qualify.
Buying a home is a huge milestone in anyone's life. But for a veteran, the process is even more
complicated than the typical home purchase. VA loans aren't available for every home, and
lenders may not be as familiar with the process. This is where a real estate agent comes in
handy. An agent can help veterans save money on their purchase by offering advice on the VA
loan process, state-specific veteran benefits, and home insurance.
The VA mortgage allows veterans and service members to avoid mortgage insurance. While a
traditional mortgage may require five percent down, an FHA loan requires just 3.5 percent. So, a
$250,000 home would only require $8,700 of down payment. Moreover, the VA mortgage
program does not require mortgage insurance, making it a popular option among first-time
homebuyers. It requires a short course in buyer education. As long as the applicant meets
certain requirements, the VA loan is the best option for these buyers.