There are many good home lending options available to US military veterans, especially those with disabilities. In addition to bank loan assistance, veterans can access many other unique programs designed to facilitate the purchase of residential property in Pembroke Pines. While some veterans use these programs to buy a single home, others may consider the benefits of expanding into investment properties. Establishing which type of lending support is available determines which route you take.
Veterans Home Lending Option #1
Possibly, the best-known lending support option for veterans is VA home loans. The U.S. Department of Veterans Affairs backs this program. It allows former members of the military and surviving spouses to apply for mortgage loans with very favorable terms. Typically, VA home loans are offered at competitive interest rates and require little or no money down. This is a huge plus because, without the need for a down payment, veterans discover that property ownership is a real possibility for them.
To qualify for a VA loan, veterans must go through a process very similar to any other loan. To start with, it helps to have a strong credit score. This means you have relatively low amounts of existing credit cards and other monthly debts to service. And sufficient money left over after meeting your payment obligations. The VA program requires that anyone applying for a VA home loan must be pre-approved. No matter what type of mortgage loan you seek, this is an essential requirement.
Lending Options: Selecting The Right One.
Once you meet all the requirements and progress to the next stage, you can choose between the different types of mortgage options available. You can choose from a fixed-rate mortgage or a variable-interest loan. Bear in mind that regardless of the option you go for, you need to have enough cash on hand to pay the VA loan funding fee. On average, this amounts to around 1% of the total approved loan amount. And there are miscellaneous closing costs, too, so make sure to understand the details.
Apart from VA home loans, there are several other lending support options for veterans of the U.S. military. The U.S. Department of Veteran Affairs supports a comprehensive guide to buying a house with a VA home loan on its official website. The VA also gives assistance grants and disability housing grants. And Specially Adapted Housing grants for veterans who are permanently disabled in the line of duty.
Veterans Home Lending Options: Government Grants.
The Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant are two grants that offer government funds to help disabled veterans buy or build a home. While they focus on different aspects of home finance, both are designed to help veterans “buy, build, or permanently change” an apartment to suit the needs of their disabilities. Examples of disabilities include veterans with loss of sight in one or both eyes. Or limited mobility due to a related leg injury or other physical impairments. To apply, a veteran must have a qualifying disability and meet other selection criteria. And since the funds are a government grant, they do not need to be repaid. This can help physically handicapped veterans adapt or build a home that supports a good quality of life.
How We Can Help?
By tapping the various lending support options, many veterans can make their dream of owning one or more residential properties a reality. However, owning a property is quite different from managing it. Every property needs regular inspections and timely renting to keep it profitable. Then, there are the rent-collection and maintenance aspects to consider. Once you’ve invested in your property, hiring a professional property manager is another good investment.
Managing your rental property by yourself can take anywhere from 8 hours to a couple of days (or even longer), depending on requirements. However, using a professional property management company takes considerably less. Bear in mind that you need certified vendors for all the different kinds of repairs to complete the job in time and spec. This can come with additional costs and hassles. Especially if you are not mechanically minded and have some experience in property repairs. And there is the subject of tenant management, legal issues, and other potential time-consuming matters.
Instead of trying to manage all this by yourself, why not let Real Property Management Premier do it for you? Our property management professionals have the necessary knowledge and required experience.
Contact us online or at 954-362-5235 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
