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A Special Salute to Our Military ‘Hero’ Homebuyers

August 9, 2024

Celebrating Military Appreciation Month: Honoring Our Heroes

May is Military Appreciation Month, a time dedicated to honoring and recognizing the sacrifices and contributions of the men and women who have served, and continue to serve, in the U.S. Armed Forces.

This month, in addition to Armed Forces Day (Saturday, May 18, 2024) and Memorial Day (Monday, May 27, 2024), we celebrate Silver Star Banner Day (May 1), VE Day (May 8), Military Spouse Appreciation Day (May 10, 2024), and Maritime Day (May 22).

Leveraging Your VA Loan Entitlement

One of the key benefits of military service is the VA home loan, a mortgage option guaranteed by the U.S. Department of Veterans Affairs and issued by private lenders. For those who qualify, VA home loans offer three significant advantages for purchasing or refinancing a home:

  • No Down Payment: VA home loans allow you to buy a home with zero down payment (though making a down payment can have its own benefits).
  • Lower Payments: These loans come with competitive interest rates and no private mortgage insurance, although a funding fee may apply unless the applicant meets certain conditions.
  • Easier to Qualify: VA loans open the door to homeownership for veterans and servicemembers who might not qualify for conventional financing.

In addition to the savings offered by a VA loan, you may also qualify for down payment assistance, making homeownership even more affordable.

Finding the Right Assistance

At Down Payment Assistance MD, we maintain a comprehensive database of over 2,300 assistance programs that can be searched for free. Within this vast resource, approximately 40 programs offer options for active-duty servicemembers, 51 target veterans, and 13 are available to surviving spouses.

Each program is unique in its structure and qualification requirements. Typically, you’ll need a minimum credit score of 620 and an income that fits within the program’s guidelines. Many programs also consider your debt-to-income ratio (DTI), which is the percentage of your gross monthly income used to cover recurring debt like auto loans, credit cards, and student loans.

While some programs are restricted to first-time buyers, this requirement is often waived for servicemembers and veterans. Many programs also require buyers to complete a homeownership education course.

Spotlight on Three Military Assistance Programs

To give you an idea of what’s available, here’s a closer look at three programs targeting different segments of the military:

For Active Duty Servicemembers:

The City of Greensboro’s Housing Connect GSO’s Homebuyer Assistance Program offers financial assistance to low- and moderate-income first-time homebuyers. One of its subprograms focuses on Public Service Heroes, including active-duty servicemembers, veterans, National Guard members, and those in the Coast Guard. To qualify, you don’t need to be a current Greensboro (NC) resident, but you must be purchasing a home within the city limits. Your income should be between 80% and 120% of the area median income. Accepted applicants can receive up to $15,000 toward their home purchase, with an additional $10,000 available for those buying in designated reinvestment or redevelopment areas.

For more information, visit the program website.

For Veterans:

The City of Westlake (FL) Housing Assistance Purchase Program is designed to maintain the economic and social sustainability of housing within city limits. Veterans, defined as those who served in the active military and were honorably discharged, can qualify for a 10-year deferred loan of up to $60,000 based on income, along with an additional 3% of the purchase price to be used toward the home purchase. There is no maximum home price, but buyers’ incomes must not exceed 140% of the HUD AMI.

For more information, visit the program website.

For Veterans & Surviving Spouses:

The Atlanta Neighborhood Development Partnership (ANDP) renovates properties to sell to low- to moderate-income homebuyers. Its Veterans Program offers up to $15,000 in homebuyer assistance toward the purchase of affordable new and newly renovated homes in the Atlanta region. These homes have a two-week “first look” period, where only offers from veterans or active-duty buyers are accepted. To qualify, you must purchase the ANDP home as your primary residence, not own another home, have an income at or below 120% of the AMI, and complete a HUD-approved homebuyer education course. Veterans interested in purchasing through this program are required to use one of the approved lenders.

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