Skip to main content

Home Buyers Assistance for Iraq/Afghanistan War Vets

There are a lot of great ways for real estate agents and mortgage lenders to add value to the service they give their clients. Certainly knowing ways to save clients money are always helpful.  Knowing the lenders and loan programs that do so help too.  These are, of course, the same reasons it makes sense for Buyers & Sellers to work with the best professionals they can find for their real estate deals too..

Here is a good one: First Advantage Mortgage has a new program benefiting members of the armed forces who have served in Iraq and Afghanistan. Qualifying borrowers are eligible to receive $10,000 in assistance towards the purchase price and/or closing costs on their next home. (Hat tip Bob Brandle)

These funds are available to all veterans using conventional, FHA and VA financing. Buyers on active duty or in the reserves are only eligible for first time home purchases.

The $10,000 grants are actually second mortgages (so do understand that there may be some additional closing costs too), but - as is typical of targeted programs of this sort - the loan is forgivable over a period of time. In this case, the loan need not be repaid if the borrower owns the home for more than two years and who are not otherwise in default on their mortgages.

Don't forget that Vets are also eligible for a Returning Veterans' Homestead Exemption - providing qualifying Veterans a one-time $5,000 reduction to their home's equalized assessed value (EAV)  upon their return home, and a Disabled Veterans' Standard Homestead Exemption that provides a reduction in a property's EAV to qualifying property owned by Veterans with service-connected disabilities as certified by the U.S. Department of Veterans' Affairs.  

Do YOU know of any other home buyer assistance for military personnel?  (other targeted loan assistance programs?) If you do, please let me know.

Popular posts from this blog

The Equifax data breach and you — 6 steps to take now

Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.

Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143 million US consumers.

What to do when drones fly near your home

Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?

Help! My Neighbor’s Old Tree is Growing Over my Roof

Let’s say about 100 years ago, a family planted an oak tree on the edge of their property. Over generations it’s grown into a magnificent tree that provides summer shade, autumn color and a swing for the neighborhood kids. You probably even liked the tree when you bought the house next door to it.

But today, its root system is invading your basement, its acorns bombard your yard and its huge limbs loom threateningly over your roof. By law, can you cut it down? Trim it? Turn it into a boat?