Four Ways the Gov’t Can Help Veterans Buy a Home!
These tax breaks for veteran home buyers are the efforts by the government to help you get into a home right now. In addition to the $8,000 credit for first-time home buyers, here are four other government-sponsored programs:
Veterans Affairs Home Loan: This mortgage is available to qualified U.S. veterans, reservists, active-duty personnel and their eligible spouses. Down payment or get private mortgage insurance (PMI), which can increase the monthly payment. Not all lenders offer VA loans.
Housing Choice Voucher Homeownership Program: Administered by local public housing authorities, these vouchers keep home-owning expenses down to no more than 30 percent of a family's monthly income by reducing on expenses such as mortgage principal and interest, insurance premiums, taxes, utilities and regular home maintenance.
Rural Development & Community Facilities Program: Offered by the U.S. Department of Agriculture, these loans help low-income families buy modest homes in rural areas with no down payment. However, the families must provide proof to afford monthly mortgage payments, taxes and insurance. They must also have a suffice credit history.
Federal Housing Administration (FHA) Mortgage Program: Helps lower costs for low- and moderate-income families, by providing protection to lenders against default on mortgages for borrowers who are creditworthy but may not be able to meet conventional requirements for the loan. This is the modern-day version of the same program that kept families in their homes during the Depression, and helped veterans buy homes in the 1940s and 1950s.