| United States Military Veterans have a plethora of | | | | needs. The purpose of the program is to provide a |
| home loan advantages and benefits available to them. | | | | fluid environment to enable a veteran to live a relatively |
| The United States Department of Veterans Affairs | | | | independent lifestyle. |
| (VA) loan guaranty program was expanded and | | | | An eligible servicemember may receive a VA SAH |
| extended by the Veterans' Benefits Improvement Act | | | | grant for up to 50 percent of the cost of the home. |
| of 2008 and the Housing and Economic Recovery Act | | | | The current maximum amount allowable by law is |
| (HERA) of 2008. | | | | $63,780 until October 1, 2010, which is the annual date |
| Home loan refinancing is available for up to 100 | | | | benefits are adjusted. If you have questions about the |
| percent of the home's appraised value. Maximum | | | | SAH grant program or eligibility, check out the VA |
| guarantee amounts were temporarily increased for | | | | website under direct loans or feel free to contact Brian |
| loans closing January 1, 2009 through December 31, | | | | Bixler, Chief of Specially Adapted Housing. |
| 2011. Until September 2010, the VA is allowed to | | | | Eligible Native American veterans who want to build, |
| continue to guaranty adjustable rate mortgages | | | | purchase or improve a home on Native American trust |
| (ARMs) and hybrid ARMs (HARMs). | | | | lands may be provided a VA direct loan. Some |
| An ARM provides a low interest rate at the beginning | | | | requirements include that your tribal organization must |
| of your home loan, but, depending on your ARM | | | | be VA direct loan program participant and that you |
| agreement, can increase or decrease at a given time | | | | must be an eligible veteran or have a |
| based on several economic factors. HARMs, on the | | | | service-connected disability for which you were |
| other hand, are a hybrid that involve an initial fixed | | | | discharged, or be an unmarried surviving spouse of a |
| interest rate mortgage typically for a specified number | | | | veteran. |
| of years, then migrate to an ARM. | | | | Manufactured home loans are also available to |
| Disaster relief advice is available for loans guaranteed | | | | veterans through the VA. The VA guarantees up to |
| by the VA. You must contact the Federal Emergency | | | | $20,000 of your available entitlement, which is different |
| Management Agency (FEMA) at (800) 621-FEMA | | | | than the amount you can borrow. Your Certificate of |
| (3362) to start the disaster application process. | | | | Eligibility determines the maximum amount you can |
| Register with FEMA for maximum disaster assistance. | | | | borrow. |
| In addition, contact your local veterans groups like the | | | | Foreclosure prevention is a benefit provided by a VA |
| American Legion, Veterans of Foreign Wars (VFW) or | | | | financial counselor who can intervene on the |
| other veterans groups to see if assistance is being | | | | servicemember's behalf. The Servicemembers Civil |
| offered. | | | | Relief Act (SCRA) provides eligible vets with a lower |
| The Specially Adapted Housing (SAH) grant program | | | | interest rate for one year, forbearance, or foreclosure |
| offers grants to service members with service-related | | | | or eviction prevention for nine months. For more |
| disabilities to either construct an adapted home or | | | | information about any VA home mortgage or other |
| modify an existing home that meets their disability | | | | VA housing benefits, call a VA financial counselor. |