Loan Programs for Veterans

19294958Today we honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good.

According to the U. S. Department of Veterans Affairs (VA) projections, there are 23,442,000 U.S. veterans. Among the services offered to our nation’s honorably discharged veterans, service members, and their families, are home loan opportunities.

The VA home loan program has made mortgage credit available to many veterans whose loans otherwise would not have been made.

  • Guaranteed Loans: VA can guarantee a portion of a loan made by a private lender to help you buy a home, a manufactured home, a lot for a manufactured home, a condominium unit, or a unit in a cooperative dwelling. VA also guarantees loans for building, repairing, and improving homes. The number of active VA Home Loan Participants is 1.28 million. The maximum 2009 loan limit is $417,000 and there are no age restrictions.
  • Refinancing Loans: If you have a VA mortgage, the VA can help you refinance your loan at a lower interest rate. You may also refinance a non-VA loan.
  • Special Grants: Certain disabled veterans and military personnel can receive grants to adapt or acquire housing suitable for their needs.

For more information on VA mortgage options visit www.homeloans.va.gov.

Illinois Down Payment Assistance for Veterans

Governor Quinn recently launched a down payment assistance program to eligible first-time homebuyers and veterans. The new Home Start Down Payment Assistance Loan provides buyers with money for down payment at the time of home purchase. Borrowers who qualify for the Illinois Housing Development Authority’s (IHDA) 30-year fixed-rate Home Start mortgage can now apply for a second, forgivable loan for 3 percent of the purchase price, up to a maximum of $6,000. Veterans need not be first-time homebuyers to qualify. Eligible Illinois residents can receive the zero-interest loan to put toward the down payment. This second loan is forgivable over 10 years if the homebuyer remains in the house.

For more information visit www.yourillinoishome.com.

The U.S. Military is deployed in more than 150 countries around the world, with more than 369,000 of its 1,379,551 active-duty troops serving outside the United States and its territories. So as the holidays approach, let’s keep our deployed troops and their families in our thoughts. Remember those who have fought for your freedom!

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