There are 2,200 down payment for veterans assistance programs, but there are 61 programs offering up to $120,000 in assistance to help them build, buy, or make accessibility-related home renovations.
According to the Urban Institute, 78% of veteran households were homeowners, 14 percentage points higher than the total population. Active-duty service members, who are often relocated every few years, had a homeownership rate of 43%. Military families are challenged by frequent relocation and struggling financially in a housing market, with rising home prices and mortgage interest rates the highest seen since 2000. Results from the Blue Star Families’ Military Family Lifestyle Survey indicate that housing costs and relocation issues have become increasingly stressful and expensive for service members in recent years, making assistance with down payment and other purchasing costs even more essential.
Down Payment Resource is highlighting 61 of the programs available to veterans in honor of Veteran's Day. Its analysis shows:
- Financial assistance range: The programs offer homebuyer assistance ranging from $2,000 to $120,000.
- Program types: The homeownership assistance program types consist of 24 second mortgage programs, 18 affordable first mortgage programs, 15 grants, and one each below market rate (BMR)/resale restriction program, combined assistance program, voucher program and other assistance type.
- Repayment features: Twenty-four programs offer forgivable assistance, provided that all program conditions, such as owner-occupancy, are met. Fifteen programs are given as gifts with no strings attached provided eligibility criteria are met.
- Program eligibility: Thirty-five programs are for first-time buyers, while 34 are open to repeat buyers or provide a waiver for service members and Veterans.
“Having assistance to buy now, even when interest rates seem high, can help our service members start to build equity, enjoy a sense of community, and have an asset they can keep or sell if they receive PCS orders,” said DPR Founder and CEO Rob Chrane. “We are extremely grateful to our Veterans, service members, and their families and hope these programs can unlock the doors to homeownership and all the benefits it brings.”