What Housing Grant Options are Available to Veterans?

Everyone who has served the U.S. military and dedicated their lives to help preserve freedom deserves thanks for all they've done. After separating from service, veterans should be supported as they transition to civilian life. One form of support for veterans is grant awards. Many veterans know about VA Loans, but they don't realize they might be eligible for additional grant awards. A housing grant is a monetary award to go towards any type of mortgage that doesn't need to be paid off, which helps military homebuyers budget for a house. Keep reading to learn about six housing grant opportunities for veterans.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

State Housing Grant Opportunities

Individual states offer grant opportunities to veterans with low incomes and those who have difficulties meeting their financial obligations. These housing grants can help qualified persons pay for a mortgage, rent, housing, and other bills, such as heating and cooling. It's recommended veterans apply for multiple grants to maximize their chances of being offered money to help pay for housing expenses.

Specially Adapted Housing (SAH) Grants

SAH grants are monetary benefits offered to veterans who have disabilities. It's one of the larger grant options and is designed to assist veterans in affording to refit their homes for better accessibility. Veterans can receive up to approximately $100,000 towards the purchase, construction, or remodel of their current home to meet their individual needs. (The amount will depend on the criteria set in the current fiscal year.) Veterans applying for a disability housing grant must have a qualifying service-connected disability. Applicants who have already refitted their existing home without VA grant assistance can apply any money offered through the SAH grant program towards the unpaid principal amount on their mortgage balance.

Special Housing Adaptation (SHA) Grant

The SHA grant is funding that is made available to veterans who need more minor adaptations. Like the SAH grant, it can be used to buy, build, or remodel a current home. Veterans can receive up to roughly $20,000 ( the amount may also change each fiscal year) if they have a qualifying service-connected disability. Qualifying service-related disabilities differ from disabilities outlined in the criteria for the SAH grant.

Temporary Residence Adaptation (TRA) Grant

This grant enables veterans to make changes to homes that are temporary. These adaptations make it so veterans living with a service-connected disability can be comfortable in their homes. To qualify, veterans must be eligible for either the SAH or the SHA grant.

Funding Fee Exemptions

VA Home Loans make it possible for veterans to buy a house without making a down payment. However, to facilitate this, most people who apply for VA loans must pay a funding fee. The amount will vary from individual circumstances, but some veterans can get an exemption for this fee. For instance, veterans who receive VA disability payments can have this fee waived, along with service members who received a Purple Heart and then returned to active duty.

VA Home Improvements and Structural Alterations Grant (HISA)

The HISA grant offers monetary assistance to disabled veterans who have service-connected medical issues and those who may qualify for non-service-connected issues. This grant is designed to help these veterans make adaptations to their homes. The amount offered to qualified individuals will vary from year to year but is approximately $6,800. The types of modifications allowed to be made to the home are specific. They include modified entrances; modified bathrooms; self-care facilities; adjustments to sinks, counters, and other surfaces in kitchens and bathrooms; adding ramps to paths or driveways; and improving electrical or plumbing systems to enable medical equipment to be utilized in the house.

Housing Grants Work to Better Serve Veterans

It's important to note, veterans' housing grants are separate from VA Loans and aren't offered through participating VA lenders. Grants come from either the Department of Veterans Affairs (VA) or the state where the veteran lives. Persons interested in pursuing VA grants should ensure they fill out the proper forms. From buying a home while on active duty to purchasing as a veteran, there are many forms of special assistance offered to U.S. veterans.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.