There are more than 2,400 homebuyer assistance programs available for families in the U.S., but 49 specifically are aimed at veterans, active-duty military and their families. The program for veterans offer financial assistance from $2,500 to $117,000.
Down Payment Resource, a technology company that aims to connect consumers with homebuyer assistance programs, highlighted the 49 veterans programs in conjunction with Veterans Day and Military Family Appreciation Month, both which are observed in November.
“Owning a home is foundational to long-term financial stability, and our goal is to ensure veterans and their families are aware of the assistance available to them,” said Rob Chrane, Down Payment Resource founder and CEO. “It’s our hope that these programs can unlock the doors to homeownership and all the benefits it brings for them in the coming year.”
The homeownership assistance program targeted for veterans and the military consist of 20 second mortgage programs, 15 grants, 12 affordable first mortgage programs, one below market rate (BMR) program and one other program.
Fifteen programs offer forgivable assistance, provided that all program conditions, such as owner-occupancy, are met. Fifteen are grant programs that do not have to be repaid. Twenty-four programs support the purchase of one- to four-unit residential multifamily properties. In addition to the 49 programs that exclusively serve veterans, there are 211 homebuyer assistance programs that exempt Veterans from first-time homebuyer requirements.
