Military veterans have access to a range of home-buying programs as well as post-purchase benefits like tax credits. It can take some research, but the time spent can be well worth it.
The most widely recognized program is the VA loan, a loan that's backed by the federal government. This guarantee allows for more favorable terms, which can include zero down payment, no private mortgage insurance and lower interest rates. Eligibility requirements include length of service along with credit requirements; spouses and dependents may also qualify.
A VA loan can be used to purchase a foreclosure if the home meets the VA home loan guidelines.
Beyond the federal VA loan, your state might also offer programs. Start with your state's Department of Veterans Affairs office (or Division of Veterans Affairs) or website. You could also ask a regional VA office to point you in the right direction to learn about your state's programs.
These programs vary by state and can each have their own requirements related to income limits, first-time home buyer status and the like. However, many states do have helpful programs. These range from actual mortgage loans to closing and down payment assistance, and even some programs for non-first time home buyers.
You might also find refinancing options with favorable terms. Other states offer tax credits with a maximum amount per year. This can save you thousands.
There are also programs for surviving family members. Gold Star families, or those who have lost a loved one in the line of duty, may qualify for a VA home loan, which includes options for surviving spouses. A Casualty Assistance Officer with the Department of Defense will advise families of their benefits options, but be aware that they will not ask for information like Social Security numbers over the phone or on social media.