Many states around our country have programs to help their veterans become home owners or to help them improve thier homes.  I thought it would be a neat idea to collect a list of those so that we can refer back to anytime we have veteran clients from other states or moving to a new state.

So post a comment that is a short paragraph with a link to the program for your state.  I will check back regularly to update this post.

Last Update March 24, 2007

Arkansas

Arkansas has a Homestead and Personal Property Tax exemption program for disabled veterans.

California 

Well, I am pleased to tell you about a benefit for qualified veterans in California that has been updated to reflect market conditions. It's called the CalVet Home Loan, and frankly, it's a homerun for all parties concerned.  There are over 3 million veterans in California (that's almost 10% of our citizens). This program has been around in California since 1921 and, until now, has not cost the taxpayers of California one red cent.  It is financed through municipal bond offerings and has been self-sustaining since its inception. A loan limit of $521,250 for SFR, condo, and manufactured homes (attached to the foundation and taxed as real property).

From AR Article by Brian Brady on 10/20/2006 called Another Benefit For Veterans?

Conneticut

CHFA Mortgages are available to Veterans and can be insured by the VA.  This means that besides qualifying for the below market CHFA rate, the CHFA/VA Mortgage does not require any downpayment, and since it is VA insured, there isn't any PMI.  However, the VA "Up Front Mortgage Premium" is 2.5%.  If a Veteran who is on Active Duty applies for a CHFA/VA Mortgage, they are entitled to an additional .125% reduction in the already below market rate.

From AR Article by George Souto on 12/21/06 called CHFA Mortgages...........Great For First Time Homebuyers!!!

Kentucky

July 2006 the Kentucky Department of Veteran Affairs (KDVA) was authorized to start a program to loan up to $10,000 to Kentucky Veterans. However, the program cannot begin until KDVA designs the program and gets approval for regulation on how the program will operate. They hope to launch the program within the next year.

New Jersey

The New Jersey Housing and Mortgage Finance Agency (HMFA) offers low interest rate HMFA mortgages that provide veterans and their families with increased buying power and a savings of thousands of dollars in interest over the life of the loan. HMFA offers residential mortgages to United States veterans through the Veterans Administration (VA) home buyer program. VA home buyer loans often require no down payment and HMFA offers a below-market, fixed interest rate. Most HMFA homeownership loans are originated by private lenders that are approved to participate in the programs. The New Jersey Veterans Guide is a veterans information publication of the New Jersey Department of Military and Veterans Affairs

From AR Article by Lawrence Yerkes on 7/10/2006 called New Jersey Veterans Guide

Mississippi

The Veterans Home Purchase Board provides low interest mortgage loans for eligible veterans to purchase an existing single family home or to construct a new home with interest rates approx 1 to 2% below current rates. Eligibility requires that the veteran be a Mississippi resident prior to entering military service or be a resident for two (2) consecutive years prior to applying for the loan. The veteran must have or obtain a Certificate of Eligibility for Home Loan Guaranty from the Department of Veterans Affairs (VA) and be discharged from extended active duty under honorable conditions.

Texas

In 1983 the Texas Legislature created the Texas Veterans Land Board to administer programs like the Veterans Housing Assistance Program (VHAP) to assist Texas veterans in purchasing a home with a loan up to $325,000. The VHAP has interest rate discounts based on term of loan, disabilities, and Service Era. In 1986 they added the Veterans Home Improvement Program (VHIP) to provide below-market interest rate loans for repairs and improvements.

Wisconsin

The Wisconsin Department of Veterans Affairs (WDVA) offers three different loan programs to eligible Wisconsin Veterans, the Home Loan, the Home Improvement Loan, and the Personal Loan. Wisconsin offers a state veterans home loan program, entitled the Primary Mortgage Loan (PML). The PML includes financing up to 95%, low closing cost, no points and no private mortgage insurance (PMI). All WDVA loans are underwritten using standard industry practices and procedures.

State Veteran's Benefits Directory

Many states offer veterans benefits. These benefits may include educational grants and scholarships, special exemptions or discounts on fees and taxes, home loans, veteran's homes, free hunting and fishing privileges, and more. Each state manages its own benefit programs. The following is a link to http://www.military.com/ web page with links to each of the individual states that offer veterans benefits.

Posted by Bruce Erickson on 10/21/2006