Beyond the VA Loan: Homeownership Resources Veterans Should Know About
When veterans think about homeownership assistance, the VA Home Loan Guaranty often comes to mind first. It is an important benefit, but it is not the only resource veterans should investigate.
The VA Home Loan Benefit
For eligible borrowers, VA-backed home loans can provide an attractive path toward homeownership. However, a VA loan is still a mortgage, and applicants must satisfy applicable requirements.
Down-Payment and Closing-Cost Assistance
Depending on location, household income, property type, and other eligibility criteria, buyers may have access to programs including:
- Down-payment assistance
- Closing-cost assistance
- Forgivable loans
- Deferred-payment loans
- Grants
- First-time homebuyer programs
Michigan Homebuyer Resources
Michigan residents may also encounter programs administered through state and local organizations. Eligibility and program requirements vary.
Homebuyer Education Matters
Homebuyer education can help veterans understand budgeting, credit, mortgages, inspections, insurance, taxes, closing, maintenance, and the responsibilities of homeownership.
Housing Navigation Can Help Connect the Pieces
Housing navigation can help individuals identify potential programs, understand the questions they should ask, and determine which organizations to contact.
Building a Homeownership Strategy
Instead of asking only, “Can I get a VA loan?” consider asking: “What combination of financing, education, assistance, and community resources can help me become a sustainable homeowner?”
Let MDHS Help You Explore the Possibilities
Metro Detroit Housing Service (MDHS) works to connect veterans and families with housing information, education, and community resources.
Contact MDHS to learn more about veteran homebuyer education and housing-resource navigation.
Metro Detroit Housing Service (MDHS) is an independent nonprofit organization and is not affiliated with or acting on behalf of the VA, HUD, MSHDA, or another government agency. Government-program eligibility is determined exclusively by the agency or organization administering the applicable program.
Explore every homeownership resource available to you
Connect with a navigator who can help you piece together financing, education, assistance, and community resources.