State of Women Veterans: About 10 percent of VA home loans are made to women Veterans
When I was a little girl, hiding in the hall watching my mom cry with worry that we would get evicted during tough financial times made a huge impression on me. That sense of insecurity was one of many things that drove me to serve in the military: I swore that my own children would never experience the same anxiety.
The drive to own a home was so powerful that I took advantage of my first VA-backed home loan at my first permanent duty station in the Army. I used it again to buy a house once I was a civilian, and it was meaningful for me and my husband to have our own home when we had children.
Many others share the tremendous pride and deep sense of safety that comes from purchasing a home with VA’s support – just watch Nicole’s touching testimonial:
Over the past decade, Women Veterans have made up roughly 10 percent of Veterans and Servicemembers who use their VA home loan benefit. In FY15, nearly 66,000 Women Veterans obtained VA-guaranteed loans totaling nearly $16 billion. Over the past five years, over 270,000 Women Veterans have taken advantage of their home loan benefit.
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Every Veteran should know that this tremendous benefit, which allows you to buy a home with no money down and no private mortgage insurance, can be used more than once – and that due to a combination of sensible underwriting requirements and available support, VA-backed loans have a very low foreclosure inventory rate. Last fiscal year alone, VA and private-sector mortgage servicers worked to help more than 97,000 Veterans, Servicemembers, and their families avoid foreclosure. Get more details and learn more about how to request a Certificate of Eligibility on ExploreVA.
In addition to the VA Home Loan Guaranty program available to all Veterans who meet time in service requirements, VA also provides grants to Servicemembers and Veterans with certain permanent and total service-connected disabilities to help purchase or construct an adapted home, or modify an existing home to accommodate a disability. Three grant programs exist, the Specially Adapted Housing (SAH) grant, the Special Housing Adaptation (SHA) grant, and the Temporary Residence Adaptation (TRA) grant, which allows part of the SAH/SHA grant funds to be used in modifying the home of a family member where a Veteran or Servicemember is living temporarily.
Learn more about the SAH grant benefit, eligibility, and how to apply here.
This is the eighth blog in an 11-week series on the State of Women Veterans. Visit the campaign page to read other entries.