Veterans enjoy substantial homeownership opportunities through the Loan Guaranty programs of the Department of Veterans Affairs (VA) however; FHA insured loans provide an opportunity that may benefit:
1. Veterans with less than full eligibility for a VA guaranteed loan;
2. Veterans who are co-borrowers with someone other than a spouse;
3. Veterans whose eligibility is tied up until a loan that was assumed is paid off or the veteran is released from all liability;
4. Veterans re-using their eligibility and whose new loan under VA may have a funding fee greater than FHA's mortgage insurance premium. Though changes to FHA's programs eliminate special purchase provisions for veterans, FHA insured mortgages offer many benefits and protections that only come with FHA.
HUD's internet site can provide additional information on FHA mortgages by going to https://www.hud.gov/topics/buying_a_home
You can also find an FHA approved lender in your area by going to https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
You may also wish to contact a HUD approved housing counseling agency in your area for unbiased counseling on your particular situation.
- Access to an on-line list of HUD approved housing counseling agencies is available at: https://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
- A list of HUD approved Housing Counseling Agencies and their contact information can be obtained by calling HUD's interactive voice system at 1-800-569-4287
- Additional housing counseling information is also available at: https://www.hud.gov/i_want_to/talk_to_a_housing_counselor
There are also many local and State government programs available that use HUD and/or non-HUD funds to provide grants for the downpayment or to help pay closing costs. To find out what programs are available in your area visit https://www.hud.gov/buying/localbuying