History
Minnesota National Guard
Home Loans
Loans

VA does not directly loan money, but it guarantees the lender against loss if the borrower fails to repay the loan.  VA loan guaranties are made to service members, veterans, reservists, and unmarried surviving spouses to purchase, construct, repair, or improve a dwelling that the veteran will own and occupy as his or her home.  This includes the purchase of a townhouse or condominium unit in a project that has been approved by VA.  Loans may also be made to refinance an existing loan on a home that the veteran owns and occupies.  Except for manufactured (mobile) homes, a down payment is generally not required if the purchase price is less than the reasonable value of the property.
Grants

$50,000 Grant

VA may approve a grant of not more than 50 percent of the cost of building, buying, or remodeling adapted homes or paying indebtedness on those homes already acquired, up to a maximum of $50,000.  To be eligible for this grant, veterans must be entitled to compensation for a permanent service-connected disability due to:
  • loss or loss of use of both lower extremities so the veterans must use braces, crutches, canes or a wheelchair to get around, or
  • disability that includes: (a) blindness in both eyes having only light perception, plus (b) loss or loss of use of one lower extremity, or
  • loss or loss of use of one lower extremity together with: (a) an effect of organic disease or injury, or (b) the loss or loss of use of one upper extremity which so affects the functions of balance or walking so the veterans must use canes, crutches, or a wheelchair to get around.

$10,000 Grant
VA may approve a grant up to a maximum of $10,000 for necessary adaptations to a service-disabled veteran’s residence.  The grant also may be used to assist veterans in acquiring a residence that already has been adapted with special features for the veteran’s disability.  To be eligible for these grants, veterans must be entitled to compensation for a permanent service-connected disability due to (1) blindness in both eyes with 5/200 visual acuity or less or (2) loss or loss of use of both hands.
For More Information

For more information about the Loan Guaranty Program or other related home benefits topics, please call toll-free number at 1-800-827-1000, or visit the website at www.homeloans.va.gov
 

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