Only after procuring a Certificate of Eligibility, veterans can receive aid from the VA to refinance loans, purchase, or make improvements to their property, which they can use up to six times over their lifetime. 

Do You Qualify for a VA Loan, and How Does One Apply?

To meet the requirements to get a VA mortgage, you will first need to get a Certificate of Eligibility (COE). For the COE feature to work, log on to eBenefits. Next, go over the ‘VA home loan limits’ to understand the amount of entitlement on your COE. Apply for housing-related support or a VA mortgage home loan. You can apply by mail, through your lender, or online.

If you have full entitlement, you do not have a limit on your home loan if the amount is more than $144,000, and you no longer need to pay for a down payment. To have full entitlement, you need to meet at least one of the following criteria:

You have never used a mortgage benefit before. You have paid off a former VA mortgage debt and sold the property. You made use of your benefit of a mortgage, and due to unforeseen circumstances, had a foreclosure but made a full repayment.

If, on the other hand, you have remaining entitlement, you only have a limited loan. This limit is based on the county in which you reside. These limits are on par to those of the Federal Housing Finance Agency (FHFA). Should you default on your loan, you can expect a payment to your lender of up to 25%, based on county limits less the amount of your entitlement already spent. Please note that if you have an existing VA home loan, you could apply for an Interest Rate Reduction Refinance Loan (IRRRL).

Disabled Veteran Assistance through Specially Adapted Housing Grant

To get access to a SAH grant from the Department of Veterans Affairs (VA), veterans with certain service-connected disabilities need to meet some requirements to build, buy, or make alterations to their permanent home. The conditions are as follows:

You need to be the current, or future owner of the home. You have a qualifying service-connected disability.

Should you qualify for the SAH grant, you may receive up to $101,754 for FY2022. With this grant, you will be able to install ramps, rails, and other alterations to aid in your independence. 

Services and Resources for the Homeless

Should homelessness stare you in the face, here is some guidance to prepare you to work through the situation.

Pack a bag for each member of the family. Keep personal documents and medication with you. Find and store personal effects because shelters do not always have enough storage space. Keep an updated ID and/or driver’s license with you whenever possible.

To find housing, you will need to contact the local social services and get referrals for emergency housing by dialing 211.

Apply for subsidized housing. Bear in mind there is usually a long waiting list. It is best to submit an application at the onset of your realization of circumstances.

Check for housing and shelter through your state. You will find a map on the Homeless Shelter Directory to find the nearest shelter. 

CONCLUSION

Life can be challenging, especially if you are a veteran. Thankfully, the Department of Veterans Affairs has plans, programs, and funding to help you through trying times. After you have obtained a Certificate of Eligibility (COE), you can receive a grant or a home loan. These services are aimed at service members, veterans, and surviving spouses to cover about a third of the loan should you default. In doing so, it allows lenders such as mortgage companies and banks to grant you better terms.

What Options Are Available If I Do Not Meet The Minimum Service Requirements?

There is a slight chance to get a COE if you were discharged for one of the following reasons:

Certain medical conditionsService-connected disabilityThe convenience of the government (serving a minimum of 20 months of a two-year enlistment).

Am I Expected To Use The Total Grant Amount In This Year?

Not at all. Be it the SAH or SHA grant, you can spend the grant money on up to six different occasions over your lifetime. Depending on your alterations,the ski is the limit in terms of costs this year.

What Does It Mean When My COE Says, “This Veteran’s Basic Entitlement is $0”?

This information is relevant to your lender that states your usage. It shows that you have used your mortgage benefit and that there is no remaining entitlement.