Home Buying or Renovation for Veterans

By Dave Olson, Realtor®, RE/MAX EXCEL

I’m thankful that this month honors our Veterans here at Senior Review. For all you veterans or veteran’s spouses out there, let me personally say: “Thank you for your service.”  There is not enough we can say or do to thank those who have chosen to step up and serve, protecting us all with selfless commitment to their honorable service to this great country.

As a Real Estate professional, I love to help our veterans, and their families find the right home. It’s especially satisfying for me to give back just a little to our amazing veterans by serving them with the work that I do.

Most vets know about the amazing benefits of a VA home loan. Many of you have used them previously and know that costs are often rolled into the mortgage, and they normally don’t even require a down payment. Veterans CAN use a VA loan multiple times in their lives, so for downsizing or later in life housing choices, VA lending is likely a good option. Senior veterans can use a VA loan program again as long as their prior VA loan is closed and that property is no longer owned by the veteran. 

Surviving widows and widowers may also be eligible for VA home loans. Check with the VA to learn what applies specifically in your circumstances. VA is a great resource for both vets and their families. Their resources are there for your benefit, not just during your service, but throughout your lifetime.

Here’s something you may not know! New VA home loans ARE available even when you are retired. If seniors who are veterans meet VA service requirements and your lender credit and income requirements, you can still qualify to purchase a home with a VA mortgage. VA lenders can use your VA pensions, your social security benefits, work income if you are working, or other retirement income such as a pension or retirement from a private job, or retirement investment income. VA disability income is allowed as well. A child or spousal income for someone living in your home is allowed as well. VA loans do NOT require a down payment by the veteran, but savings or some retirement funds can be applied as a down payment to bring down your payments if you need to. 

Here's another fact you may not know about. VA also offers home renovation or remodel loans! VA renovation loans can be provided for up to the valuation of the home AFTER the renovations. You can use these types of loans to improve safety and livability in your home, such as replacing a roof or new windows, or adding wheelchair accessibility or additional handrails. You can’t use this type of VA loan for cosmetic or updating only. 

VA loans make home ownership possible for thousands of veterans and their families every year and are a benefit you have earned with your service and deserve because of your patriotic commitment.