Beyond the VA Loan: Homeownership Programs That Help Veterans and Military Families

This Veterans Day, discover how homeownership programs can help those who have served take the next step toward owning a home.

Veterans Day is a time to recognize and thank the brave men and women who have served our country. It’s also an opportunity to shine a light on the resources available to help veterans and military families achieve their homeownership goals.

For many veterans, owning a home represents more than having a place to live. It’s about putting down roots, building financial stability and creating a place to call their own.

While VA home loans are one of the most well-known homebuying benefits available to eligible veterans and service members, they’re not the only option. Across the country, homeownership programs offer financial assistance and other incentives that can make buying a home more affordable.

VA Loans Are Just the Beginning

VA loans offer several valuable benefits to eligible veterans, active-duty service members and certain surviving spouses. These benefits can include:

• No down payment required: Many eligible borrowers can purchase a home without making a down payment.
• No private mortgage insurance (PMI): VA loans don’t require monthly PMI, which can help reduce housing costs.
• Competitive interest rates: VA loans often offer favorable interest rates compared to conventional financing.
• Flexible credit requirements: VA loans may offer more flexibility for borrowers who don’t meet the credit requirements of some conventional loan programs.

But even with these advantages, buying a home comes with expenses. Closing costs, prepaid taxes, insurance and other upfront costs can add up.

That’s where additional homeownership programs may help.

Homeownership Assistance for Those Who Have Served

Many homebuyers are surprised to learn that down payment and closing cost assistance programs aren’t limited to first-time buyers or households with low incomes.

In fact, some programs are specifically designed to support veterans, active-duty military personnel and their families.

Depending on the program, assistance may come in the form of grants, forgivable loans, low-interest second mortgages or other financial incentives. Some programs can be combined with VA financing, while others support conventional, FHA or other mortgage options.

These resources may help eligible military homebuyers:

• Cover closing costs and other upfront homebuying expenses.
• Reduce the amount of money needed at closing.
• Access affordable financing options.
• Purchase a home sooner than they might have expected.

Program benefits, eligibility requirements and compatible mortgage types vary, so it’s important to explore your options before choosing a loan.

Featured Homeownership Programs for Veterans

Across the country, programs are helping veterans and military families overcome financial barriers to homeownership. Here are two examples of how these programs can make buying a home more affordable.

Homes for Veterans Program

Veterans and active-duty service members looking to buy a home in New York may qualify for special financing through the State of New York Mortgage Agency’s (SONYMA) Homes for Veterans program.

The program offers fixed-rate mortgages with interest rates 0.375 percentage points lower than standard SONYMA mortgages with down payment assistance. Eligible buyers can also receive down payment assistance of up to $15,000.

One of the biggest advantages? Veterans and their spouses or co-borrowers don’t have to be first-time homebuyers to qualify. That means the program could be a valuable option for military families looking to purchase their next home, too.

Learn more about SONYMA’s Homes for Veterans program

Westlake’s HAPPY Program

In Westlake, Florida, the Housing Assistance Purchase Program Yearly (HAPPY) offers eligible homebuyers up to $65,000 in financial assistance toward a down payment, closing costs or even an interest rate buydown.

The assistance comes in the form of a 0% interest second mortgage that’s gradually forgiven over 10 years, making it an especially valuable opportunity for qualifying buyers.

While the program isn’t exclusively for veterans, it offers expanded income eligibility for certain occupations recognized under Florida’s Hometown Heroes program, including qualifying military service members and veterans. Eligible households in these categories may earn up to $300,000 annually and still qualify.

The program is available for qualifying purchases of newly constructed homes in the City of Westlake, with a maximum purchase price of $679,324. Applicants generally must be first-time homebuyers, although certain longtime Westlake residents may also qualify.

It’s a great reminder that veterans may find valuable homeownership opportunities beyond programs specifically designed for military families.

Learn more about Westlake’s HAPPY Program

Program funding, eligibility requirements and benefits are subject to change. Check with the program provider or a participating lender for the latest details.

You May Qualify for More Than You Think

One of the biggest misconceptions about homeownership assistance is that it’s only for first-time homebuyers. The reality is that many programs also welcome repeat buyers, including veterans who have previously owned a home.

And while some programs specifically serve veterans and military families, others are open to a broader range of eligible homebuyers.

That means you don’t necessarily need to find a veteran-specific program to benefit from homeownership assistance.

The key is knowing what’s available where you want to buy and understanding which programs fit your financial situation.

Your Next Chapter Starts at Home

This Veterans Day, we honor the service and sacrifices of our nation’s veterans and military families.

If you’ve served our country and are thinking about buying a home, you may have more resources available than you realize. Whether you’re purchasing your first home, relocating after military service or looking for a place to settle into your next chapter, exploring homeownership programs could help make your goals more achievable.

Ready to explore your options?

Search for homeownership programs that may help you purchase a home. Down Payment Resource connects homebuyers with programs available in their area, making it easier to discover financial assistance and take the next step toward homeownership.