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LoginVA - Home Loans - Specially Adapted Housing Direct Loan
Program Description
This loan program is a small ??companion benefit? to VA??s Specially-Adapted Housing (SAH) Grant program. It??s rarely used, but it??s available if a an SAH-eligible veteran or service member should need it.
The goal of the SAH program?as a whole?is to provide a barrier-free living environment which affords the veteran or service member a level of independent living he or she might not otherwise enjoy.
The SAH grant itself can be used to build a specially-adapted home, buy a home that??s already adapted, or adapt an existing home; however, it??s currently limited to a maximum of $50,000. Depending on the scope of the SAH project, veterans or service members may need supplemental financing to pay for the difference between the total cost of the house and maximum grant amount.
This article is ONLY about the direct loan program available in conjunction with the SAH grant for veterans or service members who can??t get a VA-backed or conventional loan with a commercial lender.
Disabled veterans who receive VA??s specially-adapted housing grant may obtain either a standard VA-guaranteed or conventional loan from a commercial lender. If you were a grant recipient and you had difficulty getting a commercial VA-backed or conventional loan, VA might be able to provide a direct loan.
The maximum loan is $33,000. It??s possible that, if you need to use a VA or conventional loan, you can get supplemental financing from a commercial lender.
General Program Requirements
NOTE: This loan program is a companion benefit to VA??s Specially Adapted Housing (SAH) grant. It??s rarely used because a standard VA-guaranteed or conventional loan is ordinarily the best choice.
This article discusses only the direct loan program available in conjunction with the SAH grant. We??ll be adding an article on the Specially Adapted Housing grant program itself in the near future.
In order to qualify for this loan, you must have been determined eligible for VA??s SAH grant first. (This grant is available for veterans and service members who are so seriously disabled from service-related disabilities that they have significant mobility problems.)
You must also
Loan Terms
The direct loan is not a better deal than an ordinary mortgage; it??s just a fall-back option if you can??t get a commercial loan. You still have to qualify in terms of credit and income.
The maximum loan is $33,000. The interest rate will be based on current market rates. Maximum length of the loan is 360 months. Like most mortgages, payments are made monthly.
Application Process
For more information, see the Program Contact Information below.
Contact Information (Register above for free access!)
