How to Become a Veteran First Time Home Buyer As a veteran, you may be wondering how to buy a home. Buying a home is a huge step in the transition process from military life to civilian life. There are several different financing options to consider. There are also programs that offer down payment assistance to qualified veterans. Read on to learn about some of them. There are many benefits to becoming a veteran first time home buyer. Remember, financing is only one piece of the puzzle. Many states offer special loan programs for veterans, including a down payment assistance program and other assistance options. The State of New York Mortgage Agency (SONYMA) has a program for veterans with low interest rates. For example, veterans who were discharged after Jan. 1, 2008 can get a low interest loan from the State of New York Mortgage Agency. The program requires a down payment of 1% of the home price, a gift from a loved one, or a combination of cash and down payment assistance. Buying a home for a veteran can be challenging, but it's possible to get a home that suits your needs. There are many benefits to being a veteran first time home buyer, including no down payment and low closing costs. Using a VA loan guarantees up to 25% of the loan amount in your area. And, as with any other mortgage loan, you must still qualify through a lender to obtain the loan.
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