For veterans who don’t qualify for a VA loan, or for those looking for additional benefits, many states offer their own veteran home loan programs. Look for your state below to find if you might qualify for additional veteran housing benefits.
Alaska: The Alaska Housing Finance Corporation offers several loan programs for current and former service members. Some veterans can receive a 1 percent discount on the first $50,000 of their mortgage.
California: CalVet Home Loans can provide a below-market rate for some veterans, with special rates for first-time buyers.
Colorado: Qualified veterans can participate in the Colorado Housing and Finance Authority’s FirstStep and FirstStep Plus products regardless of whether they are buying their first home.
Connecticut: The Military Mortgage Option offered by the state’s housing finance authority reduces the program’s interest rate by 0.125 percent for qualified participants seeking to buy their first home (or their first in at least three years).
Delaware: Qualified veterans can use the Delaware First-Time Homebuyer Tax Credit even if they’re not buying their first home. Beneficiaries receive either 35 percent of their taxable interest as a tax credit or a $2,000 credit, whichever is less.
Florida: The Florida Housing Finance Corporation offers the Florida Military Heroes loan to service members and veterans seeking affordable housing.
Illinois: The state offers veteran support via multiple programs, including @HomeIllinois ($5,000 in down payment and closing cost help, plus other benefits) and 1stHomeIllinois ($7,500 in down payment/closing cost help on a 30-year fixed-rate mortgage in certain counties).
Indiana: The Honor our Vets program gives up to $5,000 to eligible participants to help with a down payment, closing costs or relocation expenses. Beneficiaries must qualify for a VA-backed loan and are subject to income limits.
Iowa: The Military Homeownership Assistance Program offers eligible veterans $5,000 toward a down payment or closing costs. It’s open only to those with time on active duty during Operation Desert Storm/Shield and since Sept. 11, 2001, and to surviving spouses of those veterans.
Louisiana: Qualified veterans are eligible for a variant of the Louisiana Housing Corporation Market Rate Program that allows beneficiaries to secure VA-backed 30-year fixed-rate loans at “favorable interest rates.”
Maine: Qualified veterans can get an extra 0.125 percent off their 30-year fixed-rate mortgage under the SaluteME and SaluteME Home Again programs, offered via the Maine State Housing Authority.
Maryland: Maryland Homefront offers veterans $5,000 in down payment and closing cost assistance in the form of a zero-interest deferred loan. The program also gives borrowers a reduced rate on a 30-year fixed Maryland Mortgage Program loan and waives the $450 Maryland HomeCredit Fee. Refinance loans aren’t eligible.
Massachusetts: The Home for the Brave Home Loan Program offers low rates for troops and veterans, as well as spouses of service members who are killed while on active duty. Income limits and other financial qualifications apply.
Mississippi: The Veterans‘ Home Purchase Board offers an “advantageous interest rate” for veterans. All participants must have a VA Certificate of Eligibility.
Missouri: Veterans can take part in the state’s First Place loan program even if they’ve already owned a home. The program offers discounted rates as well as a Cash Assistance Payment option that lets beneficiaries borrow funds for closing and related costs.
Nebraska: The Military Home Program, run by the Nebraska Investment Finance Authority, allows service members and veterans to qualify for “competitively priced” interest rates. Veterans also are exempt from the program’s first-time buyer requirement. VA loan eligibility isn’t required.
Nevada: The Home is Possible for Heroes program offers a below-market interest rate for 30-year fixed mortgage.
New York: The Homes for Veterans Program offers down payment assistance up to $15,000 for eligible veterans and co-borrowers.
North Carolina: The NC Foreclosure Prevention Fund offers zero-interest loans up to $36,000 for up to three years to help veterans discharged after Jan. 1, 2008 meet their mortgage payment while undergoing job training to prepare for life out of uniform.
Oregon: The state’s veteran home loan program has paid out more than $8 billion since 1945, according to its website, assisting more than 334,000 veterans. Unlike some other state programs, the borrower doesn’t need to reside in Oregon at the time of application, so long as the property being bought is in the state. The eligibility process differs from the VA loan process.
Ohio: Service members, veterans and surviving spouses may qualify for the Ohio Heroes program, a discounted interest rate offered via the Ohio Housing Finance Agency.
Pennsylvania: The Keystone Home Loan Program offers low interest rates and fees targeted at first-time buyers, but discharged veterans can qualify for the program regardless of previous home-purchasing history.
Tennessee: Service members past and present who participate in the state’s Great Choice Home Loans program can qualify for a lower interest rate (half a percentage point below other beneficiaries) and can participate in the first-time homebuyer program even if they’ve already owned a home.
Texas: The Homes for Texas Heroes program is offered through the Texas State Affordable Housing Cooperation. It includes special rates and benefits, including down payment assistance, for veterans (and some former spouses of deceased veterans) who are below certain income thresholds.
Utah: The Utah Veteran First-time Homebuyer Grant offers $2,500 to veterans who have left service in the last five years to purchase their first home in the state. Beneficiaries must be eligible for a VA loan to participate.
Washington: The House Key Veterans program provides down payment assistance for veterans below certain income thresholds. Some veterans can borrow up to $10,000 for down-payment purposes.
Wisconsin: The Veterans Affordable Loan Opportunity Rate (VALOR) program may allow honorably discharged veterans to qualify for a lower loan rate. Eligible veterans must meet income and property qualifications for the Wisconsin Housing and Economic Development Authority’s Advantage loan program, but the first-time buyer rule is waived.
