If you are a veteran, you may be eligible for VA assistance with home repairs. In fact, there are a number of programs you can take advantage of to get the money you need to make the improvements you want to your home. These programs include Temporary Residence Assistance (TRA), Home Improvements and Structural Alterations (HISA) Grants, and Veterans Home Ownership Program (VHOP) grants.
Rebuilding Together Houston
Rebuilding Together Houston is a nonprofit organization that enlists community volunteers and licensed contractors to perform no cost home repairs for seniors in the greater Houston area. It has been repairing homes for nearly 40 years. To date, it has restored over 300, albeit modest, homes in the area.
The best part is, most of the work is performed by volunteers. Volunteers are required to perform tasks such as painting, mulching, and other minor repair jobs. However, the organization also relies on contractors to carry out major repairs.
Among other activities, the organization has been able to help a number of Houston veterans and their families. According to the organization, there are approximately 300,000 Veterans living in the metro area.
Fairmont-Morgantown Housing Authority
The Fairmont-Morgantown Housing Authority (FMHPA) has a new program to help veterans with home repairs. This program offers forgivable loans for the repair of homes. These loans are available to active military members and surviving spouses. Applicants must be in need of repairs to maintain accessibility or energy efficiency, or to meet HUD Housing Quality Standards.
This program provides assistance to very low and moderate income homeowners. Homeowners can receive a grant up to $10,000. Funds can be used for improvements to the exterior of the home or to interior repairs. Repairs may include health and safety issues, structural or mechanical repairs.
Veterans Home Ownership Program (VHOP)
If you are a disabled veteran or are a surviving spouse, you may be able to apply for help with home repairs through the Department of Veterans Affairs. These programs help veterans modify and refinance their homes.
The Specially Adapted Housing (SAH) grant is designed to help disabled Veterans live more independently. In order to qualify for the grant, the applicant must have a service-connected disability that is 50% or greater.
For severely disabled Veterans, there are substantial amounts of grant money available. These grants can be applied for on the VA’s eBenefits site.
In addition to the SAH grant, there are other housing programs that are specifically for disabled veterans. One such program is the Veterans Home Ownership Program.
Temporary Residence Assistance (TRA) Grants
The Department of Veterans Affairs offers a number of grants that veterans and family members can apply for to help adapt their homes. Among these grants are the Temporary Residence Adaptation (TRA) Grant and the Special Home Adaptation (SHA) Grant.
These grants can provide eligible recipients with funds to help adapt a temporary housing unit for a disabled veteran. Depending on the nature of the disability, the funding may be used to modify an entire home or only the exterior of it. Applicants should include a color photograph of the unimproved area. VA officials may also require an on-site inspection.
For fiscal year 2018, eligible servicemembers can receive a TRA grant of up to $16,217. In future years, the maximum amount available from the grant may be adjusted depending on variables.
Home Improvements and Structural Alterations (HISA) Grants
If you are a disabled veteran you may be eligible for VA Home Improvements and Structural Alterations (HISA) grants for home repairs. This program helps veterans with service-connected and non-service-connected disabilities make medically necessary home improvements.
Veterans who are eligible for a HISA grant must meet certain requirements. A prescription must be submitted by your doctor, indicating that structural changes are necessary. You also need to get quotes for the work you plan to do and submit them to the VA.
Your local VA may conduct a property inspection as part of the application process. The department will notify you of the results within 30 days.
VA-backed cash-out refinance loan
A VA-backed cash-out refinance loan can be used to help you make home repairs and improvements. In some cases, you can even replace your conventional or FHA mortgage. But before you apply for one, there are several things you need to know.
If you want to get a VA-backed cash-out refinance, you will need to meet certain criteria. Your credit score and debt-to-income ratio (DTI) will play a big role in your qualifications. Also, your location and service type will determine your eligibility.
Generally, lenders will set a loan-to-value (LTV) limit. This is the amount of your home’s value you can borrow. For example, if your home is worth $700,000, you may be able to borrow up to 90% of the value.