What To Know About Veteran Financial Help
Veterans in the United States of America have multiple financial assistance avenues unavailable to others — and we encourage you to take full advantage of them all! Of course, each has its own eligibility requirements, but there's certainly zero shortage of options.
In this article, we'll explore the top five types of veteran financial help available to you and your family.
5 Types Of Veteran Financial Help
1. Housing-Related Veteran Financial Help From The Department of VA
The Department of Veterans Affairs (VA) provides home military veteran loans and grants to service members, surviving spouses, and veterans to buy, modify, and refinance homes.
The Department guarantees a portion of the loan, meaning they will pay out if you default. How does this help you? Well, it gives lenders (i.e., banks and mortgage companies) more confidence and allows them to offer you more attractive terms.
To qualify for a VA-backed home loan, you must:
- hold a Certificate of Eligibility (COE).
- meet the income and credit requirements.
- review the VA home loan limits to understand the amount your COE grants you.
As alluded to earlier, you can also get loans and grants for home improvements. These are as follows:
- Veteran housing grant — If you have an age- or service-related disability, you might be eligible. It helps you modify your home for your age or disability.
- VA cash-out refinance loan — This gives you access to the equity you have in your home. You can then use the cash to fund home improvements, college fees, and so much more.
Furthermore, you can obtain loans for purchasing or refinancing a home, as per the following:
- VA purchase loans — These are the most common type of home loans offered by the Department of Veteran Affairs. You don't need a down payment or private mortgage insurance.
- Interest rate reduction refinance loan (IRRRL) — You can get this one if you already have a VA-backed home loan. It lets you save money by providing a better interest rate.
2. US Cares Emergency Assistance Programs
If you are struggling to cover your standard monthly bills (including rent and utilities), you might be eligible for a grant from the US Cares Emergency Assistance Program.
While the amount you're awarded depends on your situation, the average figure is $650, which is incredibly helpful when you're struggling to pay outgoings.
3. Operation Family Fund
If you were severely disabled while serving in Operation Enduring and Iraqi Freedom, you could get grants to cover:
- Emergency transport costs
- Vehicle repair
- Housing
- Medical bills
Unfortunately, funding is very limited as the charity has seen a surge in applications recently. Therefore, you'll be placed on a waiting list, so it's not a good option when you're in an emergency.
4. The Veterans Support Foundation
The Veterans Support Foundation or the VSF offers grants to support veteran-related projects. They provide this funding solely for educational, scientific, and charitable purposes.
Their biggest program is Supportive Housing for Homeless Veterans, which provides transitional living for otherwise homeless veterans.
5. Coalition To Salute America's Heroes
You could get financial assistance from this organization if you were severely wounded in Iraq or Afghanistan. To be eligible, you need to:
- Have a disability rating of 30% or more from one sustained injury
- Be experiencing severe financial hardship
- Complete the application form and submit supporting documents
- Complete a phone interview with a case manager
Our Military Veteran Loans
If you don't qualify for the specific veteran financial help we've discussed, you can always get a payday loan from us at Carolina Payday Loans, Inc. to fund emergencies.
You don't need to have a brilliant credit score or contend with a long list of requirements. Instead, we simply ask you to provide your government-issued photo ID card, a blank check from your active checking account, and your most recent pay stub.
Once you've gathered your documents, follow the steps below to get a payday loan as a veteran from us:
- Complete the quick online inquiry form with the necessary information.
- Wait for a loan associate from your local Carolina Payday Loans, Inc. storefront to call you an d:
- Walk you through the process
- Answer your questions
- Ensure you have the required items
- Head to your preferred branch with the documents mentioned earlier.
- When you arrive, one of our friendly loan representatives will evaluate your documents to confirm whether you qualify for a payday loan from us.
- If you gain approval, complete the application process. The associate will help you.
- Finally, get the cash you need on the same or the very next business day.
Get A Payday Loan From Us Today!
Understanding the various veteran financial help options will help in cases of emergencies, home buying, and so much more. Remember, if you don't qualify for the military-specific loans, you can always fill in our short request form to get a payday loan in less than 24 hours.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.