42°F
weather icon Mostly Clear
Boulder City, NV
Chuck N. Baker

Multiple programs assist home buyers

Chuck N. Baker
September 2, 2015 - 3:34 pm
 

The portion of the GI Bill that allows veterans to obtain home-loan guarantees through the Department of Veterans Affairs continues to be one of the best opportunities for them to buy homes. I can attest to that. Many years ago I took advantage of the program to purchase my first house. That set me on a path of home ownership over time that allowed me to move up to nicer and more expensive homes. That first house laid my financial foundation. (No pun intended, really!)

The VA loan is not from the VA itself, but rather a guarantee to the lender that if the veteran doesn't pay, the government will. Veterans can apply for the correct paperwork directly to the VA, or they can go through major organizations such as the Veterans of Foreign Wars, Disabled American Veterans or American Legion, as well as through the Nevada Department of Veterans Services.

All of these groups do not charge for their assistance. And most major real estate firms have someone on staff who is familiar with VA programs and can assist with paperwork. Many Realtors in Southern Nevada are experienced working with the VA and offer extra incentives to veterans.

In addition to the VA program, there are other opportunities for financial assistance concerning homes. Robert Cook Jr. is an Air Force veteran and Realtor with Berkshire Hathaway Home Services in Southern Nevada. He said his company works with builders Shea Homes and D.R. Horton, which give back to veterans and their families who buy a home. At the close of escrow, veterans and their families who purchase select homes from Shea Homes will receive a $3,000 incentive at the firm's design center. Buying from Horton will allow eligible veterans to receive as much as 4 percent toward closing costs, plus a $5,000 design center credit.

Cook has his own rebate program for veterans and members of their immediate families. Depending on the cost of a home, he offers a sliding scale of cash rebates from $350 to $3,400. Cook can be reached at 702-810-6390.

TItle insurance is an expense that comes with closing costs. Sometimes its paid by the seller, sometimes by the buyer and sometimes it's split. Ticor Title of Nevada is offering a 20 percent discount to veterans when they use the company in the transaction. Ticor can be reached at 775-324-7400.

Getting a loan is the start of a long-term financial commitment, and making monthly payments requires discipline and planning. The VA publishes a free booklet titled "Pointers for the Veteran Homeowner." It's a guide for veterans who have a VA loan and offers detailed information on how veterans can protect a home and their investmen. (It's Pamphlet 26-5).

In addition, VeteransPlus.org is a private organization that provides financial solutions to veterans to help them with their economic goals. They assist veterans in connecting with nonprofit groups that offer help with becoming a homeowner, understanding credit scores and debt and liability management, among other topics.

Disabled veterans have a variety of benefits from the VA available concerning homes. Those eligible can apply for specially adapted housing and special home adaptation grants, and mortgage life insurance.

Another Realtor who regularly works with veterans is Tim Kelly Kiernan, of RE/MAX Benchmark. Kiernan helps veterans buy with their VA eligibility, but he also is an expert in short sales and assists veterans in getting out from underneath loans and homes with negative equity. He said that eligible sellers who qualify with short sales can often take advantage of the government's Home Affordable Foreclosure Alternatives guidelines and receive a cash settlement under the right conditions. He can be reached at 702-241-8611.

It's a tribute to the United States that the government and numerous private companies offer financial incentives to those who served, making it easier for them to experience home ownership. Even with professional assistance, home buying is a complicated affair. It pays to check around and use licensed, experienced individuals who have worked with veterans and who know the opportunities available.

Chuck N. Baker is an Army veteran of the Vietnam War and a Purple Heart recipient. Every other Sunday he discusses veterans issues over several Lotus Broadcasting AM radio stations in Southern Nevada.

MOST READ
THE LATEST
Veteran uses talents to help other veterans
By Chuck N. Baker Veterans Reporter

Robert Serge served in the United States Navy for 20 months as part of an ordnance laboratory test facility. As he puts it, “We designed harbor mines and stuff like that.”

Holistic treatments help many veterans
By Chuck N. Baker Veterans Reporter

Last year in one of my columns, I briefly discussed holistic medicine and efforts that the Department of Veterans Affairs had been taking to include such treatments in its care of veterans. Since then, the VA has made some additional efforts to include nontraditional treatments.

Gallery helps veterans explore their feelings through art
By Chuck N. Baker Veterans Reporter

Artist and businesswoman Chris Frausto used to reside in Boulder City and owned an art gallery here. It was located on a corner, so it was not considered unusual when she named it the Corner Gallery.

bcr default image
Burns’ Vietnam documentary explores ‘truths’ about war
By Chuck N. Baker Veterans Reporter

The Vietnam War. The conflict is burned into the minds of millions of Americans — those who fought in it, civilians who lived through the 1960s, historians, journalists, photographers and filmmakers.

Vets’ families find compassion at home away from home
By Chuck N. Baker Veterans Reporter

When veterans and active-duty military personnel need help, it’s very common for other veterans and service people to step up to lend their collective hands. Providing assistance to their fellow brothers and sisters is ingrained in the hearts and minds of America’s military culture.

Ex-Tunnel Rat appreciates ‘penthouse’ lifestyle
By Chuck N. Baker Veterans Reporter

Boulder City is currently the home of a veteran whose name is “Fearless.” When someone’s name is “Fearless” it could either be a satirical reference, or it could mean that it’s someone who is in reality a very tough individual. In the case of Fearless Fredy King, it’s the latter definition.

USO helps military as they travel, return to civilian life
By Chuck N. Baker Veterans Reporter

The general public knows the combination of letters “USO.” Many even know the type of work the USO is involved in. But if one were to ask those individuals what the letters stand for, and where the organization is located in Southern Nevada, the answer might just involve a blank stare unless the person being questioned is involved with the local military or veterans community.

Teacher’s brush with fame included astronaut
By Chuck N. Baker Veterans Reporter

Veteran John Glenn was known by most Americans and indeed was internationally famous. Most Americans also know that Glenn died in December at age 95.

Honor Flight offers awe-inspiring experience
By Chuck N. Baker Veterans Reporter

Many individuals, especially those who follow issues concerning veterans, have more than likely heard of the Honor Flight Network. The mission of the group is to honor select veterans, especially those who served in World War II, by taking them on all-expense-paid excursions to Washington, D.C., to visit military memorials.

Nevada celebrates veterans’ achievements
By Chuck N. Baker Veterans Reporter

Southern Nevada resident and former Army Sgt. Richard “Dick” L. Moyer was presented with a Bronze Star Medal with a “V” for valor this month for his heroic efforts during the Vietnam War.