Removing roadblocks to homeownership for military families is a major goal of many organizations. Now, a non-profit called the Military Housing Assistance Fund seeks to make bridging the gap easier than ever. According to HUD, 67% of Americans own their own homes which makes the United States one of the top counties for homeownership in the world. Unfortunately, this rate does not carry over to our Military families. Only 27 percent of military families own their own homes.
“The sad part about it is that the reason these families give for not owning a home is that they can’t afford it, ” says Cyrus Bonnett, a Realtor specializing in Military Families in Pierce County. “The truth is that the combination of low interest rates, VA Financing, and programs like the Military Housing Assistance Fund mean it’s never been less expensive or more simple for Military Families to own a home.”
What the Military Housing Assistance Fund does is offer a grant that pays for the closing costs on the purchase of a home. Closing costs vary, but this amount is often between 2-4% of the total purchase price. “This is a true gift that never has to be repaid,” says Cyrus, a former soldier himself. “This program is huge for military using their VA benefits because with the VA $0 money down and the closing costs paid the soldier is in most cases responsible for the earnest money deposit and the inspection fee. This can be cheaper than getting into a leased property in many cases!”
To qualify for this program you must be active duty military, a member of the National Guard, in the Reserves, a veterans, or a civilian employee of the military. Police, firefighters, educators, and medical professionals qualify for a program called the Everyday Heros Fund which operates in a very similar way.
If you would like to purchase a home with the assistance of one of these closing cost grants, contact Cyrus today– he will help get you started.