3 Special Services That Help Veterans with Financing
Veterans provide an invaluable service to their country, often spending years overseas during wartime. Once they return, the government wants them to have every opportunity to build a successful career, raise a family, and achieve all of their dreams.
Help with college education is only one of the ways the government gives veterans a head start on their goals. Whether they’re starting a business or purchasing or refinancing a home, veteran perks can help them get the financial help they need to make their dreams a reality. Here are three services geared toward helping veterans.
The U.S. Department of Veterans Affairs offers Veterans Administration (VA) loans specifically to qualifying veterans or their surviving spouses. In order to qualify, veterans must meet the minimum days of service and surviving spouses can’t have remarried. VA loans often bring lower interest rates and no required down payment. The VA guarantees a portion of the loan, so lenders are often more lenient with their terms, although there are minimum credit score requirements.
VA loans are available through many private lenders and offerings can differ from one lending institution to another. During the closing process, lenders are limited on the closing costs they can charge by the VA, who prohibits lenders from charging fees that help the lender but not the veteran. Since rates can vary from one lender to another, veterans should shop several different locations before deciding on one.
The Small Business Administration (SBA) supports veterans by providing information and loan opportunities to veterans starting or operating small businesses. The VA also has a Veteran Entrepreneur Portal (VEP) geared toward helping veterans start and run a business. The financing portal helps connect entrepreneurs with specialized financing opportunities or training assistance to get the support they need as they build a business.
One way to help a business grow quickly is to land a government grant. Through the Veterans Benefits Act of 2003, preference is given in the procurement process to businesses with owners who are service-disabled veterans. To learn more about this opportunity, visit the Social Security Office of Acquisition and Grants.
Some banks and credit unions give perks to veterans that aren’t available to those who have never served in the military. Chase’s Premier Plus Checking with Chase Military Banking waives monthly service fees and provides a free 3” X 5” safe deposit box, among other benefits. US Bank’s military banking includes free transactions at out-of-network banks, free remote check deposit, a discount on safe deposit boxes, and more.
Some local credit unions also offer accounts that offer banking benefits to veterans. A local lending institution can be especially beneficial if a veteran lives in an area heavy with military personnel. By going local, veterans often find they receive more personalized service.
Many businesses offer perks to military veterans, including financial businesses. By seeking these opportunities, veterans can get great deals on home loans, checking and savings, and business loans. The VA may be able to direct veterans to new opportunities to save money and get great loan opportunities.