Assisted Living House and VA Benefits
March 7th 2012
If a home in an assisted living community is what you need, then
itís possible that veteransí benefits can help.
Homes in assisted living communities are often for sale rather than
rent. VA borrowers with assisted living needs may be able to get a
VA-guaranteed mortgage to finance a property located in an
assisted living community.
As long as the property meets VA requirements for acceptable use,
then it can be considered for VA financing. For instance, condos and
townhomes must be on the VA-approved list, and all properties must
undergo a VA appraisal and provide safe living conditions.
Qualified veterans or surviving spouses with assisted living needs
may purchase approved homes in assisted living communities using the
VA Home Loan Guaranty Program, and there may be additional VA
Through an underutilized VA benefit called Aid and Attendance,
wartime veterans and surviving spouses can receive reimbursement for
in-home care. Those who are unable to feed and dress themselves and
take care of bathing and other bodily needs without assistance, and
those who are bedridden or need help with prosthetic or orthopedic
devices, may qualify for the Aid and Attendance benefit. Also, those
with physical or mental injuries or illnesses that may require
assistance to protect them from daily environmental hazards or
dangers may also qualify.
The annual income threshold for Aid and Attendance is currently
$18,234 for a veteran with no dependents. Those with one dependent
can make $21,615 and still qualify. For each additional dependent,
the threshold is upped by $1,866. For surviving spouses with no
dependents, the annual Aid and Attendance threshold is $11,715. For
spouses with one dependent, the threshold is $13,976 and increases
by $1,866 for each additional dependent.
The advantages of buying a home using a
VA loan include:
No money down up to conforming loan limits
No monthly private mortgage insurance premiums
No prepayment penalties
Competitive interest rates
For more information about purchasing a home in an assisted-living
community using a VA-guaranteed loan contact a VA specialty lender.