If you’re a military family, buying a home comes with excitement and apprehension. The Military Housing Assistance Fund (MHAF) is here to make your journey a little smoother by giving service members financial assistance.
This program covers part or all of your closing costs and other fees typically involved in purchasing a home to help keep the purchase affordable and free from unneeded strain on resources for military families eligible for this program.
What is the Military Housing Assistance Fund?
The MHAF is a nonprofit organization that helps active-duty military members, veterans, and surviving spouses achieve the dream of homeownership. Unlike traditional grants or loans, MHAF directly assists with subsidizing the upfront costs of a home purchase.
Access to this funding can help cover closing costs, appraisal fees, and other expenses that could prevent someone from buying a house.
The program is specifically tailored for those with qualifying military status, ensuring that individuals and families who have served the country receive the support they deserve.
MHAF helps military families feel more financially secure entering the housing market by addressing the often overlooked cost of home buying.
Eligibility Requirements
Applicants must meet certain criteria to be eligible for MHAF. Active-duty service members, veterans, retired military personnel, and surviving spouses are all eligible, provided they have an honorable military status.
The program is often used together with a VA loan and is also available to anyone who qualifies for it. In order to apply it correctly, the applicant must work with an MHAF-approved real estate agent and lender.
Coordination of this sort ensures the funds are used solely for closing costs and other qualified expenses, simplifying what can be a complicated transaction.
Benefits of Purchasing Through MHAF
One of the most frustrating parts of buying a home is trying to keep track of all the upfront expenses — closing costs can easily be two to five percent of the home’s purchase price.
For those families in the military, these costs are particularly heavy when factored with other expenses. But when a family purchases a home, the out-of-pocket expenses and moving expenses really build up.
This is where MHAF steps in and uses funds to help pay for the expenses, leaving this family free to concentrate on finding their dream home.
MHAF helps eligible buyers save money by reducing or eliminating closing costs so they can save toward other needs, like moving expenses or home improvements. First-time homebuyers gain the most from this financial assistance as it will help them manage substantial upfront costs since they have yet to save for the same.
MHAF Covers Additional Expenses
MHAF can also pay for other key expenses you might incur when buying a home in addition to closing costs. These include:
Appraisal Fees: It is to see to it that the value of the home matches the purchase price.
Home Inspection Costs: Helps you get peace of mind of knowing if there’s something not right with the property at the very beginning.
Title Insurance: They are built to protect the buyer from any unforeseen ownership disputes.
Through its attention to these auxiliary costs, MHAF makes housing access much more feasible for many military families seeking homeownership.
Using MHAF Alongside VA Loans
In order to maximize their purchasing power, many eligible military families marry the benefit of MHAF with VA loans. A key advantage of VA loans is that you don’t have to pay a down payment, and the interest rate is competitive with today’s market.
Combined with MHAF’s assistance with closing costs, service members are able to reduce the total cost of buying a home.
For example, a family living on base with a military background could use a VA loan that does not demand a down payment and rely on MHAF to pay for the remainder of step costs related to any property purchase.
The combination of these two things can save you thousands of dollars and make homeownership a dream you can actually make happen.
Steps to Apply for MHAF
It’s easy to apply for MHAF. First, eligible service members should visit the program’s official website to apply for the form.
Then, they’ll be paired with an MHAF-approved lender and real estate agent who will help them along the way. Applicants should ensure that all required documentation, including proof of military status, is readily available to streamline the process.
If filled out and approved, MHAF will coordinate directly with the lender to allocate the funds as close to closing as possible while applying to closing costs and associated fees.
Conclusion
Military Housing Assistance Fund is an invaluable resource for service members and their families, making the purchase of a home a little easier. MHAF helps homeowners get into homes by covering closing costs and other costs that would otherwise make homelessness impossible for those who have served the country.
Military families with qualifying military status can take advantage of this program to secure a home with confidence and financial stability. And that’s why, if you’re contemplating buying a home, taking a peek into the benefits of MHAF might be what makes it a reality.