Assisted Living Housing and VA Benefits

Assisted Living

If a home in an assisted living community is what you need, then it’s possible that veterans’ 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 benefits available.

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.

Take the Next Step

If you're ready to move forward, or just want more information, the first step is to get no-obligation rate quotes.

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