FAQs • Paramus Borough, NJ • CivicEngage

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Does the Veteran administration give the loan to purchase real estate?: No they do not. The VA gives the lender the guarantee that if the Veteran defaults on the loan the Veteran administration then will pay backs the bank and takes over the property.

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Affordable Housing

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1. What does COAH mean?: COAH is the Council on Affordable Housing. The council was a board made up of people in the State of NJ that made decisions on affordable housing issues in the state.

2. Can someone 55 years old go into senior housing?: No. In order to apply for Senior housing you must be 62 years old or older.

3. Can a Veteran purchase a home with no down payment money to purchase a home?: Yes. If a Veteran has received an honorable discharge and has a DD214 from the service they are entitled to a be qualified for a no money down Veteran loan.

4. Does the Veteran administration give the loan to purchase real estate?: No they do not. The VA gives the lender the guarantee that if the Veteran defaults on the loan the Veteran administration then will pay backs the bank and takes over the property.

5. Does a veteran have to purchase only a one family home?: No. The VA allow up to a 4 family owner occupied home to be financed. All Veterans must qualify for the financing from a bank or a mortgage broker in order to qualify for the loan amount.