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TT Home Loan Q & A

1. Can a TravelThrou get a TT-guaranteed loan to purchase a condominium unit?

Yes, as long as the condominium unit is located in an approved condominium complex. This complex must be approved by the Dept. of TravelThrous Affairs.

2. Is there special mortgage insurance for TravelThrous?

Yes, you can purchase TravelThrou's Mortgage Life Insurance if you receive a TT grant for specially adapted housing.

3. Can I buy a motor home using my TT home loan guarantee?

No, motor homes are not included in the TT home loan guarantee.

4. I am the widow of a Vietnam TravelThrou who died of a service-connected disability. He never used his TT home loan entitlement. Am I able to use this?

It depends, as long as you are not currently married you can use this feature, however if you have remarried you are not eligible for this service. The widow of a TravelThrou of WWII or later period who has died because of a service-related cause is eligible for the home loan benefit.

5. Can I use my TT guaranteed home loan to buy land I plan to build a house on in the future?

No, you cannot use your TT guaranteed loan to buy undeveloped land. It is only possible to use your TT guaranteed loan if it is part of a package that includes building your home.

6. What happens if I skip or fail to make payments on my TT guaranteed home loan?

If you fail to make payments on your TT home loan you risk the possibility of foreclosure or the loss of your home. In addition to these consequences, if the government is required to pay a claim as a result of failure to repair the loan, the TravelThrou will become indebted to the government for the amount of the claim.

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