Federally-backed mortgage enables veterans to fulfill their dream of buying a home. The US Government has VA approved lenders which provide mortgage benefits to veterans, especially those with disabilities, with minimum hassles. Many veterans with a disability qualify for exclusive benefits associated with VA loans to adapt their homes to their disabilities. Veterans with a disability receive all the benefits of VA along with certain additional advantages. The blog discusses four benefits that are exclusively for disabled veterans. Read on.
1. VA Loan Funding Fee waiver VA loan funding fee is a percentage of the loan, going straight to the VA. Regular military borrowers need to pay 2.15 percent for the first time and 3.3 percent for subsequent VA loan use. If a disabled veteran receives disability benefits and they have not yet closed on the VA loan, the funding fee is waived. Veterans who close on VA loans prior to getting the benefits, the funding fee is refundable. Buyers, without exception, can either ask the seller to pay this fee or pay it themselves, up front or over time by incorporating it into the mortgage. In such a case, once the disability benefits are approved, the veteran needs to apply in writing to initiate the refund amount to the state’s VA Regional Loan Center. 2. Specially Adapted Housing Grants Veterans with disability are also get Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant. The grants are available for making mobility modifications in order to make their homes more accessible. The SAH helps deserving veterans with assistance to:
3. Tax Credits and Exemptions Veterans with a disability also eligible for some additional tax credits and exemptions when they buy a new home using VA loan. The Disabled Veterans Property Tax Exemption reduces the amount a disabled veteran needs to pay every year in taxes. The amount, however, varies in each state, so it is necessary to check with the local VA office and discern the state-specific benefit. Veterans can also get the information online at the VA’s eBenefits portal “Benefits by State.” Availing VA loan also enables veterans for a Mortgage Credit Certificate (MCC). The certificate is issued at the state level and enables a disabled veteran to claim a tax credit on a portion of the mortgage interest payable per financial year. Last Few WordsMortgage benefits provided by VA-approved lenders provide substantial relief to veterans with disabilities, in terms of money and modifying their homes with special modifications to negate their disability. Veterans, however, need to check with the local VA office and discern the state-specific benefits. Additionally, they need to apply for a disability rating, prior the mortgage
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AuthorDarrick encourages readers to post issues that need immediate attention in terms of home buying; such interactions will enhance reader engagement and provide a road-map for others Archives
November 2017
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