Home Loans for Disabled Veterans
Understanding VA loans and the great benefits they offer disabled veterans is a hard subject matter to tackle alone. Seeing whether you qualify to waive the VA funding fee, how your disability compensation helps your income, and how you qualify for a VA home loan are some of the most commonly asked questions disabled veterans have when applying for a VA loan. Our HomePromise experts are professionally trained to help guide you through these important financial decisions.
What are the VA Home Loan Benefits for Disabled Veterans?
There are many VA home loan benefits available to veterans who qualify, including no money down, no monthly mortgage insurance, options for lower credit scores, limits on closing costs, and competitive interest rates. Many think that these VA home loan benefits are one-time benefits, but this is not true. These VA home loan benefits are benefits for life.
Disabled veterans are eligible to receive added VA home loan benefits on top of the ones already explained above. These benefits include property tax exemptions, disability compensation benefits for added income, special housing grants, and exemption from the VA funding fee.
Property Tax Exemptions for Disabled Veterans
Property tax exemptions can help disabled veterans reduce the amount of real estate taxes they owe each year. Looking further into your eligibility for property tax exemptions and credits may help save you thousands of dollars when purchasing a home.
Real estate tax laws can change, each state has different criteria for qualification, and the amount of benefits you receive is typically proportionate to your disabled status.
Real Estate tax laws are complicated, and it’s best to consult with a professional to review your eligibility for property tax exemptions. Our HomePromise professionals are expertly qualified to provide a thorough review of you’re the available property tax exemptions and how they affect qualifying for a VA loan. Call us today to schedule your appointment at 800-720-0250.
Disability Compensation Benefits for Veteran Income
One of the most common questions about disability compensation for veterans is whether or not this helps your income when applying for a VA loan. When disabled veterans apply for a VA mortgage, you still need to follow the normal process for documenting your income. However, you can use your disability compensation as part of your income when applying for a VA mortgage. The higher the income, the greater chance you have of getting a mortgage.
Are Disabled Veterans Exempt from the VA funding fee?
Disabled veterans, surviving spouses of veterans who passed away from service-connected medical issues, and active-duty service members who have a Purple Heart may all be exempt from the VA funding fee. This means that veterans who are currently getting disability benefits are usually able to waive the VA funding fee saving you thousands of dollars.
Being eligible to waive the VA funding fee helps disabled veterans save thousands of dollars in closing costs when purchasing a new home or refinancing their current one. Even if you close on your loan before you start to receive benefits, you may be eligible to have your VA funding fee returned to you if you were in the middle of applying for disability at the time.
Our VA home loan experts can help guide you through understanding how your VA disability can save you money on your VA funding fee.
How do Disabled Veterans Qualify for VA Loans?
Veterans must meet some requirements before they can become eligible for VA loans and all the benefits they provide. The most common form of documentation required by VA lenders is a Certificate of Eligibility, commonly referred to as a COE. The majority of veterans have to meet the following criteria before applying for a VA loan:
- National Guard
- Served more than 6 years
- Active Service During Peacetime
- Served for 181 days
- Active Service During Wartime
- Served for 90 consecutive days
The qualification rules for a VA loan are hard to figure out. At HomePromise, our VA home loan professionals are expertly trained to handle your questions. Contact our experts today at 800-720-0250 to receive a free quote.
Are There Grants Available to Help Disabled Veterans?
In addition to the benefits for disabled veterans when financing a home through a VA loan, disabled veterans may also qualify to receive specific grants to help with accessibility modifications to a home. The Special Housing Adaptation (SHA) and the Specially Adapted Housing (SAH) grant are two grants that may be available for disabled veterans with a service-connected disability rating from the VA.
Each grant provides their own benefits for disabled veterans, including building a home with modifications for the veteran’s disability, remodeling the veteran’s current home to meet their disability requirements, changing a home that the veteran intends to purchase in order to meet the needs of their disability, and more. You can find out more about housing grants on the VA website here.
If a disabled veteran isn’t eligible for either of these grants, another option available to them is a VA refinance designed to take money out of your home for home improvements. In addition to a grant, a VA refinance may be helpful if the work the veteran needs done is greater than the grant will allow. To help navigate these options, call our HomePromise experts today at 800-720-0520. Our VA loan professionals will provide you a free quote quickly and easily.
How Does Disability Compensation Contribute to VA Home Loan Applications?
In order to qualify for a VA loan, the veteran must have a reliable source of income that is likely to continue into the future. As disability compensation is expected to continue for disabled veterans, this income source counts toward your qualifying income when applying for a VA loan. Veterans who receive disability compensation from the VA are able to count this as income when completing a VA loan application. Putting your disability compensation toward your income can help you meet VA loan income requirements.
HomePromise is a flexible and compassionate lender approved with the U.S. Department of Veterans Affairs to provide VA home loans. The HomePromise approach takes into account the unique needs of each veteran and their families. Our HomePromise experts will review your credit score, credit history, and income sources to see if you qualify for a VA loan.
In addition to over-the-phone and in-person, our flexible services also include the ability to apply online. Our VA loan experts are here to provide you expertise to help you navigate these important decisions. Call us at 800-720-0250 to receive a free quote from one of our experts today.