Benefits Of A VA Disability Loan
Many disabled veterans return home without pertinent information regarding the life altering opportunities available to them. Many of these benefits are offered in addition to the medical and educational assistance given to all veterans returning home and some special benefits are designed specifically for those who suffer physical or emotional issues after serving their country. Contacting local Veterans Association locations will help them understand the qualifications necessary to obtain a VA disability loan.
Some of the advantages offered to soldiers with disabilities include loans with zero percent down payments, no funding fee is charged to the borrower, no mortgage insurance is required and prepayment penalties are not imposed. These advantages are contingent upon the applicant having been qualified as disabled due to military service.
If you have not been certified prior to purchase of your home you may qualify for reimbursement of fees and mortgage insurance costs after you are qualified by the VA. You are able to choose between applying the refund to the principle of your note or receiving a check for the full amount you were charged.
Most states offer tax breaks for disabled veterans. Some reduce property taxes while others choose not to collect them from qualified individuals. States also give a deduction on income taxes for a percentage of interest paid in the mortgage payments. Each state has their own rules and limits so it is advised that veterans check with the VA either in the offices or on the internet where there is a state by state chart that can be found.
Two grant programs are available to adapt your home to accommodate your needs. The SAH, or specially adapted housing program, provides funding for building a home that has special modifications related to your needs. These funds are also available to be used to remodel and modify your existing home to accommodate you or you can use the funds to apply towards the principal of the mortgage of your home that has been previously modified to meet your needs.
The second program is the Special Housing Adaption grant that can be accessed three times for over twelve thousand dollars each time is designed to help modify houses that you may own to allow you to stay in that home. It can also be accessed to modify a home you plan to purchase prior to buying it or to help pay for a home that has been adapted already. Since these programs are grants there is no repayment required from the recipient.
Private companies will also offer loans based on monthly compensation paid to disabled soldiers. These installment loans are usually short term notes that do not require collateral and have higher interest rates than banks offer. Like Payday loans they are fast and require repayment within two or three months.
Financing your home through the VA is a wise choice for those veterans who have disabilities and you can find information to help you at the local veterans association or by looking online for options available to you through their services.
Some of the advantages offered to soldiers with disabilities include loans with zero percent down payments, no funding fee is charged to the borrower, no mortgage insurance is required and prepayment penalties are not imposed. These advantages are contingent upon the applicant having been qualified as disabled due to military service.
If you have not been certified prior to purchase of your home you may qualify for reimbursement of fees and mortgage insurance costs after you are qualified by the VA. You are able to choose between applying the refund to the principle of your note or receiving a check for the full amount you were charged.
Most states offer tax breaks for disabled veterans. Some reduce property taxes while others choose not to collect them from qualified individuals. States also give a deduction on income taxes for a percentage of interest paid in the mortgage payments. Each state has their own rules and limits so it is advised that veterans check with the VA either in the offices or on the internet where there is a state by state chart that can be found.
Two grant programs are available to adapt your home to accommodate your needs. The SAH, or specially adapted housing program, provides funding for building a home that has special modifications related to your needs. These funds are also available to be used to remodel and modify your existing home to accommodate you or you can use the funds to apply towards the principal of the mortgage of your home that has been previously modified to meet your needs.
The second program is the Special Housing Adaption grant that can be accessed three times for over twelve thousand dollars each time is designed to help modify houses that you may own to allow you to stay in that home. It can also be accessed to modify a home you plan to purchase prior to buying it or to help pay for a home that has been adapted already. Since these programs are grants there is no repayment required from the recipient.
Private companies will also offer loans based on monthly compensation paid to disabled soldiers. These installment loans are usually short term notes that do not require collateral and have higher interest rates than banks offer. Like Payday loans they are fast and require repayment within two or three months.
Financing your home through the VA is a wise choice for those veterans who have disabilities and you can find information to help you at the local veterans association or by looking online for options available to you through their services.
posted by Vittoria @ April 08, 2015
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