Veterans returning from serving in combat areas often come home with physical or emotional disabilities that can prevent them from functioning as they did prior to being deployed. Many are not aware of the numerous programs available to them to help them to adapt to their new lives. Medical and educational benefits are in place for all veterans but there are special benefits that disabled veterans can take advantage of especially where housing is concerned. Contacting the veterans Association is the best way to become acquainted with how to obtain a VA disability loan.
Getting preapproved for financing after you have been certified as disabled will help to qualify you for many advantages you are eligible for. You may qualify for a note that requires no down payment and no funding fee when you purchase the home. You may also qualify for a waiver of any mortgage insurance requirement and the prepayment penalties that are typical with VA loans.
If the applicant has not completed the qualifying process, many times the costs that were not covered by the special programs can be reimbursed once the process is complete. That means that the down payment and the funding fee can be applied directly to the principal note. Mortgage Insurance costs are also included and the applicant can also choose to receive a check for the full amount.
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.
Prior to or after you have purchased your home you can take advantage of two grant programs available to disabled military personnel. The SAH program is designed to help remodel or modify homes that are either already owned or being purchased. You can use them to make your home more user friendly for you or you can use it to build a home that has specific modifications to meet your needs.
The SHA program (special housing adaption) can be used to adapt the home you own upon your return to enable you to remain there. It can also be used to adapt a home you plan to purchase prior to finalizing the mortgage or to purchase a home that has previously been adapted. This program allows access to disabled veterans of up to thirteen thousand dollars three separate times. These grants do not require repayment from the recipients.
Another option available for smaller amounts of money a VA disability check can qualify you for installment loans. These loans generally are for less than five thousand dollars and need to be repaid in a very short period of time. Many companies charge higher interest for these loans and base your eligibility on the amount received from the VA.
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.
Read more about Assistance From A VA Disability Loan.