VA Home Loans for Disabled Veterans: A Comprehensive Guide
All military members are entitled to use VA home loans to buy a house as long as they meet their minimum service requirements. But did you know that there are additional benefits for disabled veterans who wish to use a VA loan to buy a house? There are and they’re designed to make buying a house that’s functional for your needs as simple and affordable as possible. Here’s what you need to know about this great program.
Saves You Money Upfront
All VA home loans are subject to the same limits and interest rates. Those rates are set by the federal government and, while they’re typically lower than traditional mortgage interest rates and APRs, they won’t differ dramatically if you’re disabled or not. However, for disabled veterans, you’ll save money immediately by not having to pay the VA loan funding fee. This fee is 2.15 percent of the loan amount and not having to pay it could save you thousands upfront.
If you initiate the VA loan process prior to becoming disabled, your funding fee may be refundable as long as you initiate a claim for disability benefits prior to closing on the loan. If you find yourself in this situation, contact your region’s VA Loan Center to request a refund. They’ll help guide you through the process and make sure you get the money you deserve.
You May Qualify for Accessibility Grants
The government knows that disabilities often mean homes may need modifications before you can live in them comfortably. Along with VA home loans, you may also qualify for grants to renovate the house you buy to fit your unique needs.
You can only apply for these grants if you are already receiving disability benefits. The best thing you can do is discuss your needs with your local VA office or speak with your approved VA home loans expert. They’ll be able to guide you through the process.
Income Is Flexible
For disabled veterans applying for VA home loans, disability payments can count as income. This can make it easier to qualify for a loan in the first place and helps you get into a house you love. Your income is stable and will come every month so lenders will be more willing to work with you.
Using VA home loans to buy the house of your dreams is one of the best choices you can make. If you’re ready to apply, contact our team to discuss your situation.