At Mortgage Solutions Financial, we recognize the unique needs of veterans who have disabilities and understand how VA mortgage loans can provide vital support in achieving homeownership. For veterans with service-connected disabilities, these loans offer specific advantages and accommodations that go beyond the standard VA loan benefits, making homeownership more accessible and affordable.
Benefits for Veterans with Service-Connected Disabilities
VA mortgage loans become even more beneficial for veterans who have service-connected disabilities. While all eligible veterans can access the basic VA loan program, those with disabilities may qualify for additional benefits, including funding fee exemptions and housing grants. These advantages can significantly reduce the overall cost of homeownership.
Funding Fee Exemptions
One of the most significant benefits for veterans with disabilities using VA mortgage loans comes in the form of funding fee exemptions. Veterans who have service-connected disabilities rated at 10% or higher by the VA are typically exempt from paying the VA funding fee. This exemption can save thousands of dollars at closing, making homeownership more affordable.
Special Housing Grants
While separate from the standard loan program, several valuable resources are available when purchasing a home:
- Special Housing Adaptation (SHA) Grants
- Specially Adapted Housing (SAH) Grants
- Home Improvements and Structural Alterations (HISA) Grants
- Temporary Residence Adaptation (TRA) Grants
- VA Adaptive Housing Grants
Income Requirements
All home loans have income requirements. The good news is, that disability compensation is usually able to be counted as effective income. This consideration helps many veterans who receive disability benefits qualify for home loans who might otherwise struggle to meet income requirements. Social Security benefits may also be considered as qualifying income.
Home Adaptation Considerations
We help identify properties that can be adapted to meet specific needs. Many homes can be modified using VA grants to support independence and comfort through features such as accessible entryways, modified bathrooms, adapted kitchens, and special lighting or safety features.
Working with Experienced Professionals
Finding the right home that meets both physical needs and financial requirements takes expertise. Our team understands the unique considerations involved and can help you navigate the various programs and benefits available. Additionally, we also help veterans consider long-term factors such as future modification needs, property maintenance requirements, insurance considerations, property tax exemptions, and emergency repair funds. This comprehensive planning ensures sustainable homeownership.
Get Started with the Process Today
At Mortgage Solutions Financial, we’re committed to helping veterans with disabilities achieve their dream of homeownership. Our experienced team understands your unique needs and can help you navigate the various programs and benefits available. Contact us today to learn more about how we can assist you in finding and financing a home that provides both comfort and accessibility. Let us help you make the most of your hard-earned VA benefits.
