Benefits of va loans for disabled vets
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BENEFITS OF VA LOANS FOR DISABLED VETS
Many Disabled Veterans are not well informed about the potential benefits they are entitled to when it comes VA home loan.
A VA loan specialist will interview the Veteran and determine what type of loan they are eligible for.
The specialist will explain to the veteran the benefits that come with the type of the loan he or she is eligible for.
Most Veterans qualify for the VA Home Loan Program and are even eligible up to 100% financing of loans up to $417,000.
Loan limits on higher jumbo loans are available and have small down payments.
VA loans do not have mortgage insurance.
However, first-time users require an upfront, financed, Funding Fee of 2.15%.
Disabled veterans are exempted from paying the funding fee.
This is beneficial because the fee typically comes with the loan.
This means that your loan is already reduced.
However, for first-time applicants, the fee is 2.15 percent, which on a $150,000 loan is$4,300.
Borrowers who are not exempted from paying this fee can, however, ask the seller to give an upfront payment or pay later by putting it to the mortgage.
During the purchase process, it’s very common for VA borrowers to be in the process of receiving a disability rating. Sometimes after the loan has been closed is when they receive word.
In this scenario, veterans can ask for a refund if they receive the disability rating. But this is eligible if the loan period is still open.
It is impossible to ask retroactively for your disability compensation. But when it arrives, you can opt to pay down your mortgage with that lump sum.
Content hereVA loans have no prepayment penalties.
Just like any other prospective borrower, disabled veterans will not automatically be eligible for the VA home loan.
The disabled veterans need to follow the process and meet a VA-approved lender’s credit and underwriting requirements.
All in all the VA lenders require at least a 620 credit score to be eligible.
Other requirements include a stable, and reliable income is an added advantage.
Not forgetting a balanced debt and income equilibrium, it should be noted that it is very important.
Disabled veterans are also able to join the VA’s Specially Adapted Housing (SAH) grant program.
It helps veterans in adapting to retrofits that will help in their needs. The SAH grants can run up to $5,000 and in some cases even $10,000.
However, not all have the same borrowing situations.
It is of great importance to contact the VA for better clarification whether you are eligible for the SAH grant or not.
Disabled veterans are exempted from property tax once they use their VA loan benefit to buying a new home. These tax exemptions can help a great deal.
This exemption from property tax can help in reducing the costs and amount of money used in taxes yearly.
However, this law is different in states, so it is good to check with your local VA.
Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to.
He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area …
… fulfilling a passion of his while at the same time helping others achieve home ownership.
Be a proud homeowner today. For more details call 480-351-5904 or visit the site http://www.valoansforvets.com/
VA LOANS FOR VETS7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]