g an

Tips For Securing Disabled Veterans Loans

By April Briggs


Veterans have easier terms of credit that make their loans more affordable. Taking advantage of disabled veterans loans exemptions and benefits will reduce your repayment amount or increase the loan you get. In some cases, your level of disability will enable you access more cash or reduce the fees you pay on your loan.

A veteran is exempted from paying funding fees if the loan is yet to be closed yet he is receiving disability benefits. This makes it easier to secure the much needed loan. In case the loan has already been closed by the time you are receiving the benefits, you are eligible for refund. The applications for refunds and exemptions are made at the regional VA Loan Center. It makes a huge difference in your financial life to receive the exemption.

As long as the veteran benefits continue to flow, you are allowed to make claim for refund. You will be required to provide necessary documents to have the claims processed on your behalf. Taking a mortgage facility of 200,000 dollars as a veteran means that you are entitled to 2.15 percent. The amount translates to 4,300 dollars which makes a huge difference when spent elsewhere instead of being consumed when repaying a loan.

A veteran with disability is also entitled to Specially Adapted Housing grant or SAH. This amount is provided so that the house where the veteran is living may be modified to suit his condition. The money is also used in the construction of a house where the modifications have been incorporated. If the house already exists, the money can be spent in remodeling so that the veteran can find it easier to live. Further, the money can be claimed against an existing loan which reduces the amount to be paid.

Special Housing Adaptation is a grant targeting adaptations to a house owned or to be owned by the veteran. It is used to modify the premises so that the veteran finds it easier to live there. It may be used to construct the house for the disabled veteran. The other option is to buy a house that has already been modified.

SAH or Special Adaptation Housing grants come with an annual limit of 64,960 dollars. Special Housing Adaptation has a limit of 12,992 dollars. It is a requirement that for one to receive any of these grants, he must be benefiting from disability allowances. Considering that the exemptions are provided annually, the amount is significant.

A veteran with disability stands to enjoy other credit and tax exemptions that have a significant effect on the principle amount and the fees paid on the loan. The exemption depends on individual states. For instance some counties require total disability for one to qualify while others provide exemptions to any veteran. Only a house modified or purchased under SAH or SHA grant qualifies for exemption.

Possession of Mortgage Credit Certificate makes you entitled to refunds on the interest you pay on your mortgage. Each state uses a different percentage or calculation formula. A veteran enjoying disability benefits can use them as income when applying for a loan. This is because the benefits are reliable, continuous and stable.




About the Author:



No comments:

Post a Comment