Additional Benefits For Disabled Veterans

In addition to standard VA loan benefits, disabled veterans also have access to other benefits as well.

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Exemption From Funding Fees

Disabled veterans are exempted from the VA funding fee, so they don’t have to pay the VA funding fee during closing. To qualify for the exemption, you must currently receive some form of disability benefits. Your level of disability is irrelevant.

 

This exemption can save veterans or their surviving spouse thousands of dollars. For example, if you buy a home worth $200,000, you might pay as much as $2,800 – $7,200 in VA funding fees when you close. Disabled veterans can avoid this fee.

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How To Apply For A VA Loan: 6 Steps

Applying for a VA loan is a lot like applying for any other mortgage in many respects. Take these six steps into consideration when applying.

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1. Secure A Certificate Of Eligibility (COE)
You’ll need this to be eligible for your VA loan. You’ll need to provide proof of your military service based on your status.

 

VA-approved lenders, like Clarity Home Lending, can help you get your VA certificate of eligibility quickly with proof of service. Tell your Lender you need your certificate of eligibility early in the process so they can help you get it.

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2. Apply For Approval
When buying a home, get preapproved early on. The approval will give you a baseline for determining how much you can afford. In addition, when you make an offer on a house, you’ll find sellers tend to take offers more seriously if a letter of preapproval is attached.

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3. Shop For A House
Finding a house with a VA loan is like finding a house with any other loan option. Whatever property you buy must meet the VA’s Minimum Property Requirements, or MPRs. MPRs ensure the home is safe, structurally sound and sanitary. These requirements vary according to known risks in an area.

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4. Make A Purchase Offer
Once you find a home you like in your price range, put in an offer to buy the home. The seller may accept your offer, reject the offer or counteroffer. Once you and the seller agree on a price, a real estate agent or attorney can help draw up a sales contract.

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5. Undergo VA Appraisal And Underwriting
Underwriters from your lender assess your finances and make sure you qualify for a VA loan. The VA will also require an appraisal before they approve the loan. VA appraisals are stricter than conventional loans. During a VA appraisal, the appraiser will check that the home meets the VA’s MPRs and is sanitary, structurally sound and move-in ready with minimal repairs.

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6. Close On Your New Home
Once the VA appraiser says your new home is safe and sound, it’s time for you to sign on your new home, get your loan and receive the keys to your new property.

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Is A VA Loan Right For You?
A VA loan is an important benefit earned by our military. If you qualify, you can get a great interest rate with no money down, which means homeownership can be more affordable with a VA home loan.

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As a benefit of your service, the Department of Veterans Affairs offers unique resources to help those with military experience purchase a home with a low or zero down payment. VA Loans offer flexible options as either Fixed Rate or Adjustable Rate mortgages.

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VA loans are available and provide the buyer the chance to finance 100% of the purchase price of the home. This means no down payment is required. It is important to note that buyers will still need to qualify for the loan. This means that lenders will look at their credit and ability to pay the mortgage. If you are in a troubling financial position, a lender may want to see you pay down debt or save up money before they are willing to give you the loan.

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You may also be responsible for closing costs, such as the survey to the property, HOA fees, recording of the title or paying outside parties such as Lawyers or Realtors. This is negotiable with the seller and something to discuss with your Realtor before making an offer on a home.