This guide covers disabled Veterans benefits on VA loans. The Department of Veterans Affairs (VA) insures and guarantees VA Loans to private lenders. There are no minimum credit score requirements on VA Loans. There are no maximum debt-to-income ratio requirements on VA Loans. VA Loans have much easier lending guidelines than any other loan program. Dale Elenteny is a senior loan officer at Gustan Cho Associates since April 2012. Dale has helped hundreds of veterans qualify for VA loans. Here is what Dale says about VA loans compared to other mortgage loan programs.
VA Loans is the best loan program available in the United States. Our government created and implemented the VA Guarantee Loan Program to reward our active and retired members of our U.S. Armed Forces. The VA offers 100% financing to eligible borrowers with a valid Certificate of Eligibility (COE).
VA allows home sellers to give buyers up to 4% seller concessions to cover buyers closing costs. With 100% financing and closing costs covered by seller concessions or lender credit, veterans can purchase a home with zero money out of pocket. There are also special Disabled Veterans Benefits for disabled veterans. VA Funding Fee normally rolled into the VA loan balance, is exempt for disabled veterans. Disabled Veterans Benefits also include property tax exemption by the county where the property is located.
Exclusive Disabled Veterans Benefits
Disabled Veterans Benefits include special grants from the Department of Veterans Affairs to modify their homes to veterans-specific disabilities. There is no opposition from Americans to disabled veterans benefits. Retired and active-duty members of the Military deserve. There are many disabled veterans benefits options at the federal, state, county, and city levels. The VA wants to offer Disabled Veterans Benefits to our brave men and women of our military by offering them to purchase a home with as little money out of pocket as possible. Most counties throughout the United States offer property tax exemption to our disabled veterans. Disabled Veterans Benefits include not meeting the minimum required service days for war or peacetime on active duty. However, disabled vets still need to meet VA Lending Guidelines.
VA Mortgage Guidelines
The Veterans Administration has created and implemented lenient mortgage guidelines on VA loans due to allowing active duty or retired members of the U.S. Military to qualify for VA loans. VA loans have the most lenient mortgage guidelines over other government-backed mortgage loan programs. John Strange, a senior loan officer and expert on helping borrowers on VA loans with bad credit and low credit scores, says the following about VA loans:
VA loans are not forgiving to borrowers who have been late on their debt payments in the past twelve months. There is no down payment required on VA loans. 100% financing with no down payment required. No annual mortgage insurance is required.
Very low mortgage rates due to the government guarantee. Two years out of Chapter 7 Bankruptcy discharge date, foreclosure, deed-in-lieu of foreclosure, short sale. There is no maximum loan limit on VA loans. VA loans with high residual income have no maximum debt-to-income ratio cap. VA loans are the only loan program that does not have a minimum credit score requirement. Owner-occupant one to four-unit homes only. The team at Gustan Cho Associates has helped countless borrowers get qualified and approved for VA loans with credit scores down to 500 FICO. You do not have to pay outstanding collections or charge-off accounts to qualify for VA loans.
Disabled Veterans Benefits on VA Loans
Disabled veterans get additional benefits. Exemption from the VA Funding Fee if they qualify. Grants for special accessibility modifications. Veterans receiving a service-connected monthly disability payment are exempt from the VA Funding Fee. VA Funding Fee is between 0.50% to 3.3% and is normally rolled into the VA Loan Balance. However, this VA Funding Fee can be waived for disabled veterans.
Property Tax Exemption on VA Loans
Depending on the county, most counties will exempt property taxes for disabled veteran homeowners. However, property taxes are used to qualify borrowers. Once borrowers close on their VA Loans, they must pay property taxes until the county has approved their property tax exemption. Getting the official property tax exemption normally takes six to 12 months. Homebuyers who have questions about the content of this guide on disabled veterans benefits or need to qualify for a VA loan, please get in touch with us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at gcho@gustancho.com. The team at Gustan Cho Associates is available seven days a week, evenings, weekends, and holidays.
