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VA Tax Exemption Mortgage Guidelines For Disabled Veterans

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This BLOG On VA Tax Exemption Mortgage Guidelines For Disable Veterans Was PUBLISHED On January 7th, 2019

VA Home Loans is hands down the best residential mortgage program in the United States.

There are many more benefits on VA Loans we will discuss on this blog. Especially VA Tax Exemption Mortgage Guidelines where is exempts property taxes from our disabled veteran home buyers.

States Offering VA Tax Exemption Mortgag

There are certain states that offer VA Tax Exemption Mortgage from disabled home buyers.

  • The state of Illinois is such a state that has VA Tax Exemption Mortgage Guidelines benefiting disabled and qualified veterans
  • VA Tax Exemption Mortgage Guidelines is state specific
  • Rules and regulations depends on the individual states
  • The Gustan Cho Team at Loan Cabin Inc. can check if your state offers VA Tax Exemption Mortgage for disabled veterans
  • VA Tax Exemption Mortgage Guidelines allows states to exempt property taxes on VA Loans for qualified disabled vets

Benefits And Perks On VA Home Mortgages

We will discuss more on the benefits of VA Home Mortgages:

  • No down payment is required
  • VA offers 100% financing
  • No minimum credit score requirements
  • No debt to income ratio requirements
  • Two year waiting period after Chapter 7 Bankruptcy, foreclosure, short sale, deed in lieu of foreclosure to qualify for VA Loans
  • No closing costs
  • Closing costs can be covered with up to  4% on seller concessions and/or sellers concessions
  • VA offers very competitive low mortgage rates due to government guarantee
  • Outstanding collections and charged off accounts do not have to be paid
  • Home buyers can qualify for VA Loans one year into a Chapter 13 Bankruptcy Repayment Plan with Trustee Approval
  • There is no waiting period after Chapter 13 Bankruptcy discharge to qualify for VA Loans

Gustan Cho Associates Mortgage Group can help borrower obtain their Certificate of Eligibility (COE) by applying online on the eBenefits portal or borrowers can obtain it directly. 

VA Tax Exemption Mortgage Guidelines Illinois

For illustration purposes, we will use VA Tax Exemption Mortgage Guidelines in Illinois as a case scenario since Gustan Cho Associates at Loan Cabin Inc. is headquartered in Illinois. Veterans should check with their individual states to see if their state has VA Tax Exemption Mortgage Benefits for veteran homeowners:

  • For returning veterans of the military, the state of Illinois offers Homestead exemption
  • This is is a one-time $5,000 reduction in the homes equalized assessed value (EAV)
    • Returning veterans from active duty in armed conflict involving the U.S. armed forces can apply upon their return
    • Veterans can apply for  exemption in Illinois
    • They should connect with the local county Property Assessment Office
  • Standard Homestead Exemption For Disabled Veterans:
    • For a disabled veteran, the Standard Homestead Exemption applies with a reduced property equalized assessed value
    • This is for veterans with service related disabilities
    • Effective 2015 tax year:
      • For a veteran with a service related disability of at least 30%, a $2,500 homestead exemption is available in the state of Illinois
      • VA tax exemption on their property taxes (homestead exemption) is available of $5,000 to Veterans with at least a 50% service related disability
      • Veterans with over 70% service related disability is fully exempt from paying property taxes in the state of Illinois
      • VA Property Tax Exemption can also apply for surviving spouses of disabled veterans
      • Disabled veterans needs to apply and need to get approved for these property tax exemptions by meeting the deadline dates of their respective counties

This BLOG On VA Tax Exemption Mortgage Guidelines Was UPDATED And PUBLISHED On January 7th, 2019

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