Most vets with disabilities caused by injuries sustained in service will likely be eligible for a VA home loan. Disabled vets often do not need to meet the minimum required service days for war or peacetime on active duty. However, you would still need to qualify with income and credit to receive a VA loan.
Disabled veterans receive all of the benefits that VA home loans have to offer but with a few more advantages:
- Your disability rating can be counted as effective income towards a mortgage.
- Exemption from the VA funding fee (a set fee applied to every purchase loan or refinance that goes directly to the VA to help cover losses on loans that go into default. For most people, this funding fee can usually run anywhere from .5 to 3.3 percent.)
- Receive grants for special accessibility modifications (If a veteran needs a home to be disability accessible, grants are available through the VA to help disabled veterans pay for mobility modifications that can make their homes more accessible.)
The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefit each and every year. We ARE NOT a call center. Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.
Semper Fi, Dan Chapman CAPT, USMC (vet)
ChapmanTeam@HomeBridge.com Call (760) 456-7139