When most young adults are starting their working careers, a select few choose to enter military service. They get assigned to any number of dangerous and deadly combat zones. The families they leave behind often cope with financial hardships that make living with parents and other family members a necessity. When veterans return to civilian life, many need the psychological boost that home ownership can provide, especially for those with disabilities. Qualifying for disabled veteran farm loans can make a big difference in their lives.
VA financing has been around for a long time. Laws were enacted during President Franklin Roosevelt's administration to encourage returning World War II vets to purchase housing which otherwise might not have been available to them. This type of financing was, and still is, guaranteed by the Veteran's Administration. It offers long term financing at low interest rates and little or no down payment requirements.
With this kind of mortgage, veterans who are receiving or have applied for disability, does not have to pay the funding fee required of most military applicants. Those who have not applied for the disability, but do so after loan funding, will have the fees reimbursed. This waiver will result in the saving of thousands of dollars for these soldiers.
The VA does not lend money for commercial farming operations. They will lend money for acreage in any amount that is appropriate for the area, including structures located on the property and a limited amount of livestock. This acreage must be primarily for residential purposes. This type of loan is especially attractive to veterans who want to live in rural areas where there may be limited private sector financing options.
For veterans with physical challenges and in need of specially modified housing, there are VA grants available to either build a new home with the required modifications or to remodel an existing residence to fit the individual's needs. Grants must be applied for separately from the loan and will not be granted unless the soldier's disability benefits are already in place. There is a monetary limit to the amount a veteran can request for these modifications.
Veterans with disabilities may not be required to pay property taxes at all or at much reduced rates. They may also be able to claim the interest on their mortgage as a tax credit. How much veterans are actually obligated to pay varies from state to state. It is a good idea to contact either the local VA office or have an experienced tax lawyer or accountant explain the deductions.
Veterans who receive long term disability pensions can add this benefit to the income they claim on a mortgage application. This can result in the VA approving a bigger mortgage than originally anticipated. Not all veterans can claim this benefit however. It must be a long term pension to qualify.
Men and women, who have volunteered for military service and served their country with honor and distinction, deserve the benefits they receive. Those who live with permanent disabilities are rightly accorded extra assistance.
VA financing has been around for a long time. Laws were enacted during President Franklin Roosevelt's administration to encourage returning World War II vets to purchase housing which otherwise might not have been available to them. This type of financing was, and still is, guaranteed by the Veteran's Administration. It offers long term financing at low interest rates and little or no down payment requirements.
With this kind of mortgage, veterans who are receiving or have applied for disability, does not have to pay the funding fee required of most military applicants. Those who have not applied for the disability, but do so after loan funding, will have the fees reimbursed. This waiver will result in the saving of thousands of dollars for these soldiers.
The VA does not lend money for commercial farming operations. They will lend money for acreage in any amount that is appropriate for the area, including structures located on the property and a limited amount of livestock. This acreage must be primarily for residential purposes. This type of loan is especially attractive to veterans who want to live in rural areas where there may be limited private sector financing options.
For veterans with physical challenges and in need of specially modified housing, there are VA grants available to either build a new home with the required modifications or to remodel an existing residence to fit the individual's needs. Grants must be applied for separately from the loan and will not be granted unless the soldier's disability benefits are already in place. There is a monetary limit to the amount a veteran can request for these modifications.
Veterans with disabilities may not be required to pay property taxes at all or at much reduced rates. They may also be able to claim the interest on their mortgage as a tax credit. How much veterans are actually obligated to pay varies from state to state. It is a good idea to contact either the local VA office or have an experienced tax lawyer or accountant explain the deductions.
Veterans who receive long term disability pensions can add this benefit to the income they claim on a mortgage application. This can result in the VA approving a bigger mortgage than originally anticipated. Not all veterans can claim this benefit however. It must be a long term pension to qualify.
Men and women, who have volunteered for military service and served their country with honor and distinction, deserve the benefits they receive. Those who live with permanent disabilities are rightly accorded extra assistance.
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