Making Smart Use Of The Available Disabled Veteran Farm Loans

Posted on October 9, 2018 @ 2:02 pm

It is not just those who choose to put themselves in harm\’s way for their country that serve. Their families also face hardships and challenges. Very few soldiers get rich in the military. Most families need the second income of a spouse or partner to meet monthly financial obligations. When soldiers are assigned to duty in foreign countries, the families they leave behind often have to move in with parents to save money. The dream of home ownership sometimes seems out of reach to these deserving young people, but it may not be. There are disabled veteran farm loans available for those who want to live in rural or suburban areas.

VA home financing began in 1944 as a way to give returning World War II veterans an opportunity to make a successful return to civilian life. Since then the agency has helped countless other soldiers with low interest, long term mortgages what require little or no down payment money. The VA guarantees mortgages that the private sector might turn down.

There are a number of fees associated with home mortgages that can add up and become substantial for purchasers. Most veterans with disabilities are exempt from paying the funding fees required from most borrowers. If these soldiers do not have final approval for disability benefits, they will have to pay the fees at the time. Once the paperwork is finalized, the VA will reimburse the veteran.

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.

Many returning veterans who are confined to wheelchairs, walkers, have vision problems, or need special equipment to get in and out of bathtubs or beds, may need specially modified housing. There are grants available that allow them to remodel a home to fit their needs or to custom build a residence with extra wide entrances, hallways, and lowered cabinets and counter tops. Purchasers cannot apply for these grants however until their disability benefits are in place.

Military homeowners with disabilities can claim property tax exemptions that can greatly reduce the amount owed to state and local governments. Some states give these soldiers a one hundred percent exemption, while others do not. There are also tax credits available that allow a veteran to claim a portion of his or her mortgage interest.

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.

Find an overview of the advantages of taking out disabled veteran farm loans and more info about a reputable loan provider at today.

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