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VA Loan Benefits for Veterans With Disabilities

by Vasco Silva 11/01/2023

If you're a qualifying U.S. veteran, a VA home loan can be your quickest path to home ownership. However, if you're legally disabled, there are even more financial benefits available. Here is a basic guide to VA loan benefits for veterans with disabilities:

Funding fee exemptions

VA loans don't require down payments, but come with funding fees instead. While much lower than conventional down payment amounts, funding fees can prove just as much of a financial hurdle as down payments for some veterans. The fees are calculated based on percentages ranging from 1.4% to 4% of the total amount of the loan. However, veterans with disabilities are exempt from paying VA funding fees if they qualify, potentially saving thousands of dollars.

Special housing grants

There are multiple housing grants available specifically to help veterans with disabilities finance and improve their dream homes. The main types of grants are concerned with establishing or improving accessibility of your residence, either permanently or temporarily.

For example, the VA Special Housing Adaptation (SHA) Grant is available to help either purchase or make changes to a home to accommodate a disability. Changes could include projects like ramp installation, wheelchair-accessible bathroom features and hands-free smart home equipment.

For temporary solutions, qualified veterans can apply for a VA Temporary Residence Adaptation (TRA) Grant to finance modifications to a relative's home. Even without complete remodeling, there are plenty of ways to improve accessibility and accommodate a range of disabilities using these options.

State property tax exemption

Depending on their state of residence, veterans with disabilities may be exempt from paying property taxes. Most states offer a form of tax break for qualified veterans, with amounts and requirements varying from one state to the next. To find out if you're eligible for this benefit, you can find resources available online and through the VA directly to determine your individual state's exemption offerings.

About the Author
Author

Vasco Silva

Experience isn't expensive, it's priceless! I've been a full time Realtor since the age of 19. The unparalleled experience that I've gained since 1986, along with the dedication to my clients and tireless work ethic will prove invaluable whether you're in the market to buy or sell. I was voted a " CT Five Star Real Estate Agent" by my clients for 2024 & previous years, rated in the top 3% of all Realtors for service and satisfaction as featured in Connecticut Magazine. My team of attorney's, mortgage lenders and contractors are ready to assist you with all your Real Estate needs. Contact me today for fast results, guaranteed!