A veteran is exempted from paying funding fees if the loan is yet to be closed yet he is receiving disability benefits. This makes it easier to secure the much needed loan. In case the loan has already been closed by the time you are receiving the benefits, you are eligible for refund. The applications for refunds and exemptions are made at the regional VA Loan Center. It makes a huge difference in your financial life to receive the exemption.
The claims for refund can be made at any time as long as you are receiving benefits. The claims are processed on your behalf as long as you provide necessary documents. With a home loan of two hundred thousand dollars, you are eligible to 2.15 percent which translates to about four thousand and three hundred dollars. This is an amount that can transform your life significantly.
The other option available to veterans is Specially Adapted Housing grants/SAH. These are funds used to make modifications to a house so that the veteran finds it easier to live. You may use the grants to construct a house that comes with modifications. The money may also be used to remodel the house where the veteran will be living to suit his current condition. The money may also be used to offset the principle on a loan that you are already paying towards the modified house.
Special Housing Adaptation is a grant targeting adaptations to a house owned or to be owned by the veteran. It is used to modify the premises so that the veteran finds it easier to live there. It may be used to construct the house for the disabled veteran. The other option is to buy a house that has already been modified.
The maximum limit given for Special Adaptation Housing is sixty four thousand, nine hundred and sixty dollars. The maximum amount for Special Housing Adaptation is twelve thousand, nine hundred and two. To qualify, a veteran must first seek the approval of disability allowances. These amounts are significant since the exemptions are made on yearly basis.
Home ownership also comes with tax exemptions and credit. As a veteran with disability, you will be exempted from certain taxes once you purchase the house using the SAH or SHA grants. Each state has a unique formula or percentage for calculate the exemptions and credit. While some states offer all veterans a hundred percent exemptions, others demand that such a veteran must be a hundred percent disabled.
Possession of Mortgage Credit Certificate makes you entitled to refunds on the interest you pay on your mortgage. Each state uses a different percentage or calculation formula. A veteran enjoying disability benefits can use them as income when applying for a loan. This is because the benefits are reliable, continuous and stable.