Disability benefits on a VA home loan explained
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- Опубліковано 23 сер 2024
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If you have served in the military and have been disabled during your time of service, the Department of Veteran Affairs will go to great lengths to make sure you are taken care of. If you are a disabled veteran, the VA will remove the funding fee when you purchase a home using a VA home loan. This is a significant amount of money that you can save when you buy a home using a VA home loan. For more information on this topic, get with Low VA Rates. We are here to serve and answer all your questions.
Low VA Rates is committed to helping you find the home loan that is best for you and your financial situation. We are VA mortgage experts and have a strong track record of helping veterans take full advantage of their VA rights and benefits. We can do the same for you. Get started for free today and find out how much you can start saving.
This video is not intended for residents or homeowners in the states of WA, NY or MA.
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No funding fee for vets rated at 10% service connected and above (:
Correct
Disabled veteran monthly pay 3,850 per month and credit score 552, do I have a chance at a V.A. home loan?
We need a lot more information than that but that’s great income and we have done VA loans at much lower Fico scores also. Have you called our offices or applied on our website?
Are you able to successfully applied for your state Veterans giveaway grants application funding yet
I'm retired military 23 years and 100% VA disability. Got my fico at 619 and working on my credit. Got divorced and hit my credit hard. Planning on calling you guys next year 👍.
Sounds like you have the right plan. Sorry for the tough times, but move forward, head up and lets do this!
Only need a 580. Go get yourself a crib my boy! Lol 💪🏾 to the 100 percenters
Actually, as early as 2017 getting compensation for an Agent Orange claim was very easy. Any in country Veteran could get a rating, level depending on if you had current conditions related to the chemical. Some people were getting ratings if they even served on a US base where the chemical were stored.
So happy to hear this
I served under 2 years in the service but am a 70 percent disabled vet and receive veteran benefits. Can I qualify for a VA home loan?
You very well may be able to. The best thing to do is submit your info on our webpage at www.lowvarates.com or to call us.
If my brother and I receive 80% and 90% VA disability, would we get approved for a VA home loan. No Job, GI Bill BAH each for support on other payments, Savings in Stocks, and eventually will both get married to our Fiancés, boosting our VA disability up an additional ~$200 each. Using the VA loan to purchase the same home, preferably a Duplex. Wives both earning extra income when they get a job living all in the same property.
Main Point: 80% + 90% VA disability, initially single status, to first open up the mortgage. Will the VA loan get approved? On the combined VA disability alone? Both Veterans of the USAF.
In California.
Good Credit Scores of 740+
You have a good shot yes. You would both go on the loan as singles using joint entitlement. Of course your DTI ratios, your credit history and other things need to pass the "test" so to speak, but YES to your basic question.
I'm a Texas veteran. The Texas Veterans Land Board (TVLB) gives homebuyers an even lower rate than the national VA prime rate. However, there is a funding fee of 2% to get the VA loan through the TVLB. Do you know if I'm exempt from this funding fee if I'm 40% disabled?
Admittedly we do not do the TVLB loans so I am going to have to research that. After a fast glance, it does appear you may get a reduction in actual interest rate if disabled, but no reduction in fees like you would on a federal VA loan.
I have a question. I am 90%, and lost my home almost 7 years ago to foreclosure. My COE is $0 entitlement left. Is there anyway to still get a va loan?
I have 80 % disability svc connected, excellent credit, get housing allowance for full time school. I just don’t know if I will need a job for more income. I have a small business but just started, also getting a 12k a year scholarship for school
You will need a job for sure as the GI income for school goes away after school so it will not be looked at as consistent income.
If your disability income is sufficient, then that may work. have you tried to calculate your DTI and residual income? We have videos on that.
The only debt I have is my car & I only pay that & car insurance & phone. I have excellent credit but I am unable to do the jobs I used to because of pain. I’m applying for social security disability as well
@@Yosoyreina222 what is your monthly disability check amount? What is your car payment?
@@lowvarates 1600 for the disability, my car pmnt is like 270
How do i get a 5%down grant for down payment. And iam 100% disabled
You’d need to research what grants are available to you in your state. If you apply for your loan with us, we’d be happy to try and help you figure that part out too.
Do I pay closing cost if I became disabled after I left the service, non military related?
yes. Even disabled vets pay closing costs too from service connected disability. The only thing you do not pay if you get disability from the VA is the VA funding fee but all other costs are treated equally.
At Special Strong, we LOVE the special needs population! Romans 8:28
THansk
Is the Va funding fee still waived on a second tier benefit due to a compromised loan on the first time it was used?
Can you be more specific when you say compromise loan? If you are receiving VA disability then you will never pay the VA funding fee. The only exception to that is if you owe the VA money or are having some sort of garnishment.
What about closing cost ?
What is it exactly that you want to know about VA loans and closing costs? We have a few videos on that topic.
What if you bought your home and receive disability after you have lived in the home. Can the funding fee be refunded?
no it cannot be, You must have been receiving disability on the day you closed. We have seen some Vets wait to close while their claim was being processed. We know, bummer!
What about PMI
VA loans do not require any PMI, you pay a VA funding fee instead and this is a one time at the time you close your loan, fee. Disabled Vets do not pay the VA funding fee and no Vet ever has to pay PMI.
I want to move to Colorado from Los Angeles (my home of record); I an currently at a WTB in Ft. Lewis.
I have not worked for over a year but have been on orders since June.
I will be receiving disability from the VA. Will I be able to get a VA Loan to move and buy a house in Colorado.
I have an “excellent” credit score.
I have at least $10k in savings.
How would I go about this?
Will I be able to receive a loan?
If you dont get a job in CO then your disability payment will need to support the size of a home mortgage you try and qualify for, but many Vets sole source of income is disability and YES they get into a new home. If that disability is not going to be enough, you will need to secure a job in CO also.
This video was done 4 years ago is this still true?
Yes nothing has changed on VA benefits. The VA funding fee has changed a bit here and there, but what exactly are you referring to as is this still true?
Is the funding fee the same as the closing cost? If not, do I have to pay the closing cost if I’m a disabled veteran?
The VA Funding Fee is ONE closing cost. If you are disabled, you will not pay that fee, but there are other fees/closing costs you will still have to pay. We do have ways to remove all closing costs however. Are you looking to buy, or refinance?
Low VA Rates I am looking to buy. My apartment lease renewal is coming up in a month and I really want to purchase a home instead. Maybe stay here for 3 or 5 more months and then purchase a new home. Possibly 3 more months and then get a new home here in El Paso. Here is my business phone number where you can reach me so we can talk about this some more. I would like to pay close to nothing to get this home and pay the lowest mortgage amount possible. (786) 786-1857
@@mikedrone_ Thanks for reaching out! Russ Murphy should be contacting you!
Does being at 100% disabled automatically qualify you for a VA loan even if you have bad credit ?
No it does not. It does make it so you do not have to pay the VA funding fee, however. Your score is not that important to us as you can see in our other videos. We do need to see your credit history however.
Great ! What if spouse’s credit score is good but veteran’s credit isn’t .. does that benefit us in anyway ?
Where are you guys located ?
I am receiving VA compensation but i only did less than 90 days in the service, am i eligible to get a VA loan?
We would need to look into the VA certificate of eligibility database. Do you want us to help you? There are cases where YES you would.
@@lowvarates Yes please. How can i get in contact with you?
@@kiwisic give us a call at 844-326-3305 today.
I have the same question, what was the answer?
What if it's a combined rating?
sorry but I am not sure what you are asking. Can you be a bit more specific please?
Very anti- climatic video.
Well we appreciate honesty and feedback. I’ll try to do something climatic next time. 😀