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.
Veterans with disabilities receive special consideration. Most of them are not required to pay funding fees charged to other applicants. Those who have applied, but not gotten final approval, for disability benefits are responsible for the fees until their paperwork is finalized. Once they are officially approved for disability benefits any funding fees paid are reimbursed or applied to the mortgage. These fees represent a significant amount of money, and the savings can be substantial.
The money available for agricultural land purchases extends to a residence, if any, built on it and a small amount of livestock. Although the VA does not lend money for commercial agricultural operations, the land may be farmed for personal use, and the veteran can purchase as many acres as he or she can get approved for, as long as the total is not outside the norm for the rural area.
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 liable for property taxes because of their military service and disabilities. Many also find they can write off a portion of the interest on their mortgages as well. Laws regarding these tax breaks vary from state to state. Veterans can consult an attorney or accountant with expertise in this area of the law to find out how much they can save.
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.
Veterans with disabilities receive special consideration. Most of them are not required to pay funding fees charged to other applicants. Those who have applied, but not gotten final approval, for disability benefits are responsible for the fees until their paperwork is finalized. Once they are officially approved for disability benefits any funding fees paid are reimbursed or applied to the mortgage. These fees represent a significant amount of money, and the savings can be substantial.
The money available for agricultural land purchases extends to a residence, if any, built on it and a small amount of livestock. Although the VA does not lend money for commercial agricultural operations, the land may be farmed for personal use, and the veteran can purchase as many acres as he or she can get approved for, as long as the total is not outside the norm for the rural area.
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 liable for property taxes because of their military service and disabilities. Many also find they can write off a portion of the interest on their mortgages as well. Laws regarding these tax breaks vary from state to state. Veterans can consult an attorney or accountant with expertise in this area of the law to find out how much they can save.
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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Find an overview of the advantages of taking out disabled veteran farm loans and more info about a reputable loan provider at http://www.farmloancenter.com today.
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