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The Popular Disabled Veterans Loans That You Need To Know

By Leslie Ball


In the world over, it is a practice to give special treatment to retired military men and women. If they have any form of physical impairment that was caused by their duty of service, these treatments become even more necessary. A good example is the federal-backed disabled veterans loans in the U. S. It this financial assistance is aimed at helping the vets to sustain a comfortable livelihood. It can be a mortgage to build, modernize, buy, or improve a house to accommodate them in their condition or loan to start, grow, and sustain a business.

The Patriot Express Pilot Loan Initiative was first launched in 2007 summer by the Small Business Administration (SBA). This is in the records of the Veterans Business Development. Through this program, over one billion dollars are available every year to finance the enterprises in which the vets have majority ownership.

Today, a number of financial institutions, including banks, lenders, credit unions and micro-finance institutions have registered to facilitate the Patriot Express loan which has gained popularity since it was launched. The SBA is not the lender in this case, but is just a facilitator, and acts as a guarantor too. This means that if interested and qualified, you submit your application to the lender of your choice, though the lender must be participating in the program. The participating financial institutions advertise their services, but the SBA can also be of a great assistance when trying to locate the best lender.

The terms and conditions are almost uniform across all participating institutions with only slight variations. For instance, the upper limit is pegged at $500,000 while the interest rate should be at most 2.25% above the rate of the Wall Street Journal listed seven-year loan. A lender is allowed to charge 1% more on $50,000 or less loan application or 2% for applications below 25,000.

In order to qualify, the vet needs an eligibility certificate normally given by the office of the Veteran Affairs. The lender also needs a documented proof that the vet is receiving an honorable discharge at the time. Lastly, a vet needs to have at least a 51% ownership stake in the business to be financed.

The processing time for most lenders is standard, ranging from two to four weeks. The SBA, however, gets a chance for the final review before the loan can be advanced. The SBA has a turnaround time of 36 hours. Given that the Patriot Express program is a streamlined process, no special paperwork or additional documents are needed. The paperwork is owned by the lender that is participating in the program.

The modification loans are the other example. They target to help the vets modify their homes to accommodate them in their current disability state. This facility has numerous advantages including no or very little down payment, no need for private mortgage insurance, very low-interest rates and no pre-payment penalties. It is also exempted from the VA funding fee.

The vets have numerous opportunities to help them cope with life after service. The disabled vets, for instance, need to upgrade their homes to be accommodating to their condition. Having sacrificed for the country, the vets deserve special treatment.




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