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How To Get Disabled Veterans Loans Quickly

By David Butler

Vets get funds at considerate terms to enable them settle and rebuild their lives. Vets are given special disabled veterans loans based on the nature and extent of disability. Surviving spouses of vets who were disabled are entitled to these privileges as long as they never remarried. There are a minimum number of days that must have been served for one to qualify.

Vets enjoy the privilege of accessing the money without having to pay funding fees. This is a way of making the loan easier to access and cheaper. The waivers and other privileges apply to vets whose disability is rated as ten percent or more and which must have resulted from service or be service related. There are more considerations with applications being approved on individual merit.

Some states provide more benefits to vets in their jurisdiction. Among the most common benefit is a lower interest rate on funds. With a half percentage point reduction in interest rates, the total amount paid reduces significantly. With a disability rating of thirty percent or more, the privileges are numerous. There are substantial waivers on mortgages and home loans.

A loan that was closed without exemption can be revisited if a disability claim is made. This claim is made at the VA regional loan center where necessary documents are presented. The centers are resourceful and will simplify the process of application and financing. The exemption is deducted from the principal amount in case the loan was funded. A loan that was funded in cash will see the applicant receive a check as refund.

Disability benefits are likely to be missed if the application is not made in good time. By the time your loan closes, your application for benefits should be pending. Applications and claims made after the loan is closed might not qualify for a refund. This amount will make a significant difference in your financial statement considering that with two hundred thousand as the principal amount, you are entitled to almost five thousand dollars in refund.

There are different levels of home loans that vets can access. The loan may be used to buy a house that will be used by the vet with disability. Based on the nature and level of disability, additional funds are provided. The funds are aimed at allowing the vet to live or enjoy the house in comfort. The amounts vary based on eligibility of the applicant.

There is a Specially Adapted Housing grant that is used to remodel, modify or build a house that is appropriate for a disabled vet. There will be follow-up to ensure that the funds are used for the intended purpose. A veteran whose loan has already been released is entitled to a refund. The refund is deducted from the remaining principal amount which reduces the outstanding loan significantly. With a reduced premium, you may have an opportunity to renegotiate your repayment terms.

Vets with existing houses are eligible for Special Housing Adaptation. The funds are available for use in adapting existing houses, purchasing adapted ones or adapting houses that are targeted by the vet. Each vet will get a loan based on the justification provided for his nature and extent of disability. More information and assistance are available from VA regional loan centers.

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