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Taking Advantage Of The Available Disabled Veteran Farm Loans

By Deborah Harris

It is not just those who choose to put themselves in harm's way for their country that serve. Their families also face hardships and challenges. Very few soldiers get rich in the military. Most families need the second income of a spouse or partner to meet monthly financial obligations. When soldiers are assigned to duty in foreign countries, the families they leave behind often have to move in with parents to save money. The dream of home ownership sometimes seems out of reach to these deserving young people, but it may not be. There are disabled veteran farm loans available for those who want to live in rural or suburban areas.

VA home financing began in 1944 as a way to give returning World War II veterans an opportunity to make a successful return to civilian life. Since then the agency has helped countless other soldiers with low interest, long term mortgages what require little or no down payment money. The VA guarantees mortgages that the private sector might turn down.

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.

Even though an individual is applying for a agricultural loan, an improved structure, like a home, will be included in the package. There is no limit to the amount of land that can be financed, but it must be representative of the area and should be used primarily as a home site. The VA will finance land intended for farming, a small number of livestock, and non-commercial structures.

Some veterans, especially those confined to wheelchairs and the visually impaired, have special needs when it comes to housing. They may require extra wide doors, lower counter tops, and specialized ramps. There are grants available for these individuals. Veterans can only apply for the grants after they have been approved for disability benefits. Money awarded can be used to modify existing homes or custom build new ones.

Veterans with disabilities may not be required to pay property taxes at all or at much reduced rates. They may also be able to claim the interest on their mortgage as a tax credit. How much veterans are actually obligated to pay varies from state to state. It is a good idea to contact either the local VA office or have an experienced tax lawyer or accountant explain the deductions.

A disability pension is considered additional income when applying for VA financing. This can help veterans when it comes to qualifying for a certain loan amount. There are stipulations however. The most important is that the benefits are long term.

Veterans sacrifice a lot for their country. They have a right to expect the benefits and help they need to succeed in the civilian world.

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