VA Loan

Sgt. JAMES GALLAGHER

PEB Forum Regular Member
PEB Forum Veteran
Registered Member
What are the odds of getting a VA loan since I am 100 percent disabled and collecting Social Security ??
 

Combat Eng

PEB Forum Regular Member
PEB Forum Veteran
Registered Member
620 is the minimum so you should be good!! Your 100% payments plus your SS payment should be enough income for a lender, and having some money in the banks helps also
 

siestasundance

PEB Forum Regular Member
PEB Forum Veteran
Also check with your state; for example Texas
http://www.glo.texas.gov/vlb/veterans-benefits/veteran-loans/loan-discounts.html

look at what your State offers also vs the VA or in addition to the VA etc...

So in Texas... Disabled Veterans with disabilities may qualify for an interest rate reduction on their VLB Home or Home Improvement Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate. If you have any questions about the required documentation, please contact the VLB.

example current APR of 4.02% minus .50 equals 3.52% 30yr Note.
 

nwlivewire

PEB Forum Regular Member
PEB Forum Veteran
Also check with your state; for example Texas
http://www.glo.texas.gov/vlb/veterans-benefits/veteran-loans/loan-discounts.html

look at what your State offers also vs the VA or in addition to the VA etc...

So in Texas... Disabled Veterans with disabilities may qualify for an interest rate reduction on their VLB Home or Home Improvement Loans. The veteran must have a compensable service-connected disability of 30 percent (30%) or greater as verified by an Award Letter from the Department of Veterans Affairs (VA). The reduction is a full 50 basis points, or one-half of one percent on the available VLB loan interest rate. If you have any questions about the required documentation, please contact the VLB.

example current APR of 4.02% minus .50 equals 3.52% 30yr Note.
Make sure you hook up with a mortgage loan broker that has experience with VA lending AND 100% disabled Vets.

There are other fees waived on your VA Home Loan costs when you hit certain VA disability rating percentages like at 30% or greater. That's on the Federal VA mortgage side of the equation. These VA home mortgage lending costs can be waived at the very beginning of your mortgage process - if you qualify and submit the request for the(se) waiver(s). This will result in your having to pony up less money to get your loan funded correctly, and perhaps allow you to redirect some of that savings to other initial moving/moving in costs.

Then there are State property tax exemptions in your State of purchase, too. This varies wildly from state to state, so check out those things on the State Veteran website for the state your property will be purchased in.

Also, depending on your disability(s) and how your home is configured (or not), you may also qualify for Federal VA Housing modification grants - free improvements to make your home more disability accommodating. These grants can be a big help should you find a home that is where you want, but it needs some modifications to make it "just right" for you.

So there are breaks you may qualify for on the loan itself, possible grant help on accommodations, and potential property tax relief. All these things combined can assist you in making your new home livable and affordable.

Happy hunting!

V/R,
nwlivewire
 

gsfowler

Super Moderator
Staff Member
PEB Forum Veteran
In addition, search and seek out organizations that may provide down payment assistance, grants, etc.

There is quite a bit of private foundation money available too.
 

Jason Perry

Benevolent Leader
Site Founder
Staff Member
PEB Forum Veteran
Registered Member
Remember that the VA has no credit score qualification- the lender's have credit score criteria, but the VA does not.
 
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