If you're a qualifying U.S. veteran, a VA home loan can be your quickest path to home ownership. However, if you're legally disabled, there are even more financial benefits available. Here is a basic guide to VA loan benefits for veterans with disabilities:
VA loans don't require down payments, but come with funding fees instead. While much lower than conventional down payment amounts, funding fees can prove just as much of a financial hurdle as down payments for some veterans. The fees are calculated based on percentages ranging from 1.4% to 4% of the total amount of the loan. However, veterans with disabilities are exempt from paying VA funding fees if they qualify, potentially saving thousands of dollars.
There are multiple housing grants available specifically to help veterans with disabilities finance and improve their dream homes. The main types of grants are concerned with establishing or improving accessibility of your residence, either permanently or temporarily.
For example, the VA Special Housing Adaptation (SHA) Grant is available to help either purchase or make changes to a home to accommodate a disability. Changes could include projects like ramp installation, wheelchair-accessible bathroom features and hands-free smart home equipment.
For temporary solutions, qualified veterans can apply for a VA Temporary Residence Adaptation (TRA) Grant to finance modifications to a relative's home. Even without complete remodeling, there are plenty of ways to improve accessibility and accommodate a range of disabilities using these options.
Depending on their state of residence, veterans with disabilities may be exempt from paying property taxes. Most states offer a form of tax break for qualified veterans, with amounts and requirements varying from one state to the next. To find out if you're eligible for this benefit, you can find resources available online and through the VA directly to determine your individual state's exemption offerings.
I'm John Mahan, Sales Associate with William Raveis Real Estate, Harwich Port Office.
Throughout his childhood, John Mahan spent summers on Cape Cod at his parents’ home in Dennis Port. His intro to the Cape was, as he puts it, when his parents “carried me down the stairs at Sea Street Beach when I was a week old.” With a lifelong connection to Cape Cod, it seemed only natural for John and his wife, Mary, to move to Harwich – where they still reside – with their two young children in 1996.
Prior to moving to Cape Cod, John lived in the Worcester-Auburn area where he worked for Mass Electric for 10 years and was a member of the International Brotherhood of Utility Workers. When John and his family moved to the Cape, he worked at NSTAR for six years.
John began his career in real estate in 2002 when he joined Team Waystack Realty in Harwich Port. He has been a consistent top producing realtor in the Harwich area for the past 20 years. John’s approachable demeanor, combined with an integral understanding of the Cape Cod residential real estate market, have allowed him to build trusting, long-term relationships with his clients – both sellers and buyers.
