VA Loan Benefits for Disabled Veterans
For a lot of disabled veterans buying a home and making it accessible can be a big hurdle. Thankfully, there are a lot of statewide benefits that you can take advantage of to get into a great home with enough money leftover to make modifications.
If you're unemployed, there's a whole other slew of special considerations you'll want to address in order to apply for your VA loan benefits. Access those here.
Benefits for Disabled Veterans in Florida
Ah, the Sunshine State. It's a great place to enjoy some sun, sand, and some ocean fun. For disabled veterans looking to enjoy the beach life, Florida also has some state-specific veteran benefits focused on helping ease their tax burden. The program is done mostly through the homestead exemption, a property tax exemption that is designed to help protect you from losing your home when you have a financial hardship.
In Florida, there's no maximum dollar amount for the exemption as long as your property is no bigger than half an acre in the city and 160 acres outside of the city. Applying for the exemption is fairly straightforward and has to be done through your county property appraiser.
Are you eligible?
Since the credit is designed to help disabled veterans, there are a few more requirements than in a standard VA loan.
- honorably discharged vets with service-connected, permanent, and total disability.
- unmarried surviving spouse who died from service-connected causes if servicemember was a Florida resident as of January 1 the year they died. only applicable until she remarries or no longer owns the house.
- 10 percent or greater disability gets you a $5,000 property tax exemption.
- If you were deployed outside the United States in the previous year. Only certain military operations are approved for this exemption by the Florida Legislature, so be sure to check with your county appraiser to see if you qualify.
Benefits for Disabled Veterans in Virginia
With the total number of VA home loans up by 10.2 percent in 2015 and refinance loans up by 104.2%, it's clear veterans in Virginia are taking advantage of their VA loan benefits.
Military.com even rated Virginia Beach as the best large city for veterans to live in 2015, partly because veterans are seeing a lower unemployment rate and a higher median income than their civilian counterparts. With the mountains and the beach within driving distance, and some of the best schools in the nation nearby, there's a whole lot to love about Virginia. But what about additional homeowner benefits for veterans?
Tax exemption for disabled veterans
Beyond the traditional VA loan benefits, Virginia also offers additional property tax exemptions for disabled veterans.
These tax exemptions are available for people who
- Are fully disabled as a result of their military service
- Have a rating that designates them as unemployable as a result of their service-connected disability
- Are the surviving spouse of an eligible veteran
If you meet the above qualifications, it might be a good time to move to Virginia. See if you're eligible for a VA loan to help with financing your new home.
Benefits for Disabled VeteransTexas
Home Improvement Loans
Veterans in Texas also have access to below-market interest rates on loans for home repairs on existing homes. The program is financed through the Texas Veterans Home Improvement Program, which allows veterans to borrow up to $50,000 on a 20-year-loan or up to $10,000 on a 10-year-loan.
If you're a veteran with a VA-service connected disability rating of 30% or greater, then you're eligible for a discounted interest rate.
These loans don't require a down payment, but do require:
- $10 flood certification fee when you apply
- $125 title search fee when you apply
- Closing costs
Your home is eligible if it's:
- Completely in Texas
- Your primary residence
- The VLB loan on the home must be in first or second lien
- You're not advancing funds to contractor or purchase materials prior to receipt of loan proceeds from VLB
- You have a general contractor
Types of homes that are eligible
- Single family
- Duplexes, triplexes, four-plexes, that are at least 5 years old
- Modular and manufactured homes that are on a permanent foundation and are real property may be eligible, but the final decision is determined by the VLB
Like most VA loan programs, you'll be eligible again for either of these programs after your current loan is paid in full. But don't worry about having to choose between the programs, you can have a loan for land, home improvement, and a home out at the same time.
Benefits for Disabled Veterans in California
With a median home price of $464,200, a 6.6% increase over the past year, and a predicted 1.9% increase on the horizon, affordability is a big issue in California real estate.
That's why the California Department of Veterans Affairs focuses many of its housing benefits on providing affordable housing, preventing homelessness, and caring for aging or disabled veterans.
CalVet Residential Enriched Neighborhood (REN) Communities
The California Department of Veterans Affairs works with affordable homebuilders to make homeownership more attainable for low-income veterans. All the communities have a homeowners association as well as neighborhood amenities like playgrounds, raised garden beds, basketball courts, and exercise areas.
Sounds great, right? To get started, you'll need to qualify for a CalVet home loan and you'll also have to put in 500 hours of sweat equity on your home. Don't worry if construction and home building aren't in your wheelhouse, the program will give you free training and courses to help you succeed.
California has an extensive program to support their aging and disabled veterans by providing communities that give veterans the level of care they need.
They have everything from independent, 55 and older communities to residential care. The type of care you need might change throughout your lifetime, so once you're in a community it's possible to transfer to a higher or lower level of care.
- Independent Living
- Intermediate Nursing Care
- Memory Care
- Outpatient Clinics
- Residential Care
- Skilled Nursing Care
- Transitional Housing
Property Tax Exemptions
California offers a $4,000 property tax exemption for any veteran who was honorably discharged and whose property is valued at less than $5,000.
That limit tends to disqualify most veterans' homes, but the good news is you're able to use it on other personal property, like a boat.
Disabled veterans in California are eligible for a $100,000 exemption if they
- Are blind in both eyes
- Lost the use of two or more of their limbs
- Are totally disabled as determined by the VA
In order to get the exemption, you'll need to fill out the Claim for Disabled Veteran's Property Tax Exemption form, which you can find at your county assessor's office.
Don't see your state on this list? Most states will offer some sort of tax exemption to disabled veterans who want to own a home. Be sure to check with your state's VA office to see if there are any other programs or benefits you're eligible for!
Still have questions? Get the facts about VA loans.