DISABLED VETERANS GET TRIPLE BENEFITS WITH VA LOANS IN ROSEVILLE, CA. Many Disabled Veterans are not aware of all the potential benefits they are entitled to. It is my job, as a lender, to properly interview the Veteran to determine what he or she might be eligible for, in addition to the standard VA Home Loan Benefit.
Most Veterans are eligible for the VA Home Loan Program that allows for No Down Payment financing for conforming loan amounts. Higher Jumbo Loan Limits are available with small down payments and all VA loans have No Mortgage Insurance.
VA Loans require an up front, financed Funding Fee on all first time users of the VA Loan Benefit. The amount is added to the base loan amount, making the total loan amount the purchase price + the funding fee. On subsequent use of the VA Loan Benefit, the funding fee is higher. Veterans with 10% or more disability rating are eligible for the VA Funding Fee to be waived.
Many Disabled Veterans are NOT aware of the Disabled Veterans Property Tax Exemption that
is available to them. A 100% Disabled Veteran in California is entitled to a property tax exemption. That exemption eliminates the county property tax up to a certain dollar amount that will vary per county. Contact your loan County Assessor's office for details on the excemption amount for your county.
Now we can add a Mortgage Credit Certificate (MCC). With Qualifying Income Limits, Veterans can get a tax credit off the amount of annual mortgage interest paid. Unlike a TAX DEDUCTION that deducts mortgage interest paid from your taxable income, a TAX CREDIT is taken right off the actual amount of federal tax due. The Veteran can still write off the remaining mortgage interest actually paid each year as a TAX DEDUCTION.
Other Benefits for Disabled Veterans in California include waiver of DMV registration fees, free license plates and reduced annual fees for fishing and hunting licenses. Spouses, registered domestic partners, children under age of 27 and unmarried surviving spouse of a veteran with service-connected disability or who dies as a result of service related causes may qualify for waiver of mandatory tuition and fees at any State of California Community College, California State University or University of California campus.
Veterans have put everything on the line to protect us, so it’s our responsibility to make sure
that we help make them aware of all benefits to which they are entitled. They need to go to the FRONT of the line for short sales and REO's, not the BACK of the line where they currently are in many areas. While most of us have been safe in our homes, they have been away from their families for extended periods of time, taking care of us. Now it's time for all of us to "STEP UP" to do whatever we can to help these HEROE'S to purchase a home for their families and share the American Dream. It's the least we can do for them.
