Georgia-specific VA loan requirements and va loan entitlement
Must have a Certificate of Eligibility (COE). A COE is a document issued by the VA that proves you are eligible for a VA loan. You can apply for a COE online or by mail.
Must have a good credit score. The VA does not have a minimum credit score requirement, but most lenders do. A good credit score will help you qualify for a lower interest rate and better terms on your VA loan.
Must have enough income to afford the monthly payments. The VA does not have a minimum income requirement, but lenders do. Lenders will want to see that you can afford the monthly payments on your VA loan, even if you have other debts.
Must be able to close on the loan within 60 days. The VA has a 60-day closing deadline for VA loans. This means that you must be able to close on the loan within 60 days of applying for it.
Here are the general steps you'll need to take when applying for a VA loan in Georgia
Vets can get pre-qualified for Georgia va loans from VA lenders like Security America Mortgage which specializes in VA loans in Georgia.
Decide if you want to buy a home or build a home with a VA loan. The steps to building a home with a VA loan will be below.
Decide the market area you want to live.
Find a real estate agent who is Military friendly
After an offer is excepted start due diligence and inspections on the property.
Negotiate if you find issues during your inspection period and option period.
Go through underwriting and get underwriting approval.
Close at a title company on your new home.
How do I build a home in Georgia with a VA loan?
Work with a lender who specializes in VA construction loans. Remember not all va construction loans are the same. Some require 2 closings and the permanent va loan is done after your home is complete. Reviews online show that many Veterans prefer a va one-time close construction loan for several reasons:
Less closing costs
only one closing which saves time and money
One closing with no variable rate and a guaranteed rate once locked
No need to requalify
No payments during construction due from the borrower
Draws for builders who need it
Opportunity to build a custom home how you want it
Alternative to purchasing a used home that needs rehab.
It's possible to buy land and get a construction loan at the same time
If you own your land it can be an easier and faster process
Land equity can help you qualify and reduce risk to the lender which makes your file easier with possible better terms.
Georgia VA Loan Limits
Georgia VA loans have different limits now. In 2023 there isn't an actual loan limit for Veterans who haven't used their VA loan entitlement before. A Veteran can get a VA loan for whatever amount they qualify and the VA lender will set their max loan amount.
The VA loan limit is the maximum amount of money that a VA-guaranteed loan can be for. Georgia va loans have a limit of $726,200 for 2023 for Veterans without full entitlement because of subsequent use or past foreclosure. This means that a VA borrower can purchase a home up to $726,200 with no down payment in most cases even if they have used the Georgia VA loan benefit once in the past.
However, there are some exceptions to VA loan limits. For example, if you are buying a home in a high-cost area, the Georgia VA loan limits may be higher. You can find the VA loan limits for Georgia va loans online in many places such as va.gov.
If you are a veteran or service member who is considering buying a home, you may want to consider a VA loan. VA loans offer a number of benefits, including:
No down payment is required.
No mortgage insurance premium (MIP).
Competitive interest rates.
What are the VA loan limits in high-cost areas in Georgia for those that don't have full VA loan entitlement?
The VA loan limit in high-cost areas in Georgia is $1,089,300 for 2023. This means that a VA borrower can purchase a home up to $1,089,300 with no down payment.
The following counties in Georgia are considered high-cost areas:
If you are buying a home in one of these counties, you may be able to borrow more than the standard VA loan limit. You can find out if your county is considered a high-cost area by using the VA's Home Loan Planner tool.
Here are some of the additional benefits of VA loans in high-cost areas:
No down payment is required. You can purchase a home with no down payment, even in a high-cost area.
No mortgage insurance premium (MIP). You may not have to pay mortgage insurance premium (MIP), even if you have a high loan-to-value ratio.
Competitive interest rates. VA loans often have competitive interest rates.
If you are a veteran or service member who is considering buying a home in a high-cost area, you may want to consider a VA loan. These loans offer a number of benefits that can help you save money and get into your dream home sooner.
Here are some additional things to keep in mind when considering a VA loan in a high-cost area:
Down payment requirements may vary. Some lenders may require a down payment, even if the VA does not.
Interest rates may be higher. Interest rates on VA loans in high-cost areas may be higher than in other areas.
Closing costs may be higher. Closing costs on VA loans in high-cost areas may be higher than in other areas.
If you are considering a VA loan in a high-cost area, it is important to shop around and compare rates and terms from multiple lenders. You should also make sure that you understand the terms of the loan and the risks involved.
Types of VA Mortgage Programs
VA home loan
VA construction loans
VA renovation loans
Does Georgia have a homestead Tax Exemption for Disabled Veterans?
es, Georgia has a homestead tax exemption for disabled veterans. The exemption is equal to the assessed value of the property, up to a maximum of $109,986 for 2023. To qualify, the veteran must:
Be a Georgia resident
Have a service-connected disability
Own and occupy the property as their primary residence
The veteran must apply for the exemption with the county tax assessor's office. The application deadline is December 31st of the year in which the exemption is being claimed.
Here are some additional things to keep in mind about the Georgia homestead tax exemption for disabled veterans:
The exemption is applied to the assessed value of the property, not the market value.
The exemption is only available for the veteran's primary residence.
The exemption does not apply to property taxes for schools, libraries, or fire protection.
The exemption can be transferred to the veteran's spouse or minor children if the veteran dies.
If you are a disabled veteran who is considering claiming the Georgia homestead tax exemption, you should contact your county tax assessor's office for more information.
The state of Georgia offers a variety of benefits to veterans, including:
Property tax exemptions: Veterans who served at least 90 days on active duty may be eligible for a property tax exemption on their primary residence. The exemption is equal to the assessed value of the property, up to a maximum of $10,000.
Free hunting and fishing licenses: Veterans with a valid Georgia driver's license or ID card are eligible for free hunting and fishing licenses.
Free tuition and fees: Veterans who served at least 90 days on active duty and have an honorable discharge are eligible for free tuition and fees at any public college or university in Georgia.
Veterans' preference in state employment: Veterans with a service-connected disability or who have served at least 180 days on active duty are given a preference in state employment.
Veterans' services: The Georgia Department of Veterans Service (GDVS) provides a variety of services to veterans, including:
Help with claims for VA benefits
Counseling and support services
Education and training assistance
Health care assistance
For more information on veterans' benefits in Georgia, please visit the GDVS website at https://veterans.georgia.gov/.
Here are some additional benefits that may be available to veterans in Georgia:
Veterans' discounts: Many businesses in Georgia offer discounts to veterans. These discounts can be for goods and services, such as meals, haircuts, and car repairs.
Veterans' organizations: There are many veterans' organizations in Georgia that provide support and services to veterans. These organizations can provide help with claims for VA benefits, counseling, employment assistance, and education and training assistance.
If you are a veteran, I encourage you to explore the benefits that are available to you in Georgia. There are many resources available to help you get the support you need.
What are the 100% Disabled Veteran benefits in Georgia?
Veterans with 100% disability in Georgia are exempt from the following:
Vehicle Ad Valorem Tax: Veterans who are verified by VA to be 100 percent totally and permanently service-connected disabled are exempt from paying Ad Valorem tax on one vehicle they own.
Sales Tax on Adaptive Equipment: Veterans who are 100 percent disabled as a result of a service-connected disability are exempt from paying sales tax on adaptive equipment.
Property Tax on Homesteads: Veterans who are 100 percent disabled as a result of a service-connected disability are exempt from paying property tax on their homestead.
Income Tax Credit: Veterans who are 100 percent disabled as a result of a service-connected disability are eligible for a state income tax credit.