If you have a VA Disability rating, there are some things that you should know as it gives you some unique advantages when buying a home. Please see below and if you have any questions please call for clarification, we’re happy to help.
Your Disability Rating means you are automatically exempt from the VA Funding Fee
If you have a VA Disability Rating of 10% or more, you are automatically exempt from the VA Funding Fee. This is a substantial fee, that currently ranges from 2.15% to 3.6%, so you get a significant savings on your VA loan.
Your VA disability income is increased by 25% for qualifying purposes.
Because your VA disability compensation is tax-free, we are allowed to increase it by 25%. If you are receiving $4000 for example, we can use 25% more, or $5000 for qualifying purposes. This means you can qualify for a larger loan amount and buy a nicer home.