VA loans: Special benefits for veterans with disabilities

by Shevaun Gandy 04/10/2024

The U.S. Department of Veterans Affairs offers many financial benefits for veterans wanting to purchase a home. There are even more specific benefits for veterans with qualifying disabilities. These options are important to know if you are interested in financing help to buy your dream home. Here is the most important information to know:

Special housing grants

A major benefit of seeking financing through the VA are the special housing grants available to veterans with disabilities. These grants are for either purchasing or making major changes to your primary residence to accommodate a disability.

The two main types of VA housing grants are the VA Special Housing Adaptation (SHA) Grant and the VA Temporary Residence Adaptation (TRA) Grants. The SHA grant will provide financing for either purchase or major remodeling to further accommodate disability. TRA grants are specifically for funding temporary adjustments to a relative's home or other short-term residence.

Another important grant to know about is the Specially Adapted Housing (SAH) Grant, which offers assistance for building a brand new home. If you're planning on building your dream home from the ground up, this is the grant for you.

Funding fee exemption

A key benefit of VA loans is the lack of down payment. However, VA loans do come with their own unique funding fee, which is usually mandatory. As a veteran with qualified disabilities, you can avoid paying the funding fee entirely. A funding fee exemption could save tens of thousands of dollars depending on the total amount of the loan.

State property tax exemption

Many states have special tax exemptions for veterans with disabilities. The requirements and actual amounts vary from one state to the next, but all can equal a sizable break on property taxes. To find out if your state offers this benefit, reach out to your local VA representative or visit their online resources. While not all states offer this type of benefit, the list of participating states is substantial.

About the Author
Author

Shevaun Gandy

Hi, I'm Shevaun Gandy and I'd love to assist you. As a seasoned real estate professional, I understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why I am dedicated to providing exceptional, personalized service for all of my clients. I take great pride in the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. My philosophy is simple: Clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. I believe that if you’re not left with an amazing experience, I haven’t done my job. I don’t measure success through achievements or awards but through the satisfaction of my clients.