If you’re a veteran or a disabled veteran, what special programs for buying a home are available to you? If you served your country, you can take advantage of the Veterans Administration Loan Program that allows you to get 0% down on a home loan. In addition, there are other benefits with a VA loan, which will be described below.
When setting up a Veterans Administration loan, a funding fee is attached to the mortgage. VA loans do not require mortgage insurance, as with typical mortgages when you put less than 20% down. However, there is a one-time funding fee that is added back into the mortgage. The amount of the funding fee depends on whether you were active duty, or served in the National Guard. However, if you are a considered a disabled veteran, this funding fee is waived and can save you money up front.
Real Estate Taxes
Illinois has passed a law that waives real estate taxes for disabled veterans. If you are a disabled veteran, this means that you never have to pay real estate taxes, a huge benefit that can save a lot of money over the years. Disabled veterans can purchase a home with no money down, with a waived funding fee, and save additional money by not having to pay real estate taxes.
Not everyone knows about this program – so if you are a disabled veteran, or know a disabled veteran, be sure they know about this program to save money and enjoy the benefits of home ownership. If you have any questions about VA loans or the benefits given to disabled veterans, contact Pete Thompson, your Chicago area mortgage guy, at (630) 481-7188 or at www.PeterThompson.team.