VA Loan Special Circumstances
Special Circumstances: VA Loans & VA Refinancing
At Capital Bank, N.A., we don’t expect our Veterans to fall into a one-size-fits-all mold. Instead, we know how to help in even the most special of circumstances.
Specially Adapted Housing Grants For Veterans
If you’re a Veteran who’s suffered a permanent service-related disability, you may qualify for a special grant that will help defray the costs of fitting the home with accessible adaptations. Each case is reviewed on an individual basis, but the VA reports that the following Veterans may be eligible:
- Veterans who have lost the use of one or both lower extremities that “precludes locomotion without the aid of braces, crutches, canes or a wheelchair,”
- Veterans who have lost, or loss of use of, one lower extremity, coupled with blindness in both eyes.
- Veterans who have lost the use of both upper extremities, which precludes the use of the arms at or above the elbows.
- Veterans who have been burned so severely that they are permanently and totally disabled.
Natural Disasters And VA Mortgages
If you have a Veteran loan and your area has been hit by a natural disaster, you are still required to make your regular Veteran home loan payments. However, the agency does recommend that lenders give homeowners the opportunity to make payments, including establishing a 90 day moratorium on new foreclosures.
If your new home is located within a flood zone, you’ll be required to acquire flood insurance before your Veteran loans can close. Flood maps are constantly changing, which can make flood insurance a necessity — even if the area has never flooded before.
Veteran Home Loans And Agency Grants
Veterans who take advantage of a Veteran mortgage do need to be individual homeowners; however, there are programs from the VA that can help agencies provide a safe place for homeless Veterans to live. These are not Veteran home loans; rather they’re grants that are awarded to organizations that are dedicated to helping homeless Veterans.
Veteran Loans And Social Security
If you owe money on a Veteran home loan and are unable to pay it, it’s possible for the government to garnish your Social Security benefits. Veterans who are in danger of this happening can help avoid garnishment by completing a Financial Status Report. This report gives the VA a true picture of your financial situation and can help reduce your monthly Social Security garnishment.
If you don’t keep the VA informed and your debt is turned over to the Department of Treasury, it can be extremely difficult to change the amount that’s garnished each month. This is why it’s vital to make arrangements before the loan is turned over to the Department of Treasury.
These special VA loan circumstances are only some of the ones that Veterans can encounter. If you have questions regarding your Veteran mortgage, please contact us at (866) 216-3577 or email@example.com. We can get the process started with our simple to use VA loan prequalification form and can often have an answer to you within minutes! We know Veteran loans and we love helping Veterans buy the home they’ve always wanted.