7 VA benefits you might not know about
Here are seven VA benefits you might not know about:
1. Life insurance - When injuries during time of service make it difficult to obtain life insurance, the VA has the Servicemembers' and Veterans' Group Life Insurance program, explains MilitaryBenefits. Vets can receive up to $400,000 in life insurance with competitive premiums. Beginning October 1, 2017, Army members can manage their Servicemembers' Group Life Insurance (SGLI) coverage using the SGLI Online Enrollment System (SOES). It's better to use Internet Explorer for all military benefit pages to be on the safe-side.
2. Mortgage and foreclosures - Veterans might be eligible for VA repayment assistance on their homes if they have difficulty making payments, MilitaryBenefits notes. Vets may also qualify for VA financing when buying homes that have gone into foreclosure when connected to VA loans.
3. No down payments - You don't need a down payment with a VA loan to help buy a home immediately. Veterans also save by avoiding mortgage insurance fees. A down payment is not needed for VA home loans because the Veterans Administration guarantees that the lenders loss will at the very least be partially recouped in the event that there is a default (foreclosure or short sale). This guarantee amounts to 25 percent of the initial loan investment, up to $417,000 or 125 percent of the median sales price for homes in the same areas as the purchased property. The presence of this guarantee enables financing to be more widely available to veterans, it also allows for more favorable underwriting guidelines when compared to traditional loans.
To determine your eligibility for the VA home loan contact VetHelpVet Loan Centers today!
4. Buy a condominium - Many veterans look at buying a family home, but they are entitled to use a VA loan for condos as well, according to the VA, which has a list of approved condos. Condos are usually less expensive than homes. Condos also offer the benefit of having no outdoor maintenance, making them a great step on the way to homeownership. If you think you'd like to use your VA loan benefits to invest in a Condo, contact a VetHelpVet loan specialist today.
Tip: How to get your credit restored rapidly?
5. Long-term care - The VA's Aid & Attendance program increases monthly pension amounts for veterans who need a caregiver for personal functions, are bedridden because of a disability, are patients in nursing homes, or require assistance for loss of vision.
6. Certification opportunities - Along with college education through the G.I. Bill, veterans can also use the program to find a trade. Some people aren't interested in a college degree, but vets can benefit from vocational and certification programs, according to the War Veterans Association.
7. State benefits - Benefits from each state may provide educational and employment resources that compliment federal VA benefits.
If you have any questions about your veteran benefits, let us know. Otherwise, go ahead and become an VetHelpVet member for free, so you can get inside scoops that can benefit you, your family, and/or your business.
Email VetHelpVet for more information.