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:
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.
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.
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.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with The Goss Real Estate Group for many years. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
