Veteran Affairs (VA) is one of the key institutions that help veterans seek benefits and loans. When seeking loans for homeownership and other basic necessities, VA is able to guarantee a portion of the loan. This helps veterans seek much better rates when applying for loans. So it is great to hear that the loan amount for veterans with disability increased
According to the figures released by VA, the average amount of Interest Rate Reduction Refinance Loans (IRRRL) for South Carolina in 2018 was around $226,986. This was a marked increase from the VA IRRRL loan average for South Carolina in 2017 which stood at $217,197.
VA IRRRL loans are typically geared at veterans with disabilities, allowing such veterans to get exceptionally low interest rates on the loans they receive. Other loans that help veterans with disabilities to own their own houses include the Adapted Housing Grants and Purchase Loans. A veteran with a disability incurred as a result of service in the armed forces can apply for these loans. And a large number of veterans do.
Home Loans statistics from VA show that during the second quarter of 2019 alone, around 2,303 loans were received by the veterans in South Carolina. The total amount of these loans is around $549 million.
In addition to the veterans, surviving spouse of a deceased veteran can also apply for these loans. The loans brokered by VA help many veterans to own a home and meet other necessities of life. The loans are particularly helpful for veterans with disabilities who may not be able to earn any additional income and find themselves in a greater need for low-rate loans.
In addition to loans for purchasing a house, veterans can seek these loans for other related purposes as well. These may include building a house on previously purchased land or repairing an existing house.
For assistance with your veterans’ disability, contact us for help today!