Valuable Real Estate Info for Veterans
Did you know that disabled Veterans are eligible for additional property tax exemptions which results in lower or no property tax? Veterans that are 100% disabled qualify for an exemption to waive their primary residence property taxes in Texas. You will need to complete the necessary paperwork for the exemptions. You can find the Collin County disabled Veteran application here.
In addition to this exemption, when it comes to real estate there are also special financing options available for Veterans. We asked one of our trusted lenders Andy Butler, Sr. Mortgage Consultant with First Bank – NMLS# 803225, to share more info regarding the VA loan below;
“As a Vet with more than 15 years of experience in the mortgage business, I firmly believe that the VA home loan is the best mortgage on the market for 95% of Vets out there. It allows for 100% financing and it has no monthly mortgage insurance so the mortgage payment on a VA loan for $350k home will have a mortgage payment that is about $250 less per month than a comparable FHA mortgage. And FHA requires at least 3.5% down. VA does charge a funding fee that can be rolled into the loan amount but if you have at least a 10% service related disability, VA will typically waive that fee. VA loans also allow for the highest debt to income ratios of all the major loan programs. That means that you can typically qualify for a larger mortgage payment. Additionally VA’s underwriting guidelines are the most flexible and lenient of all major mortgage programs. VA loans do have several restrictions that the other loan programs don’t have for example you cannot use a VA loan to purchase an investment property and usually, the only other people allowed to be on the mortgage as a borrower would be the Vets spouse. There are some exceptions to this rule so if you have a question about it or any other mortgage related question, feel free to reach out to me anytime. My email is abutler@firstbankweb.com and my phone is 469-277-3538.”
Thank you, Andy for this great information! Feel free to reach out to Andy Butler at First Bank for more info or if you have any questions and when ready to look for that home, give us a call! We thank you for your service to this Country and would be honored to help you and your family. Having the Marr Team on your side can also help ensure that you are in the “know” about every opportunity that is available.Remember; knowledge and experience are not expensive, they are priceless!
*Special thanks to Andy Butler, Sr. Mortgage Consultant with First Bank – NMLS# 803225.