As a veteran with a service-connected disability, you've already made significant sacrifices for your country. Now, we're here to help you understand how your VA disability income can be a powerful tool in securing a mortgage that fits your needs. You deserve a home that feels like your own, and we're committed to guiding you through the process.
”At NMHL, we work with borrowers in exactly this situation every day. We understand the uncertainty, the frustration, and the worry that comes with navigating a mortgage during a significant life event. You are not alone, and your situation does not have to be a barrier to homeownership.
Our licensed loan officers specialize in finding the right path forward for borrowers in complex circumstances. Whether your situation requires specialized documentation, alternative qualification methods, or simply a lender who takes the time to understand your full financial picture, we are here to help you move forward with confidence and clarity.
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VA Disability Income Mortgage Boost
With National Mortgage Home Loans (NMHL), you can leverage your VA disability income to qualify for a larger mortgage. Our lenders gross up your tax-free disability income by 25%, giving you more purchasing power.
Zero Down Payment VA Loan
As a veteran with a service-connected disability, you're eligible for a VA loan with zero down payment. This means you can secure a mortgage with no upfront costs, freeing up more of your money for other expenses.
Combined Income Strategy for Veterans
At NMHL, we consider all your income sources, including your VA disability income, employment income, and retirement pay. By combining these sources, we can help you qualify for a larger mortgage and achieve your homeownership goals.
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Understanding VA Disability Income for Mortgage Qualification
As a veteran with a service-connected disability, your VA disability income is a valuable asset when applying for a mortgage. At NMHL, we recognize the sacrifices you've made and are committed to helping you achieve your homeownership goals. Our lenders consider your VA disability income as stable, permanent income, grossing it up by 25% for qualification purposes.
This means that if you receive $3,000 per month in VA disability income, we'll treat it as $3,750 for mortgage qualification purposes. This can significantly increase your purchasing power and help you qualify for a larger mortgage.
Important: Your VA disability income is tax-free, and we gross it up by 25% for mortgage qualification purposes.
VA Loan Benefits for Veterans with Disabilities
- Zero down payment required
- No PMI (Private Mortgage Insurance) ever
- Competitive interest rates
- No VA funding fee for veterans with a service-connected disability rating of 10% or higher
As a veteran with a service-connected disability, you're eligible for a VA loan with numerous benefits. At NMHL, we can help you navigate the VA loan process and ensure you receive the benefits you're entitled to.
Tip: Be sure to discuss your VA disability rating with your NMHL mortgage expert to ensure you're taking advantage of all the benefits available to you.
Combining Income Sources for Maximum Purchasing Power
At NMHL, we consider all your income sources when determining your mortgage eligibility. This includes your VA disability income, employment income, retirement pay, and other sources of revenue. By combining these sources, we can help you qualify for a larger mortgage and achieve your homeownership goals.
For example, if you receive $3,000 per month in VA disability income and $2,000 per month in employment income, we'll consider the total $5,000 per month when determining your mortgage eligibility. This can significantly increase your purchasing power and help you qualify for a larger mortgage.
Important: Be sure to provide documentation for all income sources when applying for a mortgage with NMHL.
Next Steps: Getting Pre-Approved for a Mortgage
Now that you understand how your VA disability income can be used for mortgage qualification, it's time to take the next step. Contact NMHL today to get pre-approved for a mortgage and start your journey to homeownership.
Our mortgage experts are here to guide you through the process, answer any questions you may have, and provide personalized support every step of the way.
Ready to get started? Contact NMHL today to speak with a mortgage expert and begin your pre-approval process.
Frequently Asked Questions
VA disability income is considered stable, permanent income by mortgage lenders. At NMHL, we gross up your tax-free disability income by 25% for qualification purposes, giving you more purchasing power. For example, if you receive $3,000 per month in VA disability income, we'll treat it as $3,750 for mortgage qualification purposes.
Yes, you can still qualify for a mortgage with a lower credit score. At NMHL, we offer mortgage options for veterans with credit challenges. Our lenders consider your overall financial situation, including your VA disability income, to determine your mortgage eligibility. We recommend speaking with one of our mortgage experts to discuss your specific situation and explore your options.
To get pre-approved, simply contact NMHL and provide your financial information, including your VA disability income documentation. Our lenders will review your creditworthiness and provide a pre-approval letter stating the approved loan amount. This letter is typically valid for 30-60 days and can be used to make an offer on a home.
Your VA disability rating does not directly affect your mortgage interest rate. However, your overall creditworthiness, income, and debt-to-income ratio will influence your interest rate. At NMHL, we work with multiple lenders to find the best interest rates for our clients. We recommend comparing rates and terms to ensure you get the best deal.
Yes, you can use VA disability income to qualify for a mortgage with a co-borrower. At NMHL, we consider the combined income of both borrowers when determining mortgage eligibility. This can be beneficial if your co-borrower has a steady income or other sources of revenue. Our mortgage experts can help you understand how combining incomes affects your mortgage qualification.