How Much Home Can a 100% Disabled Veteran Afford in Texas?
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- Опубликовано: 14 сен 2023
- Texas is one of the best places to live if you are disabled veteran. If you happen to be a veteran that has a 100% rating, then I personally think it jumps to the top of every list.
In this video I am going to show you what the possibilities are for a veteran who only receives VA disability. Keep in mind, if you happen to have other income from either a pension, social security or maybe you're working a full time job, then your possibilities only become better and more reach able.
#VALoans #RealEstate #Texas #DisabledVeterans
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👋 First time here? My name is Joshua Payne.
I created this channel because over the several years and thousands of families I have been able to help, I kept coming across the same myths and misconceptions around real estate.
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All stats, data, house pricing, and anything else mentioned is always subject to change and is provided merely as an example at the time of this recording. This was created for educational purposes.
Part 2 to this video is coming very soon. I'll be breaking down 100% VA disability along with a few other variables. Make sure to subscribe so you don't miss it!
Fantastic video, brother!
Thank you again. I really appreciate you taking the time to check out the channel and share your thoughts.
Thank you for video we are moving to Texas next trying to get a house out there im 100% service connected
I’m glad you liked the video. If you haven’t already downloaded my ebook it can be a great resource for you on your move.
You might want to add that 100% VA doesn't automatically get you no property tax in Texas. Gotta put in an application. It took over 6 month's to get mine approved. Had to pay for taxes while waiting and still fighting city of San Antonio to get it back even thou they approved it. Smh
I'm sorry to hear that. But it sounds like your lender let you down here. Whenever I help a veteran with this, we close the transaction simultaneously with the property tax exemption so that you don't have to do this yourself. I have been doing this for over 7 years and hundreds of veterans served on this journey and never had 1 issue with getting the exemption applied immediately for any of my veteran clients. Texas is 1 of the few states that allows you to have your exemption applied immediately.
@@valoantips it was a new build so the builders lender had a good offers that no other lender could match. So your a lender?
That makes sense. Yes I am.
You’ve been screwed over by your lender
@@mpaulo6222 not really
yeah I live in Atlanta smh the house are crazy high even these trash old house are 200k
I believe it! Atlantas market has seen a lot of growth in recent years. Come down to Texas!
I am soooo grateful for this video. Thank you so much for breaking this down. I thought it may not be possible to get something up to that price range. Granted, I know this is a ball park but it’s helped so much.
I’m glad this help! Thank you for watching!
Thanks💪🏾🎧
You’re welcome. I hope this helped! 🙏
There are over 18.5 million veterans in the U.S. There are 67,495 homeless veterans and more than 1,000,000 living in poverty. All honorably discharged veterans should get E-1 base pay for life or their disability rating, whichever is higher. All 100 percent P&T should automatically get SSDI.
Thank you for commenting and sharing this. I definitely agree that our veteran homelessness problem is an issue our country needs to address and pay more attention to.
Liberal
@@KeenanModica Jesus, you just went right there.
Funny you mention the BASIC income thing, In fact many veterans can get just this, War-Time vets have avail. to them a Benefit called "VA Pension" it's actually a non-service connected Pension, it's linked to total disability but actually does NOT require a single service connected rating. It pays pretty good for not even having a 10% SC rating. The vet can STILL continue to pursue service connections, and eventually when their percentage rises (around 50%) the service connected compensation will exceed the VA Pension/Non-serv conn. Pension (depending on who you talk to). So there is NO penalty for pursuing disability claims while already approved under the Pension. This is especially good for war-time vets 50 yrs and older, as the criteria is easier to meet. I did not say "combat vets" I said war-time vets (was the Nat. Defense Service Medal issued) during your service time, or not.
@@KeenanModica I hear you, but read my post, it's not so much a liberal thing, it's a caring for out own type of thing.
I need to send this to my clients 😊
Please do! I hope it helps them on their journey. 🙏
For VA Loans, Vets are more to benefit to buying a New House where the builder has incentives such as 10k for closing to buy down/lower the interest rate and with 3-4k incentives for upgrade’s and try to get in within the 1st quarter of their sales that’s when builders have these incentives . With new builder for earnest deposit ranges from 2k-4k, that can be also refunded back to you or used towards final closing costs if not covered by the VA Loan. Some lenders for VA Loan would like your DTI to be around 40% to 50%. Don’t forget that Texas is a community state , what debt your spouse has is also included to your DTI. Oh yeah every 6-8month you can refinance your VA Loan if the interest rate is low and can benefit you .
Buying new build is not necessarily the best route everytime. It really is market specific and also builder specific. There are some really great deals out there that I think are better than buying a new home that can be very much "cookie cutter" and just like every other house in the neighborhood. It really does depend on the local market the veteran is in. You're right about the refinance but it does also require other things like 36 month recuperation and minimum of 0.5% rate drop to happen too.
You forget to factor in SSA payments since most 100% vet qualify for it, which could add at least another $1,000. tax free money.
You’re right but I purposely left out all additional income to show the possibilities if someone was only receiving their 100% rating. There will be another video coming soon that talks about the potential if a veteran had other income sources along with their 100% rating. Stay tuned. 😊
Not all 100 percent vets qualify for SSDI. Many younger vets are denied.
How do you get that? I'm 100% P&T.
@@robertwhite1181 go to ssa.gov they have a page on how to do it specifically as a 100% disabled veteran.
@@showmeyourdaleel6568you have to fight for it, I retired with other Vets that were in their 20s and they got it.
Good video bro but one thing you did forget is that since VA disability is non-taxable a lender can "gross-up" your income 125%.
That’s true but it’s not allowed to be grossed up on the va loan analysis. When we gross up non taxable income it’s solely to decrease the DTI. The lender then has to go take the amount that was grossed up and back it out on the va loan analysis so it would bring you back down to where you actually are. I didn’t use it at all because I wasn’t using DTI, I was only doing things based on the va loan analysis.
Y’all got it so munch better in TX, here in Cali they only waive up to 154k of the home value , I went from 8500 a year in prop taxes to 7800 after I got 100% pt
Come on down to the great state of Texas!
@@valoantips haha I’m sure y’all don’t want anymore Californians in in TX, even if we do vote accordingly
@@Pyrrhus0331 fun fact. I’m originally from SoCal myself but Texas is home for me. I love it here.
Texas isnt that great. 12k and under exemption on property if you are not at 100%. So basically its an all in benefit or practically nothing
@@jayda3335 it’s not much if you’re not 100% when it comes to property taxes but it’s still ranked far above the rest for many other reasons other than taxes.
Single and recent home buyer in Kentucky 100% VA Rating, Bank would approve up to 200k.
Ask the bank, what was the debt to income ratio they used to pre-approve you. Sometimes they have overlays that could be hindering you with out you knowing
@@valoantips that was my debt to income ratio maximum limit, I had amazing credit and 0 CC debt at the time
@@user-yk8jo1eu8o I would get a second opinion if I were you. Not all lenders and banks are created equal.
I am in Bowling Green and my Credit Union approved me to up to 425k, single 100% P&T SMC-S , score was 749 and a car note of $179.....something ain't right with you only getting approved up to 200k here in KY
@michaeljjj5367 make sure to read your loan estimate. A lot of credit unions and banks charge fees to do your loan. They make it look like it’s just standard practice but it really isn’t. Most of those fees can be waived by working with an independent lender who specializes in VA loans.
Howdy, I’m retired U.S. Army looking for rural community near Galveston. I grew up in and have lived in cities while in the U.S. army. Hawaii, the state I grew up in, has hurricane relief fund that increased premium. Is home insurance higher in the Galveston area? Will it be possible to share rural communities with no HOA? Thanks!
I’m honestly not sure how much insurance is there. I would recommend speaking to an insurance company for that one.
Dallas median home price is $425,000 not $343,000 at time of video September 2023
Thanks for commenting.
Reno NV is right there with you
$450,000.00 to $ 500,000.00
VA interest rates have risen to 8.1% as of October 2023
Thanks! 👍
what are we calling debt? Monthly cell phone? monthly car?
Great question!
Debt would be anything on your credit report. This could be, auto loan, student loan, personal loan, credit card minimum payment, etc.
Hope this helps.
Bills are not debt. Electric bill etc.
I have a home in Cali bought with VA loan that I want to keep. Does the Texas veterans land board home loan count as a va loan entitlement or can I use that to purchase a home in Texas?
Great question. No it does not count towards VA entitlement.
you can re-fi you VA loan with a conventional, and then use your Entitlement all over again. there is no reason to tie up your entitlement.
Utilities and food for a family of four?
That’s a more personal metric that is unique to the household. It’s not factored in as a debt/liability for credit reporting.
I was under the impression that Texas based the amount of propery tax a vet paid was based on the disability rating they held. Not just for 100%. Is that not correct?
Great question. It does vary for all ratings below 100% but if a veteran is at 100% then they are fully exempt. So it’s a pretty substantial difference for 100% rating.
You are correct but I believe that it starts at 70 percent with a $12K credit and of course 100% at a 100 percent disability rating.
The disabled veteran exemptions in TX are as follows.
- 100% are exempt from all property taxes
- 70 to 100% receive a $12,000 property tax exemption
- 50 to 69% receive a $10,000 property tax exemption
- 30 to 49% receive a $7,500 property tax exemption
- 10 to 29% receive a $5,000 property tax exemption
@valoantips question, do I have to be 100% P&T or just 100% to be completely property exempt in TX
@@valoantipsthe difference between 90% & 100% is so lopsided. It doesnt scale proportionately. Basically a 5% & under discount for those at 90% or below. It is rather strange wouldnt you say?
I wish they would lower the interest rate for first-time home buyers.
I can understand why you feel that way but I don’t think that’s a viable solution.
Rates were the lowest they’ve ever been from 2020-2022 and majority of potential first time home buyers thought it was a bad time to buy. Now many of them wish they did. Not to mention home sellers during that time had so much leverage it inflated home prices and caused home buyers to have to give up so much just to get a home.
We see rates as “high” right now because we have become accustomed to historic lows being the norm when really that period was an anomaly. Do I think rates could come down a bit, sure! And they will.
The federal reserve announced 3 rate cuts for 2024 this past week. But I don’t think they will do what they did in 2020-2022. If they do, it’ll be terrible for our economy.
@@valoantips It's not a viable solution for what? Who? Not disagreeing, just want to learn.
I'm glad you asked and happy to explain. I don't believe lower rates for first time home buyers is a viable solution. Here is why.
With rates where they are, we still have an inventory shortage. Which means there aren't enough homes available to meet demand. This has helped stabilize the real estate market and what has kept the infamous "crash" that so many people thought would come during this time. Stock market, crypto and banking all crashed from 2022-2023 but real estate didn't.
Lets say we didn't have an inventory shortage, and a "crash" did happen. Many first time home buyers wouldn't buy simply out of fear. In 2009-2011 we saw the bottom of the market with home values and even with rates. They were arguably as low as they had ever been to date, and the majority of homebuyers during that time were real estate investors who gobbled up a ton of property at pennies on the dollar only to turn around and flip them for profit because they knew that prices would come back.
We both know how that turned out.
My best advice for a first time home buyer today is to make a sacrifice for your first home. Don't buy your dream. Buy something that fits your needs, not your wants. That home is going to appreciate in value the longer you own and it can either become a future rental property, or be a very large "savings" account for future investments like your dream home, kids college tuition, or whatever else you dream of.
My first property was 45 minutes away from the area I wanted to be but it was a start. The payment made sense and it fit my growing families needs. It was the greatest investment I ever made and is now a rental property I still own to this day. The only regret I have about that home is not having bought my first property years sooner.
I'm sorry for such a long response but I hope what I shared made sense.
@@valoantips fact...rates were indeed crazy low (we will not see that again anytime soon), but also PRICES were high...so...
If I had 100% disability and a full time job, would I be able to be approved for more? (I haven’t filed my VA claims yet and I want to buy a house in CO. It’s very expensive here)
Yes it would help. The only way it wouldn't is if your income from your job is ineligible as qualifying income. If you work full time in the same line of work for the last 2 years or more, then you shouldn't have any problems using that income.
Help? It would be a factor of like 1.5, hurry and get those claims submitted.
My name is lena definitely need help who is purchasing my first home or a single-family house or townhouse I now live in New Jersey but I'm willing to move to where the cost of living is a little lower I grew up in New Jersey but I was going to South Carolina but I don't think I want to go all the way
Thank you for commenting and sharing a bit of your story. Our team is happy to help wherever you decide to move to. So if you want help feel free to reach out.
What about single Veteran 100%
The same rules would apply, you would just be using a different income amount.
You’re going to need more income than 100% VA to buy a house at that price point. You will be house poor.
I definitely think having more income is very ideal. But I’ve also seen many families who simply didn’t have more income achieve homeownership. It just comes down to how well they manage their money and budget.
Thank you for the comment.
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Thank you for watching. I'm okay though.
A used cardboard refrigerator box.
Not sure what you're referring to here. 🤔