Additionally, veterans who may not be able to relate their trauma to a specific event may still be able to qualify. Under the new rule, if a VA psychiatrist diagnoses a veteran with PTSD, they may be eligible for benefits without additional time-consuming qualification requirements.
What does this mean for veterans and their VA loans?
Veterans who were denied PTSD benefits under the old rules are encouraged to reapply. Anyone who qualifies for PTSD benefits under the new rule, not only will receive retroactive benefits from the date they originally applied, but veteran disability compensation can help you get approved for a VA loan.
Most importantly, those receiving disability in any form can qualify for a VA loan with no funding fee. The VA loan funding fee can be up to 3% of the total loan amount. On a $200,000 loan, the funding fee could be as much as $6,000. Since most people roll the funding fee into their loan, the absence of this fee can reduce the total loan amount and the monthly payment.
The new qualification criteria will hopefully help the many service men and women who would otherwise go without assistance, both psychologically and financially.
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