Purple Heart Recipients may save thousands!

Purple Heart recipients could save thousands in home loan fees after the passage of a law to benefit veterans exposed to Agent Orange. 

Tucked away in the Blue Water Navy Vietnam Veterans Act passed by Congress and signed into law in June, is language that makes Purple Heart recipients exempt from paying the funding fee the Department of Veterans Affairs charges on its guaranteed home loans. 

The funding fee can reach as high as 2.4 percent of the total loan value for first-time buyers — thousands of dollars, depending on the cost of the home. 

Disabled veterans already have been exempt from the fee, though as Connecting Vets previously reported, VA has wrongly charged thousands of them fees and many have yet to see their refunds. 

But under the Blue Water Act, beginning Jan. 1, 2020, Purple Heart recipients are added to the list of exempt veterans. 

Most of that law deals with its namesake — expanding VA disability benefits to the veterans who served in ships off the coast of Vietnam and were exposed to Agent Orange but have so far been denied the same benefits ground troops qualify for for the same exposure. 

The new law also includes a directive to VA to use the money collected by the funding fee from non-disabled or Purple Heart vets to pay for the Blue Water benefits. The fees were previously used to cover VA home loan administrative costs.

To qualify to have your home loan fee waived, you have to provide proof of your Purple Heart to both the VA and the lender before the closing date of the loan, according to the law. 

Author: danswingblog

Dan has celebrated over 19 years as a full-time Realtor. Successfully listed and sold Luxury homes, diversified real estate portfolios. Advises and assists clients with challenging liquidations and purchases. Not uncommon to be working with foreign nationals, buyers that leverage the Sterling, Euro, and similar currency. Dan welcomes the Global community, with friends in many Nations. He brings a reputation for Integrity, Expertise, and Focus. Our customers deserve the best. Currently provides Residential and Commercial B.P.O.'s, Broker Price Opinions, B.O.V's, Broker Opinion of Value to many lenders. Manage and Sells R.E.O., Real Estate Owned properties, distressed properties! Evaluate and negotiate solutions for sellers and lenders. Developed, operated and sold a Florida "AWARD WINNING" Ad Agency! 2010 & 11 Commercial Agent of the year. RE/MAX Paramount Properties. Relocated to Tampa in 2012, enjoyed retirement for 6 months. Saw unethical practices by some Realtors and choose to reverberate our profession in the Tampa area. In four years built his business to as many as four (4) transactions monthly. Mortgage brokers were calling Dan a Superstar in Real Estate. Dan and his wife relocated to North East Florida, to the community of Nocatee. Currently focusing on 55 and older communities and Luxury Real Estate. Successfully closed on many extremely challenging foreclosures, and Short Sale. Coached and participated in Commercial and Multi-Income Family REO's in the past six years. Elected to the Auburndale City Commission in 1986-88. Created and served as 1st Redevelopment Chair in 1988 & 89 personally put in place all the elements for the Auburndale CRA. 1990 City Commission refused to give a full vote of confidence. After a 5 year journey to personally raise funding, extensive research and study for the CRA district perimeters, and stunned with the Commissions doubt. Positioned himself to run for office again, was re-elected to Auburndale Commission, to serve 1991-93 to full fill the CRA master plan! Active with the Central Florida Development Council from conception in 1985 and sat on the board periodically for the past 25 years representing municipalities and private investors. The positions Dan held from 1986 through 1993 enabled him to have a complete workable understanding of the State of Florida Comprehensive Plan for Future Land Use, and the benefits of intergovernmental agreements, utility franchise expansions, and public/private partnerships! Specialties: Assets recovery & receivership, Real Estate Portfolio's, REO & Short Sale of Residential and Commercial negotiations, marketing consultant, public relations, and Broker Price Opinions for residential and commercial lenders.

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