FINANCIAL ADVANTAGE
Additional Benefits For Alabama Veterans
As a Veteran living in Alabama, you may have access to valuable benefits that can help you save on property taxes, support your family’s education, and make homeownership more affordable. From Alabama Veteran benefits for disabled Veterans to education programs for qualifying dependents, knowing what’s available can help you make the most of the benefits you’ve earned.
Tax Relief
Property Tax Benefits for Veterans in Alabama
- Permanent and total disability can mean major property tax savings. Alabama residents who are permanently and totally disabled, regardless of age or income, may qualify to have their principal residence and up to 160 adjoining acres exempt from state, county, and municipal property taxes.
- Other Alabama homeowners can qualify for homestead tax relief, too. Alabama provides several homestead exemptions based on factors such as age and disability. Because eligibility and the amount of the exemption can vary, Veterans should check with their local county tax office to determine which exemption applies to their property.
Family Tuition Assistance
Education Benefits for Alabama Veterans
- Eligible dependents can receive help with more than tuition. The Alabama G.I. Dependents' Scholarship Program provides education benefits for qualifying dependents of eligible Alabama Veterans, with assistance covering tuition, textbooks, and instructional fees.
- There are plenty of schools to choose from. The scholarship can be used at Alabama public universities, colleges, and technical schools, and the program has expanded to include participating private institutions. Eligibility depends on requirements such as the Veteran's qualifying service/disability and applicable residency rules.
Home Financing
VA Home Loan Benefits for Veterans in Alabama
- Buying a home may be possible with no down payment. Eligible Alabama Veterans can use a VA-backed purchase loan to buy, build, or improve a primary residence. VA-backed loans often offer competitive terms, and a down payment generally isn't required when the purchase price doesn't exceed the home's appraised value.
- Skip the monthly private mortgage insurance. Unlike many conventional mortgages with smaller down payments, VA-backed purchase loans don't require private mortgage insurance (PMI). Veterans may also benefit from fewer closing costs and no penalty for paying the loan off early.