🎖️ A Salute to Service: Veteran & Military Homebuyer Benefits on Long Island

🎖️ A Salute to Service: Veteran & Military Homebuyer Benefits on Long Island

Posted by Thomas Brady, Licensed Associate Real Estate Broker
Vintage American Realty LLC | Oakdale, NY

As a retired NYPD Lieutenant and U.S. Air Force veteran myself, connecting fellow veterans and service members with the right resources for homeownership isn't just business for me — it's personal. Here's an accurate, up-to-date breakdown of what's actually available to you. 🇺🇸

🏠 VA Home Loans: The Basics

The VA home loan program has helped over 28 million veterans achieve homeownership since 1944. Key benefits:

• No down payment required for most eligible borrowers with full entitlement

• No private mortgage insurance (PMI) — a real monthly savings compared to conventional loans

• No VA-set minimum credit score (though most lenders require 580–620)

💰 How Much Can You Actually Borrow?

Here's a rule that surprises most people: for the majority of veterans, there is no VA loan limit at all.

Before 2020, VA loans were capped at your county's "conforming loan limit," and buying above that meant coming up with a down payment on the difference. That changed with the Blue Water Navy Vietnam Veterans Act of 2019, effective January 1, 2020. Since then, veterans with full entitlement — meaning they don't currently have an existing VA loan on another property that hasn't been paid off — can borrow any amount with $0 down, regardless of home price. The only real ceiling is what a lender is willing to approve based on your income and credit.

The often-quoted $832,750 figure (the 2026 baseline county loan limit) only comes into play for veterans with partial entitlement — meaning some of their VA loan benefit is still tied up in a previous purchase. For those veterans, that number determines how much they can still borrow at $0 down before a down payment kicks in on the remainder.

Bottom line: most veterans buying on Long Island today — including in higher-priced Nassau and Suffolk markets — can use their full VA benefit with no down payment and no price cap. If you're not sure whether you have full or partial entitlement, your Certificate of Eligibility (COE) will show it. I work with VA-experienced lenders who can pull your COE and walk you through exactly what it means for your purchasing power.

✅ Who Qualifies?

Eligibility depends on when and how you served. As a general guide:

• Active duty during wartime: 90 consecutive days

• Active duty during peacetime: 181 continuous days

• Gulf War era (Aug. 2, 1990–present): 24 continuous months, or the full period you were called to active duty (minimum 90 days)

• National Guard/Reserve: 6 creditable years, or 90 days of qualifying active duty

• Discharged for a service-connected disability: minimum service time is waived entirely

• Surviving spouses of service members who died in service or from a service-connected disability may also qualify

Because eligibility rules genuinely vary by service era, the best first step is always confirming your Certificate of Eligibility (COE) — a VA-experienced lender can typically pull this electronically in minutes. 📋

💵 The VA Funding Fee — What It Actually Costs

Unlike PMI, the VA funding fee is a one-time charge, not a monthly one. Current 2026 rates:

SituationFunding FeeFirst-time use, 0% down2.15%First-time use, 5–9% down1.50%First-time use, 10%+ down1.25%Subsequent use, 0% down3.30%Subsequent use, 5%+ down1.50% or 1.25%IRRRL streamline refinance0.50%

Fully exempt from the funding fee:

• Veterans receiving VA disability compensation for a service-connected disability (any rating level)

• Purple Heart recipients on active duty

• Certain surviving spouses receiving Dependency and Indemnity Compensation (DIC)

The fee can be rolled into your loan amount rather than paid in cash at closing.

🏡 New York State Property Tax Exemptions for Veterans

This is where things get valuable — and where it really pays to check with your local assessor, since these exemptions vary by municipality. New York offers three separate veteran property tax exemptions:

1. Alternative Veterans Exemption — for veterans who served during a designated wartime period or received an Expeditionary Medal. Reduces your home's assessed value by:

• 15% for wartime service

• An additional 10% for combat zone service

• An additional benefit for disabled veterans, equal to up to 50% of your VA disability rating

2. Cold War Veterans Exemption — for service between September 2, 1945, and December 26, 1991. Provides a 10–15% reduction in assessed value (the exact percentage depends on what your municipality has adopted), plus an added benefit for service-connected disabilities.

3. Eligible Funds Exemption — for veterans (or certain family members) who purchased their home using pension, bonus, or insurance funds.

Important: These exemptions apply to county and town taxes, but not automatically to school taxes — your local school district has to separately opt in to offer them. Coverage and exact percentages vary town by town across Suffolk County, so the right move is always to confirm directly with your local assessor's office.

For help navigating your specific eligibility, the Suffolk County Veterans Service Agency is a great resource: 📞 (631) 853-8387.

🎖️ How I Can Help

As a veteran myself, I understand what your service means — and while I'm not a lender and don't want to guess at your specific numbers, I work closely with VA-experienced loan officers who specialize in exactly these benefits. If you're ready to explore what's available to you, I'm happy to make the connection and walk alongside you through the real estate side of the process.

Thomas Brady 🎖️
SFR, e-PRO, SRES, BPOR, C-REPS
Licensed Associate Real Estate Broker / Director of Operations
Notary Public | Retired N.Y.P.D. Lt. | U.S. Air Force Veteran

📍 Vintage American Realty LLC
1551 Montauk Hwy, Suite E
Oakdale, NY 11769

📞 631-682-8660
📧 TomBradyHomes@Gmail.com
🌐 VintageAmericanRealty.com

This article is for informational purposes only and is not financial, legal, or tax advice. VA loan and property tax exemption rules and rates are current as of publication but subject to change — always confirm current details with your lender, the VA, and your local assessor's office before making decisions.

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