VA Loans Help Veterans Achieve Home Ownership
The VA Mortgage program helps veterans to buy homes for themselves and their families. Through partnerships with private lenders, banks, mortgage brokers and direct lenders, it makes housing loans available at favorable terms to qualified and eligible Veterans. Veterans loans requirements are less demanding than conventional financing. In addition, there are many benefits of veterans loans, such as 100% financing and no down payments.
Home loans for veterans
The VA home loan program partners with private lenders to help veterans secure home loans. Altogether, the VA Home Loan has helped over 22 million veterans to achieve the security of home ownership. In just one year, 2016, 58,774 home loans were made to veterans in Texas.
Nationwide, 707,107 home loans for veterans were guaranteed by the VA in 2016. The loans help both first time homebuyers as well as veterans who have bought homes previously. They can also help veterans seeking to refinance their home loans. There are several benefits of choosing VA Home Loans.
Benefits of VA loan program
The VA Loan Program offers favorable terms to veterans seeking to buy or refinance homes. These include low interest rates and zero down payment requirements. That’s because a portion of the mortgage is guaranteed by the VA, protecting the lender against default.
- 100% financing: Vet loans do not require any down payment or monthly mortgage insurance payment
- Competitive financing: Vet home loan rates can be lower than typical market rates.
- Closing costs paid by seller, up to 4% of the value
- Flexible credit score requirements: Veterans loan requirements are less strict and even those with low credit scores may qualify for lower rates
- Refinance without having to requalify
Vet home loans offer more favorable terms than conventional financing, along a number of vectors, making it easier for vets to obtain loans or to refinance existing loans.
Who is eligible for veteran loans?
Veterans loan requirements are less stringent than conventional mortgages. This makes them a good choice for qualifying home buyers. Veterans who have served 90 days in war time, or 181 in peacetime are eligible for the VA loan program. Those who have served six years in the National Guard or Reserves also qualify.
Spouses of military personnel killed in action may also qualify for a VA loan.
VA loans help military personnel to achieve the security of home ownership. Veterans loan requirements are less stringent than conventional financing, because these loans are partially guaranteed by the VA. They also offer more favorable terms.