All Veterans Should be aware of what benefits they are entitled to. You
can get information for all benefits
from the VA official site. Some of the
benefits include health,
education, and
loans on your home.
You can find specialists that can provide you with guidance and additional
information when
getting your benefits. There are a variety of companies that can help you
with a GI Bill as well as
when getting a home loan.
You can visit the VA Mortgage Center
to get a variety of information including loan information about a
home purchase or
refinance.
Veterans who have served the US in the armed forces get special benefits from the government to thank them for their service to our country. One of these valuable benefits is help purchasing a home through the VA Home Loan Guarantee Program. This program is designed to aid veterans in purchasing homes in many different ways.
The VA Home Loan Guarantee Program makes it easier for veterans to become proud homeowners by:
- Making it easier for veterans to qualify for a mortgage loan. Civilians and veterans alike have to qualify for a loan to get a mortgage and purchase a home, but through the VA Home Loan Guarantee Program veterans have a financial guarantee from the US government that insures the mortgage lender against default on the loan. So in the case that the veteran has financial difficulties and can no longer make their mortgage payments, then the VA will pay a portion of the loan back to the lender once the house has been foreclosed.
- Offering veterans home mortgage loans with no out-of-pocket expenses upfront. Through the VA Home Loan Guarantee Program veterans can get a loan with no down payment and can also finance the closing costs and fees involved with getting a mortgage loan. Remember that your payments will be higher if you choose to put no down payment down on the home and finance your closing costs.
- Offering veterans more favorable mortgage loan terms and lower interest rates. As a result of the guarantee from the government that comes with VA home loans, lenders are more willing to offer lower interest rates, fees, and closing costs. Not only does this save you money, but you also get great mortgage terms including no pre-payment penalties, assumable mortgages, and lower overall funding costs.
- Making home loans available to veterans with less than perfect credit. You still have to meet your VA approved lender’s credit standards, but VA loans can be obtained even if you have had a bankruptcy in the past.
- Allowing you to finance home improvements and renovations into your original mortgage loan. Many people are forced to take out high interest home equity loans, second mortgages, and lines of credit in order to pay for home improvement and remodeling projects. With the VA Home Loan Guarantee Program you can finance certain expenses into your low interest rate first mortgage. Energy efficient home improvements like new windows, weather stripping, a new furnace, a new water softener, a new water heater, insulation, and much more can be financed into your mortgage loan. There are many other cosmetic and necessary improvements that are also allowed to be financed into your VA mortgage loan.
- If you are a disabled veteran the VA may even give you money to make your home more accessible. Not only can you qualify for a VA home loan, but you may also qualify for free money to construct the home in a way that makes it easier for your mobility.
These are just some of the many reasons that the VA Home Loan Guarantee Program is a valuable asset for all eligible veterans.
