Benefit Guide for VA Home Loans

VA homes loans started in 1944 as part of the GI Bill of Rights, also known as the Servicemen's Readjustment Act. What does this bill state? It says that veterans are to be provided with a home with no down payment requirements. VA home loans aim to provide homes and help for not only veterans, but their families as well. Who Offers VA Home Loans? VA home loans are offered by private companies, which include such lenders as banks or mortgage companies. These VA home loans are offered with the assumption that the veteran will reside in his or her home. In other words, you cannot take a loan out for someone else. VA home lenders are protected against loss if the loan is not repaid, whether by you or even a future owner of the home. That is why they can offer better financing rates. Any Red Tape? You will be happy to know that there is very little red tape for getting a VA home loan. It really is not any more complicated than getting a regular mortgage, and when you leave out the down payment requirement, it can be all that much easier during the loan process. As long as you have a certificate of eligibility as a veteran and a veteran assigned appraisal, you are all set! Uses for VA Home Loans There are a few ways you can use a VA home loan. The most obvious way is to purchase a home and that includes condos and townhouses (in an approved VA project). You can also use a VA home loan to build a house, improve a home, or even to purchase a property lot or manufactured home. Keep in mind that with a manufactured home, the land should come with the home and the home needs to be at least 24 feet in width. VA home loans are ideal home loans for military personnel and their families! Comments (0) Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Add Comment