Veterans Home Loan

Veterans home loans are available for anyone who has actively served in the United States military for at least ninety days, and was separated from the service with an honorable discharge. The Veterans Administration was designed specifically to help veterans to buy a home under the best terms possible. They are granted without a down payment so that 100% of the money is financed. Mortgagors are not taking a risk because the government guarantees the financing. Proof of service is required, of course, so a veteran must bring his separation papers when applying. Credit checks are not required for a veterans home loan, although earnings records are needed to see how much they can afford to pay back.

This financing is offered at the lowest fixed interest rate possible, and the terms can be set from 10 to 30 years. If a veteran gets a loan and pays it off, he is again eligible if he didn't use up the maximum funds he was eligible for in the first place. That total for a veterans home loan has risen over the years to keep up with the housing market, so the veteran who was eligible for $10,000 in the 1950s would be eligible for $100,000+ today. Some lenders would balk at allowing some of the loans that the VA allows, but with the government guarantee they don't object. Once the application documents are completed, the appraisal request is sent to a Regional Loan Center having jurisdiction over the geographical area where the veteran lives. The VA Appraisal System is designed to speed up the process of getting the financing processed as quickly as possible. While the major qualification points come from the federal application forms, many states have special requirements in place which the veteran must meet before the veterans home loan is granted.

"For I reckon that the sufferings of this present time are not worthy to be compared with the glory which shall be revealed in us." (Romans 8:18) The establishment of the veterans home loans after World War II was a tremendous help to those soldiers and sailors who came home. It was a fitting way to thank the men who survived the horrors of war. Every serviceman since then has been afforded veterans home loans after serving their time, even if it was in peacetime. The return of the WWII servicemen also marked the beginning of the housing subdivisions where they bought their first homes with these veterans home loans.

For more information: http://www.christianet.com/homeloans