Helping Heroes Have A Home

These days, buying a new or used home can be a trying and expensive process, but thanks to a specialized loan program it is that much easier for many of the brave men and women that have served our country.

The Veterans Affairs Home Loan program grants military veterans financial assistance in the form of a home loan without the usual requirement of a down payment. This is a boon for the first time home buyer as it can literally take years off the traditional homeowner timeline for the initial purchase. Because of the amazing level of support to first-time home owners this program has become incredibly popular which has seen more than 180,000 U.S. military veterans and active duty servicemen receive more than $36 billion in home loans this year alone.

Qualifying for the VA Home Loan

The Veterans Affairs Home Loan is available to men and women of the U.S. Armed Services qualify, specifically in regard to income or credit. The Veterans Affairs Home Loan Program as a lending institution backed more than 18 million home loans since its inception in 1944. Participating banks do not require a down payment because Veterans Affairs loans are guaranteed by the United States government. There are even banks that are willing to award a load with only 3 percent down. That’s not to say that the costs don’t add up quickly, especially considering that the median price of a home in the United States is $200,000.

The Veterans Administration Home Loan Program doesn’t remove all the prerequisites of a traditional home loan. Participants will likely be required to pay the closing costs on the final agreement when the sales contract is completed.

Refinancing Your Mortgage Through The VA

Those veterans that are currently experiencing financial hardships due to subprime loans may soon find relief from the Veterans Administration. Veterans will be allowed the option of refinancing their home loans through the U.S. Department of Veterans Affairs. These loans shall allow veterans to restructure the monthly payments to better suit their budgets. Former U.S. military veterans shall also have assistance through loan programs.

The ability to refinance has been an option for veterans and federal laws were changed to increase that financial service to more participating servicemen and women. While previous loans couldn’t exceed the cap of $144,000 the loan ceiling will rise to more than $700,000 which all depends on the home and property.