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What are VA home loans?

October 10th, 2012 8:52 AM by Nathan Rufty

VA home loans benefits

The United States has set up several ways to reward those who have fought for their country. One way of doing so is by creating home loan system in which veterans can benefit from. This home loan system is called VA home loans. The VA home loan was created back in 1944 during World War 2; it has helped more that 18 million veterans to purchase a home. Also eligible wives of the veterans can also get a loan, providing that they are not remarried.

What are VA home loans?

The main purpose of the VA home loan is help eligible veterans purchase a home without any down payments. What makes VA home loan different and special from other lending agency is that they promise to pay back at least quarter of every loan they distribute to veterans. The VA home loan competition is a little steep looking at the number of beneficiaries out there. For that reason the changes of getting a VA home loan is higher if the recipient lives in a rural area or areas out of town or by town side. One main reason for this is that these areas generally don’t have as much housing credit as other areas near the metropolitan.


One of the main benefits of the VA home loan is that an eligible candidate can apply without paying any money down. Also they provide 100% financing. The VA home loan has fewer requirements than other loan agency, once you fit in the bracket of eligible candidates and you live in an area where home credit is hardly available, so then you are a shoe in to getting a loan. Also veterans can prepay their VA home loans without having to worry about penalties. The VA home loan comes with excellent support, they can be depended on for any question regarding their service and making a loan.

How to apply

Any Veteran at war can obtain a VA home. An eligible candidate would have to apply for a Certificate of Eligibility, a paper which proves your discharge or that you are on active duty should also be provided. Then you just pick which home you want and sign the purchase agreement. Request an appraisal from the VA then you would apply for the loan.

Who are eligible to receive a loan?

Anyone that is a part of the US defense force can apply for a VA home loan, there are millions of possible candidates across the United States, and they could be veterans or currently active members of the force. Four main groups of persons are eligible to apply for a VA home loan. They are veterans, active duty personnel, and reservists/national Guard members and also some surviving spouses can apply. The military members that apply must have spent at least 181 days on active duty and for Guard members they should have at least spent 3 months. And for the spouses, their spouse had to be killed during the line of duty to be eligible.

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Posted by Nathan Rufty on October 10th, 2012 8:52 AM



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