If you are a veteran of the United States Armed Forces, you already know about some of the benefits that come from serving your country. You’ve felt the pride that comes from defending America; you’ve experienced the assurance of being part of a team. But now that you’re back on the home front, there’s yet another benefit that awaits you–home ownership. You are eligible to apply for a Veteran Home Loan, which can help make your American dream come true.
President Franklin D. Roosevelt helped create VA Loans back in 1944, when he signed the Servicemen’s Readjustment Act (a.k.a. the GI Bill of Rights) into law. In doing so, veterans were given the chance to apply for federally guaranteed home loans that didn’t require a down payment. Thanks to the GI Bill, millions of veterans and their families have been able to enjoy the privilege of owning their own homes.
Today, a VA Loan will guarantee up to 25 percent of a home loan–as much as $85,912. This means the total loan could be for as much as $359,650. And there are more than 25.5 million veterans eligible. To meet eligibility requirements, you must have served at least 90 days of wartime active duty without a dishonorable discharge. If you were in the military during peacetime, you must have served at least 181 days of active duty–also without a dishonorable discharge.
Reap the Benefits of Service with a Veteran Home Loan
Besides not requiring a down payment, VA Loans also generally offer lower interest rates. And there are several different kinds of loans to choose from–if you don’t plan on living in your house for more than five years, you may pick a balloon or adjustable rate mortgage over the traditional fixed-rate option. Think of a VA Loan as a little thank-you from Uncle Sam, and start planning your future today.
Compare Lenders with a simple online form!
Resources: Veteran’s Administration Loans
Adjustable Rate Mortgage | Compare to HELOC Loans | Compare to Fixed Rate