What was your first home like? Did you have a parent or other family member help you find the resources that you needed for getting that first home loan and for moving into your first place? Imagine if you are a returning military person who is coming back to America after serving your country. You might be new to the community, or returning to a familiar community after being gone for quite awhile. For the people who have served this country in the military, there can be many barriers to achieving the goal of home ownership.
Owning a home is often a solution to many of lives challenges. Unfortunately, finding a way to purchase a home is not always easy. In the case of those who have served our country in the military, the Veteran’s Administration (VA) loan program seeks to provide assistance. VA loan lenders, in fact, are integral in helping many veterans purchase their first home. The qualifications and the instructions for accessing these loans are sometimes difficult to understand, but are outlined on government websites. Finding the VA loan lenders in your community can also take time, but again, Federal websites inform potential borrowers of the options that are available.
Consider some of these facts and figures about the veterans loan program:
- 707,107 home loans were guaranteed by the VA nationwide in 2016.
- 22 million veterans have achieved homeownership through the VA Home Loan system.
- 134,808 home loans went to veterans who were first time homebuyers in the year 2015.
- 187,307 home loans went to veterans who were previous homebuyers in the year 2015.
- VA mortgage rates are currently as much as 50 basis points lower than those available for conventional mortgage loans.
- VA loans allow for 100% financing and do not require mortgage insurance.
- To qualify for a VA Loan, borrowers must have served 181 days during peacetime, 90 days during war time, or six years in the National Guard or Reserves. In addition to the veterans themselves, spouses of service members who were killed in the line of duty may also qualify for VA loans.