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The VA Has Guaranteed Over $911 Billion VA Home Loans

By Cindy W. Lundy

Republish: EasyPublish™
Published: 16Mar2012
Word count: 1490
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Veterans have been guaranteed, VA Home Loans, since the GI Bill passed in 1944. A veteran that may not qualify for a conventional home loan, may get a VA loan, because the program is not as strict about credit and income requirements.

Along with easier qualifications, about 90% of veterans were granted 100% financing, making no down payment required. Many of the conventional loan programs are using a 20% down payment requirement. This large down payment, is the reason many people cannot buy a home.

A combination of these facts, allow many veterans that would not have been able to buy a home, finally participate in home ownership. Except, there are only about 20% of all the veterans that even know about the VA mortgage loan program. There are about 10% of veterans actually participating, and using their VA benefits to help them realize their dream of owning a home.

Along with the ability for many veterans to obtain 100% financing, there are possibly some additional savings to help veterans become home buyers. Some veteran mortgage loans, qualify for no closing costs to be paid by the veteran. This no down payment benefit, especially if the veteran qualifies for no closing costs, helps a higher number of veterans to purchase a home.

Veterans that are on active duty or honorable discharge, can participate in the VA mortgage loan program. The Certificate of Eligibility or COE, is an easy part of the qualification process to receive the VA home benefits, plus the additional advantage of flexible financing terms. In some cases, National Guard members and surviving military spouses are also eligible for these VA benefits.

Normally, on a mortgage loan in excess of 80% of the value of the home, PMI - Private Mortgage Insurance is required for conventional loans. The Guaranty of the Veterans Affairs allows the veterans to be exempt from the PMI requirement.

Another benefit that will help the veteran, is the low interest rates. Over all, a VA home benefit, is the best solution for veterans that are looking for real estate. VA mortgages are easier to qualify for, with requirements that are much more flexible. Even? the credit requirements, to obtain the financing, are more lenient than conventional loan programs.

Disabled veterans may receive an exemption of the VA funding fee, which may be financed if not exempted. Sometimes, when the veteran puts down 5%, the VA funding fee is reduced. There are lots of options, to help veterans make home ownership affordable. Veterans are in a very good place to obtain VA home loans, because interest rates are at an all time low.

VA Home Loan program makes it easier for veterans to qualify for home financing with less stringent income and credit qualifications; just check out and va home loans va loans.

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