Inside Look at VA Mortgage Loans
Starting in 1944, as part of the GI Bill of Rights (Servicemen’s Readjustment Act), VA (Veterans Affairs) Loans were set up to help returning service members purchase new homes. VA Loans are mortgage loans issued by qualified lenders and guaranteed by the U.S. Department of Veteran Affairs. Since 1944 the VA loan program has helped over 20 million veterans and their families establish an economical home financing position.
VA Loans may be used to:
- Buy a home or a VA-approved condominium
- Build a home
- Simultaneously purchase and improve a home
- Improve a home by installing energy-related features or making energy efficient improvements
- Buy a manufactured home and/or lot
(Source: http://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp)
Access to a VA loan is one of the most valuable benefits available to current and former service members. For over 70 years, VA loans have helped millions of veterans and service members attain their goals and become homeowners. Through government backing and various benefits, VA loans offer options for qualified borrowers to reduce costs. Just like any other loan, it is important that borrowers are thorough.
If you are currently in the military or have served, thank you for your service. Understand the benefits and requirements of VA Mortgage Loans. Take advantage of this valuable benefit that can make it easier for more service members to realize their goals of home ownership!
