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The Best Veterans Loans

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Did you serve in the military? It does not even matter what branch. If you were in the armed forces of the Untied States of America then you may qualify for the veterans home loan program. Yes, that's right you have more then just the GI bill available to you.

President Franklin D Roosevelt signed a law in nineteen forty four called the veterans home loan program. The bill gives veterans of our armed forces a loan guarantee program. Initially it was for returning World War Two veterans and then they realized how good a program it really is.

There are over twenty five million veterans of the armed forces in the United States today. The veterans loan is an ideal and attractive loan for any of them to purchase a home. While we are talking about the standard veterans loan there are also several other benefits that you may qualify for if you saw combat. Ask your veterans administrator for other benefits.

If you qualify for a veteran's loan you are eligible to get up to twenty five percent of your home loan guaranteed. What this means is that you will usually not need a down payment because instead of you giving twenty percent down the government is going to guarantee it. Either way the bank is happy because they know they will at least get that much.

Loans for veterans are usually done by regular banks and credit unions. You can even use a mortgage broker. All the government does is guarantee the first twenty five percent. They don't actually give the bank money unless you default on it. You also need to be buying the house for your own residence. Just like an FHA loan you can buy a dublex, triplex, or whatever but you need to live in it as well.

There are also other requirements. If you have been in the military for at least six years then you qualify. If you have been in more then two years you may qualify.

Since veterans loans are guaranteed the lender is protected from losing money if something happens and you are not able to pay. Because of this guarantee you are able to save on your down payment as well as get a far lower interest rate.

America is proud of its war veterans and those that put themselves in harms way. Take advantage of the programs that the government has so that you can get into your house.
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