By Cindy W. Lundy
In 1944 the GI BILL commenced to guarantee, VA Home Loans for veterans. VA loans bridge the gap, for many veterans that would be turned down for a conventional loan, because of the more stringent the qualifications.
Along with easier qualifications, about 90% of veterans were granted 100% financing, making no down payment required. The 20% down payment is typical of conventional loans requirements. Many people cannot buy homes, because of the substantial down payment that is required.
A combination of these facts, allow many veterans that would not have been able to buy a home, finally participate in home ownership. Only ?two out of ten veterans have been informed about the VA benefits. VA benefits are being used by about 1 in every 10 veterans, which exhibits that there are lots of veterans that need to gain knowledge about the program.
Veterans can take advantage of additional benefits, besides no down payment, to help them buy a house. Veterans can additionally benefit from being exempt from closing costs, in particular instances. This no down payment benefit, especially if the veteran qualifies for no closing costs, helps a higher amount of veterans to purchase a home.
Veterans that are on active duty or honorable discharge, can join in the VA mortgage loan program. The Certificate of Eligibility or COE, is a simple part of the qualification process to obtain the VA home benefits, plus the additional advantage of flexible financing terms. There are VA benefits for the spouses of military veterans, along with some of the National Guard members.
When over 80% of the house value is borrowed, PMI, Private Mortgage Insurance is required for all conventional loans. PMI is not a requirement for VA mortgages, which is an additional benefit for veterans to use their VA house loan.
Low interest rates are an additional reason veterans can benefit from their VA benefits. Veterans that wish to buy a house, will find the most flexible terms and best rates by using their VA benefits. VA mortgages are less challenging to qualify for, with requirements that are much more adaptable. A conventional home loan possesses stricter credit requirements, than the VA benefits programs, making it easier for veterans to obtain.
Financing? may be available to some veterans for the VA funding fee, and literally exempt for disabled veterans. If the down payment is 5%, the veteran may receive a reduced VA funding fee. Veterans have numerous VA benefits to help them purchase a house. Veterans are in a pretty good place to acquire VA home loans, because interest rates are at an all time low.
Learn more about the benefits of as well as va home loansstreamline refinance.
Source: http://loanx.us/va-home-loans-have-been-going-to-help-veterans-since-1944/
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