Basic Facts About Serving In The Military And Using The VA Mortgage

April 22, 2019 by Dan Green

The U.S. government puts out a pretty sweet deal to home buyers with experience in the military.

Through a mortgage known as the VA loan, home buyers with military experience can access a special, no-down-payment home loan that comes with below-average interest rates and lower closing costs than a typical mortgage. 

The VA loan is among the least-expensive, most-flexible loans available to buyers of homes. It’s backed by the Department of Veterans Affairs and available through your lender. 

The loan dates back to 1944 with the passage of the G.I. Bill, a law designed, specifically, to give rewards to returning World War II veterans, and to help them purchase homes as simply and cheaply as possible.

Decades later, the VA loan is mostly unchanged:

  • Buyers can still make a down payment, but don’t have to
  • The government still backs the loans so interest rates are ultra-low
  • Mortgage insurance is still not required, ever

Additionally, veterans who receive disability compensation still benefit from a reduction in closing costs; and, the program remains available to members of the National Guard, Reservists, Cadets, Midshipmen, and the surviving spouses of veterans.

VA loans can be used for all home types including stand-alone houses, condominiums, and multi-unit properties; and, they’re available as fixed-rate loans and adjustable-rate ones.

If your personal journey includes a stint with the U.S. military — either during war time or peace time — give a look to the VA home loan. It’s available to almost everyone who served, and you deserve your benefits.

 

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