VA Loan Info: Veteran Administration Home Loans
How can the Dept. of Veteran Affairs help you? Are you a veteran of a foreign war? A National Guard, Army, Navy, Air Force, Marine, or Coast Guard vet? Are you currently deployed in Iraq or Afghanistan and thinking of purchasing a home when you return? Or maybe you’re the spouse of a reservist looking for a way to save on your monthly bills, or need a loan for home improvement ? We want to hear your story and help you understand your VA home loan benefits.
As you may know, a Veterans Administration (VA) Loan is a specific type of home loan only given to qualifying military personnel. This includes veterans, active duty, reservists, national guardsmen and spouses of deceased veterans. The VA home loan program was created in 1944 when the GI Bill was signed into law by President Roosevelt. It was set up to help veterans returning from war.
What you might not know is that the program has been modified and expanded a great deal since then, and it's very possible that you'll find yourself with a much easier path to homeownership than your non-military neighbors. The VA loan program recognizes the sacrifices made by those like you who have served our country. Don't pass up the opportunity to learn how these hard-earned benefits can improve your unique situation.
A VA home loan is different than both a conventional mortgage and an FHA loan. Generally, conventional loans are insured with private mortgage insurance (PMI) and FHA loans are insured by the Federal government. A VA home loan however is not insured; but rather it is guaranteed by the VA’s Loan Guaranty Service (which explains why there’s not mortgage insurance with a VA loan).
It’s also important to note that you can’t get a VA Loan directly from the Department of Veterans Affairs. The Department of Veterans Affairs only guarantees the loan if it is made by a lender that has satisfied its standards and received its approval. The VA does not lend money directly to borrowers. The best way to get a VA loan is by working with loan officers like ours who specialize in VA home loan programs and work for a VA approved lender.