VA Home Loans Allow the Government a Chance to Repay Veterans

Texas vet loan requirements

Yesterday’s events in Arlington, Virginia, are another reminder of the importance of those who serve to protect. It is evident that without the two Capitol Police security members who were on hand during the shooting rampage at a Republican congressional baseball practice, many people could have been killed.
Everyday, people put their lives on the line for the safety of others. At the top of the list of the people who serve others are the men and women who serve in the armed forced. Military members who leave their lives behind, their families alone, and relocate across the country or across the world do so in an effort to protect Americans. When these soldiers return to their lives, however, the transition back to civilian life can be a challenge. In an effort to repay veterans for their service to their country, the VA home loan program can help with the transition. With low interest home loans, and without the need of cash down payments, the VA loan approval process can be integral in helping those who have served the country make the transition into purchasing a home.
Veterans loan programs provide a step up in the process of military personnel transitioning into their lives beyond the battlefield. Consider some of these statistics about the important VA loan approval process:

  • 707,107 home loans were guaranteed by the VA nationwide in the year 2016.
  • 22 million veterans have achieved homeownership through the VA Home Loan program.
  • 134,808 home loans went to veterans who were first time homebuyers in the year 2015.
  • 187,307 home loans went to veterans who were previous homebuyers in the year 2015.
  • VA mortgage rates are currently as much as 50 basis points lower than those that are available for conventional mortgage loan borrowers.
  • VA loans allow for 100% financing and do not require mortgage insurance.
  • The basic outline for who can qualify for a VA home loan includes the following: someone who has served 181 days during peacetime, 90 days during war time, or six years in the National Guard or Reserves. Additionally, spouses of service members who were killed in the line of duty may also qualify.

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