It takes a lot of money to play this game. In most cases, anyway.
The process of owning a home takes time, money, and clout. So much of all three, in fact, that many people simply never have the opportunity to participate. Fortunately, through programs like the Veterans home loan program, men and women who have served our country are able to qualify for home loans that they otherwise might not be eligible for.
Available VA loan requirements for homes allow many veterans to achieve the American dream of home ownership. In fact, VA loan requirements for homes are fairly easy to understand. The three basic requirements include:
- Having served 181 days during peacetime.
- or 90 days during war time,
- or six years in the Reserves or National Guard.
- The spouse of a service member who was killed in the line of duty may also qualify in many situations.
By getting an affordable loan for a home, veterans are able to own a home as the nation tries to help those who have served the country. Consider these other statistics about VA loan requirements for homes and the people who make use of them:
- 707,107 home loans were guaranteed by the VA nationwide in the year 2016.
- More than 22 million veterans have achieved homeownership through the VA Home Loan Program.
- 134,808 home loans in the year 2015, went to veterans who were first time homebuyers.
- 187,307 home loans in the year 2015, went to veterans who were previous homebuyers.
- Although it varies by state, the median income for veterans in the state of Texas is $40,226.
- Again, although it varies by state, veterans in Texas received a total of 58,774 home loans in the year 2016.
- One of the major advantages of the VA home loan is that these mortgage rates are currently as much as 50 basis points lower than the conventional mortgage loan rates.
- Another advantage of these loans is that VA loans do not require mortgage insurance and provide 100% financing.
Finding the money needed to play the home ownership game can be difficult for some Americans. The fact that VA home loans provide an avenue to help dedicated American citizens join the game means that America gives a chance to those who are most deserving.