How To Find Loans When You're A Veteran

Veterans of the armed forces of the United States of America are given a few nice financial benefits. One of them is help in getting a home loan. In fact the government has made an entire type of home loan just for veterans and an even better deal for veterans that saw wartime service.

President Franklin D Roosevelt signed a law in nineteen forty four called the veterans home loan program. The bill gives veterans of our armed forces a loan guarantee program. Initially it was for returning World War Two veterans and then they realized how good a program it really is.

Today there are more than twenty five million veterans currently living in the United States of America. If any of them want to buy a house they should read on and learn about the veteran's loan program. If you saw combat you may qualify for even more programs so tall to your benefit admin to see if you qualify for any of them.

The way the veterans loan works is that the government makes it so that you do not need a down payment on a house. The government will guarantee to the lender the first twenty fiver percent of the loan. If you are smart and have money you will also put in a down payment so that it only takes a few years to pay off your home. The guarantee is good for the first one hundred and four thousand dollars so your house has to be under four hundred twenty thousand dollars.

In most cases you will be getting your veterans loan from a regular mortgage provider such as a bank or mortgage broker. What the government will do is vouch for you saying that they guarantee twenty five percent of your loan. This saves you on a down payment as well as on the interest rate.

In addition there are other requirements. If you served after 1981 you had to serve for at least two years to be eligible. If you were in the National Guard or a Reservist you had to be enlisted to six years or longer. If you served during wartime the requirement as of this writing is only 90 days of wartime service.

Remember that if you are not able to pay the government has guaranteed the first twenty five percent. This is why you can get a lower interest rate and do not need a down payment.

America is proud of its war veterans and those that put themselves in harms way. Take advantage of the programs that the government has so that you can get into your house.

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