If you have ever served in the United States military, you might qualify or a VA loan. The VA loan program has helped our armed service personnel purchase homes at beneficial terms for over 70 years.
The VA loan program is an aspect of the Servicemen’s Readjustment Act of 1944, or the GI Bill, as it is commonly known. This bill was meant to provide assistance to veterans who had served in defense of the nation. Part of this bill included assistance in purchasing a home.
Today, VA loans are offered by a variety of financial institutions, including:
There are many benefits of going with a VA loan, rather than a conventional loan. Here are some of major reasons that qualifying individuals should opt for a VA loan:
A VA loan at least guarantees those that qualify a portion of a home loan, with a maximum of 25%, up to $104,250. This means that the loan only qualifies for a maximum amount of $424,100.
There are also fees for using a VA loan. For example, a first-time user of a VA loan, without a down payment, is levied a 2.15% fee. This amount is lowered to 1.25% if they pay a 10% down payment, but will rise to 3.3% for the second time that you utilize a VA loan.
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