Many people see the commercials on TV about VA loans, and may wonder what they are about. Do only certain veterans qualify? Or can it be anyone who has served their country? And what exactly do people use these loans for? For those that are wondering about the loan requirements, and how this program has helped veterans afford places to live, they should be aware that over 700,000 home loans were secured through the VA across the United States. Because of this, over 20 million veterans were able to obtain a place to live thanks to special vet loans. Here are three ways this program is so useful for vets across the country.
The VA Loans Program Has Special Rates That Are Not the Same as What a Bank Would Offer
Anyone who I s trying to obtain a loan knows that banks may offer certain rates. One of the benefits of va loan vs conventional loans is that those offer through the VA program have lower interest rates. Sometimes these interest rates over 45 points or more lower than what a traditional loan would offer to someone who is borrowing. Because of this, it makes sense for those who qualify to get a va home loan instead of what the bank would offer.
A Variety of Individuals Who Have Served Their Country Are Eligible to Use a VA Home Loan
The VA home loan is not just limited to the main branches of the military, made up of the Navy, Marines, Army and Air Force. It is also open to those who have served in the National Guard and the Reserves as well. For those that lost a spouse within the line of duty, they can also take advantage of the benefits of a VA home loan. All interested parties should review the specific requirements to qualify, since how the service was performed may affect eligibility.
One Need Not Be a First-Time Homebuyer In Order to Take Advantage
Although the VA home loan program is known for helping individuals who have never had a home before, va loan requirements for homes are not just limited to those who have never purchased before. That means individuals who would like to move to a different part of the country may take advantage of the program and still enjoy the benefits of owning their own home.
There are many reasons to consider the Vet Loan program for those who would like to own a home. The rates for such loans are noticeably lower than what a traditional bank would provide. Many different individuals and even spouses can qualify, based on how the service was performed (for example, what branch of the military was served or if it was in a time of war). Finally, both first-time homebuyers and those who have previously owned a home can take advantage of the many benefits of a va loans program.