Veterans Day might be over, but VA loans are available to help Veterans achieve the American Dream of home ownership every day of the year. Find out about the unique opportunities provided for American Veteran by the VA Home Loan Programs.
For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes. There are numerous VA home loan programs to help Veterans to buy, build, or improve a home or refinance a current home loan. These include a VA direct loan and three VA-backed loans. Learn more about the various VA home loan programs and how you can get a Certificate of Eligibility for a VA home loan that meets your needs.
Facts About VA Home Loans In 2019:
- 624,546 home loans were guaranteed by the Veterans Administration.
- 306,879 VA home loans were made without a down payment.
- 2,055 grants totaling $118 million were provided to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs.
Infographic: What To Know About VA Home Loans
VA Home Loans are a lifetime benefit. Your benefit never goes away and it doesn’t matter how long ago you served in the military. Eligibility for a VA Home Loan is based on the length of time served, and the period in which you served. Some more facts about VA Home Loans that many Veterans are not aware of include:
- VA Home Loans don’t permit a pre-payment penalty.
- It’s easier to qualify for a VA Home Loan as VA loan guidelines are more flexible than for other types of mortgage loans. Unlike with other loan programs, a lower credit score, bankruptcy or foreclosure does not immediately disqualify you from a VA Home Loan.
- Most VA loans are “assumable.” This means you can transfer your VA loan to a future home buyer if that person is also VA-eligible. This is a great benefit if you have a low loan rate in a rising interest rate environment.
- There is no mortgage insurance for VA Home Loans despite the no down payment option
If you are a Veteran thinking about purchasing a home in the greater Charlotte area and need an introduction to some of our regions top VA home loan lenders, contact us at Great Homes In Charlotte. We would be delighted to make the introductions and get you on your way to achieving the American dream of home ownership with a VA home loan.