Did you serve in the military? It does not even matter what branch. If you were in the armed forces of the Untied States of America then you may qualify for the veterans home loan program. Yes, that's right you have more then just the GI bill available to you.
The veteran's home loan program started in 1944 when it was signed into law by President Franklin Delanor Roosevelt. The bill was great because it helped veterans of World War 2 come back home and buy a new house without a huge down payment.
All twenty five million veterans currently residing in the United States of America qualify for the program. The veterans loan program makes it a lot easier for veterans to buy a home. But remember that just because we are talking about the veterans home loan program there are also several other good programs that may help you save even more money so please look into it.
A veterans loan will guarantee up to twenty five percent of a home loan up to one hundred four thousand and two hundred fifty dollars. This limits the total loan amount to four hundred seventeen thousand dollars at the top end.
Most veteran loans are made by private institutions such as banks and credit unions. To be eligible for a veteran loan you must be buying the home for your own personal use. The only thing that is really limited is that you can't use this property as a direct investment property. Of course if you buy a duplex or tri-plex you can get renters and likely make money.
There are also other requirements. If you have been in the military for at least six years then you qualify. If you have been in more then two years you may qualify.
Because of the guaranteed loan the lender is protected on at least twenty five percent of the value of the home. If you want you can still put up a down payment which will help you to save even more money. But you do not need to.
The citizens of this country are proud of their veterans. The government is also proud of what you have done. Make sure that you apply for a Veterans loan when you are buying a house. It allows you to save money and to get into the home you deserve.
The veteran's home loan program started in 1944 when it was signed into law by President Franklin Delanor Roosevelt. The bill was great because it helped veterans of World War 2 come back home and buy a new house without a huge down payment.
All twenty five million veterans currently residing in the United States of America qualify for the program. The veterans loan program makes it a lot easier for veterans to buy a home. But remember that just because we are talking about the veterans home loan program there are also several other good programs that may help you save even more money so please look into it.
A veterans loan will guarantee up to twenty five percent of a home loan up to one hundred four thousand and two hundred fifty dollars. This limits the total loan amount to four hundred seventeen thousand dollars at the top end.
Most veteran loans are made by private institutions such as banks and credit unions. To be eligible for a veteran loan you must be buying the home for your own personal use. The only thing that is really limited is that you can't use this property as a direct investment property. Of course if you buy a duplex or tri-plex you can get renters and likely make money.
There are also other requirements. If you have been in the military for at least six years then you qualify. If you have been in more then two years you may qualify.
Because of the guaranteed loan the lender is protected on at least twenty five percent of the value of the home. If you want you can still put up a down payment which will help you to save even more money. But you do not need to.
The citizens of this country are proud of their veterans. The government is also proud of what you have done. Make sure that you apply for a Veterans loan when you are buying a house. It allows you to save money and to get into the home you deserve.
About the Author:
Gary shows everyone how to use home loans for people with bad credit and poor credit personal loans to get their finances together.
No comments:
Post a Comment