subject: VA Loans For Ex-Military Personal [print this page] VA Loans For Ex-Military Personal VA Loans For Ex-Military Personal
The Veterans Administration loans are not exactly loans. In fact, they are a guarantee from the government to the lender that if in case the borrower is not able to pay back the loan then half of the payment of the loan will be made by the government. This makes the lenders convinced on approving the loan because they are sure of getting their money back. The borrower on the other hand feels safe as they are covered by the government.
The VA loan is not available for everyone. It is an especially designed loan by the United States department of Veterans Affairs for the veterans only. The people who are or were previously employed in the military can apply for this loan and take advantage of it. Besides these people, spouses of those individuals who have died in the service of the nation can also apply for this loan. Members of the National Guard and reservists are also eligible for this loan.
There are many advantages of VA loan over the other housing loans. It is a reward from the government to the people who serve this nation. Everybody dreams of having a house of their own but in these economic times it is difficult. However, if you are an individual from the military of this country then you can fulfill this dream by applying for VA loan. Besides the fact that it is backed up by the government, the interest rates charged on these loans is lower than other, there are no penalties charged and the monthly payments are also low. This way you can save thousands of dollars which you can invest somewhere else and earn more income.
If you have served the military for three months or as members of National Guard or reservists for six years then you can become completely eligible for this loan. However, if you are discharged from these services due to dishonesty then you cannot apply for this loan.
In the process of applying for VA loan you have to fill the certificate of eligibility which can be obtained online. Then to get the favorable conditions on the loan, you should have all the required information which you can obtain from a VA loan specialist.
There are countless benefits of VA loan and you should definitely utilize them as early as possible instead of worrying about other housing schemes that you see on television.
