What is a VA home loan?
The VA Home loan was established in 1944 as part of the Servicemen’s Readjustment Act signed by President Franklin D. Roosevelt. Commonly referred to as the G.I. Bill, it provided returning World War II veterans with funds for medical care, unemployment insurance, higher education and housing.
Who is eligible for a VA home loan?
Any individual who has served in active duty of any branch of the U.S. military for a minimum of 90 days. Non-active personnel such as individuals who have served in the Reserves or National Guard are also eligible if they have completed six years of service. Spouses of deceased or missing military members are also eligible so long as they have not remarried.
What is the advantage of the VA loan?
It does not require a downpayment and it does not have private mortgage insurance.
What type of home can be purchased with a VA loan?
A primary residence
What is the loan amount allowed on a VA loan?
The loan amount allowed is determined by the area median home prices.
As we celebrate Memorial Day, let us remember those who have made the ultimate sacrifice for our Country and those who continue to serve. Thank you for your dedication and service! Happy Memorial Day!