From Service to Home Ownership: The VA Loan Advantage

Benefits for United States veterans go all the way back to 1636 when the Plymouth Colony was at war with the Pequot Indians and a law was passed stating the disabled soldiers would be supported by the colony. Over the next two centuries, additional services and assistance were established for our soldiers and veterans.  In 1917, when the United States entered World War I, Congress established a new system of veteran’s benefits including programs for disability compensation and vocational rehabilitation administered by three different Federal agencies. The establishment of the Veterans Administration in 1930 consolidated and coordinated Government activities of the three agencies.  The World War II GI Bill of 1944 had more impact on the American soldier than anything since the Homestead Act a century before putting them in homes after returning from war. The Department of Veteran Affairs was established as a Cabinet-level position in 1989 putting veterans as Pres. Bush declared “where they belonged in the Cabinet Room at the table with the President of the United States of America.”

What is a VA Guaranteed Loan?

VA guaranteed loans are made by private lenders, such as banks, credit unions, or mortgage companies to eligible veterans for the purchase of a home, which must be for their personal residence. Veterans apply for a loan through a lender and if approved, VA guarantees a portion of the total loan amount.  VA’s guarantee allows the veteran to obtain a competitive interest rate without having to make a down payment. The amount of a loan a veteran can be approved for depends on the property location and the entitlement the veteran has available as well as credit and income factors. A loan officer with a VA-approved lender determines how much the veteran can qualify for.

WELCOME HOME

VA Loan Features

• Equal Opportunity for all qualified veterans to obtain VA Loan
• No down payment (unless sales price is more than appraised value or loan exceeds maximum entitlement)
• Buyer is informed of reasonable home value
• Negotiable interest rate
• Ability to finance VA funding fee, if applicable (waived if 10%+ Compensation Disability)
• No mortgage insurance premiums
• Assumable to a qualified buyer
• No prepayment penalty

Purposes for VA Loan

• To buy a home, condo, duplex, triplex or quadruplex
• To build a home
• To purchase and improve a home
• To install energy-efficient improvements
• To refinance a VA or conventional loan
• To buy a manufactured home and lot

*New Construction or Resales Homes Qualify*

For more information contact me at 858.752.8361 or Schedule a meeting CLICK HERE

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