The government offers a variety of veteran loans to those who have served in the U.S. military. Unfortunately, these Veteran loans are not taken advantage of enough; the loans offer affordable funding designed to help veterans get on their feet once they return to civilian life. The most widespread type of veteran loan is the veteran home loan referred to as a VA Loan. The Department of Veteran Affairs has partnered with a variety of banks, third party lenders and credit unions to bring veterans the best interest rates and coverage to enable them to become homeowners. This particular veteran loan does not have an age or time limit.
Qualifications for Veteran Loans
In order for your veteran loan application to be accepted, particularly for a veteran home loan, you need to meet one of the following criteria:
• Have served 6 or more years in the National Guard or military reserves
• Have served for 91+ days on active duty during wartime
• Have served for 181+ days on active duty during peacetime
• A spouse was killed in action
• Receive an honorable discharge from the U.S. military
As long as one of these qualifications is met you should be eligible to apply for veteran loans through your local participating bank or lender. A certificate of eligibility may be required depending on the lender.
Benefits of the Veteran Home Loan
Getting a veteran loan should not be intimidating and you should not pass up the chance to apply for the veteran loan if you think you have the chance. The veteran home loan especially gives you the opportunity to plan long term and become a homeowner. Unlike other loans, the veteran home loan provides 100% financing, meaning that there is no down payment necessary. The government just released the new 2012 figures for VA loans and is available on the Department of Veteran Affairs' website. Unless otherwise stated by individual county, the new 2012 loan max for veterans seeking to buy a home is $417,000. This money can be put towards buying a house, and a second veteran home loan can be applied for once the first loan has been completely paid off and/or the property sold.
Other Veteran Loans Available
While qualifying veterans are encouraged to apply for the veteran home loan, there are other veteran loans available. School and business loans are also assets that should be taken advantage of when continuing education and going into business.
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District of Columbia