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A white-picket fence, a green lawn, a big front porch with an American flag waving in the wind…for many, that’s the American dream. We all know there’s no place like home, and no one deserves a place to call home more than those who have devoted their lives to serving our country. And VA loans are there to help this dream come true for as many veterans as possible.
If you served time in the military and are now looking to buy a house, the benefits offered by the VA are absolutely worth looking into. There are different qualifying restrictions for veterans of different branches of the military.
o Army, Navy, Air Force, Coast Guard or Marine Corps: service of 181 days during peacetime or 90 days during wartime
o Reserves or National Guard: service of 6 years
o If you are the spouse of someone who died in service
Of course there are exceptions to these rules if you could not complete your allotted service time due to injury, a developed condition, etc. But if you do qualify, you’re in for some benefits offered by few other loans.
o No down payments, even when financing 100% of your home purchase
o Lower interest rates than conventional loans (by about .5%-1%)
o No monthly PMI (Private Mortgage Insurance)
o Lower closing costs
What’s more, VA loans are backed by Veterans Affairs (hence their name), a department of the federal government. What does this mean? It means that banks are more willing to prepare loans for people – even if they have less than perfect credit or little income – because they know that VA is ultimately responsible for a percentage of the loan. So if you’re nervous about potentially not qualifying for a VA loan because of your credit history, or if you’re nervous about making all of your loan payments, don’t be. The VA has got your back, as long as you meet the VA’s eligibility requirements. You and your family deserve to have a home that you love, and a VA home loan can be a big boost to help you achieve your dreams of home ownership.
3C Note: any questions, please contact James at
1 response so far ↓
1 Carole Cohen // Jul 29, 2010 at 10:40 am
VA loans, we know they exist, but what do they entail and what are the benefits? Our NE Ohio military population is substantial, and this is James Kelley’s specialty.
James, I am thrilled you have agreed to be a frequent guest blogger on Cleveland Real Estate News. Thank you for an informative first post. More benefits than FHA or Conventional and that’s how it should be considering what our soldiers do for us.
I bet a lot of people don’t realize they can qualify for a VA loan if their spouse gave their life in service. Just one of the good points above (and I did not know that either!)
Thanks again, and looking forward to more.
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