You may have heard about the VA Home Mortgage while researching different types of home loans. The VA program is an attractive and helpful loan program to help veterans obtain reasonable financing for their next home. The program started in 1944 with the GI Bill which was signed into law by President Franklin D. Roosevelt. This bill was intended to provide veterans with the ability to purchase a home with no down payment and affordably give the dream of homeownership to thousands of veterans and their families.
The VA Loan is still assisting veterans today with home financing with a maximum loan amount of $417,000. The full value of the property along with the funding fee may be borrowed with this program. As first intended back in 1944, a purchase of a home with the VA loan financing can be made without any down payment at all and also offers lower interest rates then normally available with traditional financing. Other perks to the VA loan include no monthly mortgage insurance premiums to pay as well as a property value appraisal.
The VA loan program only requires that you or your spouse intend to live in the property and call it your home. You can build your own dream home, or buy a manufactured home as well as buy an income property that contains up to four units as long as you occupy one of the units in the building. Also the VA loan is available for home owners who want to repair their home, make weatherization improvements or refinance an existing home loan.
Our next blog will cover who is able to qualify for the VA loan as well as what types of documentation is needed when applying for this loan. As always if you have any questions concerning the VA loan or any other types of loans please contact me at any time!
And a BIG thank you to all of our brave citizens who have served for our country!