Military Appreciation Month is celebrated each year in May. This recognition was designated by Congress in 1999, allowing us to use the month to celebrate and pay tribute to those who have sacrificed so much for our freedoms. To acknowledge this recognition, we are highlighting and detailing the benefits and features of Veteran Affairs (“VA”) loans.
A VA loan is a mortgage option issued by private lenders and partially backed by the Department of Veterans Affairs. For many military borrowers, this specific type of loan can be extremely helpful and beneficial. Let us break this down and explain why.
Who Qualifies For A VA Loan?
If you are a Servicemember, Veteran, or an eligible surviving spouse, taking advantage of a VA Loan could be an excellent option for your home buying needs. The VA Guaranteed Home Loan program was created by the original G.I Bill, Servicemen’s Readjustment Act of 1994, originated to support Veterans and Veteran families after their homecoming. Active members may include those who have served ninety (90) continuous days, Veterans who have met the length of service requirements (typically 90 days during wartime and 181 days during peacetime), those that have completed 90 days active-duty service or six creditable years in the Selected Reserve/National Guard, or if you are a surviving spouse of a Veteran. Still, there are other ways to qualify if an individual does not meet the preceding requirements; best practice is to check with the VA for comprehensive details.
What Are Four Things Borrowers Wouldn’t Know About VA Loans?
Summary
Purchasing a new home is one of life's biggest, most exciting milestones – which can also be an incredibly daunting process. We are here to make getting a mortgage easy and enjoyable, offering our best-in-class, personalized assistance. Our mortgage loan programs are created to help you achieve your unique financial goals. Regardless of where you are on your financial journey – we salute you and we are here to make your dream of homeownership a reality.
This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.
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