Veterans have risked their lives to ensure our freedom and pursuit of happiness as Americans. As a reward, the Veterans Administration (VA) has set up a program to assist eligible service members, veterans, and surviving family members in their quest to become and/or remain homeowners.
Under this program, the agency provide loan guaranty benefits and other housing-related programs to enable qualified recipients to buy, restore, repair, build, retain, or renovate a dwelling for their own personal occupancy and accessibility needs.
This program is ideal for active servicemembers and veterans who are struggling to buy or hold onto a Home in these uncertain financial times. It is also designed for injured active or former military who must adapt their residence in order to address their accessibility specifications. In many cases, these circumstances can dictate whether the individual(s) will be able to purchase, maintain, and/or stay in their home.
It is important to note that VA Home Loans are provided by private lenders, such as banks, credit unions, mortgage companies, etc. The VA underwrites or guarantees a portion of the loan, which, in turn, allows the lender to provide eligible applicants with more favorable terms. Essentially, the VA acts as co-signer on the loan and reduces the risk incurred by the lender.
Surviving spouses and/or family members can also benefit from this program, especially if the head of household or breadwinner has recently died. This sudden loss can often paralyze and devastate a family from a financial, as well as emotional, standpoint. Thus, it is important to contact the VA and determine your eligibility for this benefit.
As a thank you to service members and veterans who have risked their lives to ensure the American way of life, the VA has established many programs to assist eligible service members, veterans, and surviving family members in their pursuit of happiness. For many, this includes the ambition to become and/or remain homeowners. Bottom line–Attention Vets: Take advantage of the VA Home loan.