In honor of Veteran’s Day this Friday, here’s an introduction to a home loan designed specifically with veterans and their families in mind.
VA mortgage loans were first established more than seven decades ago as a part of the original Servicemen’s Readjustment Act of 1944, commonly known as the G.I. Bill of Rights, to honor them for their service to our country. As explained by the U.S. Department of Veterans Affairs, the legislation provides:
- education and training;
- home loans;
- unemployment pay.
Subsequently the act has been revised and updated many times. For example, those serving our country on or after September 11, 2001, may be be eligible for additional benefits.
The VA loan has always been an important part of the G.I. Bill of Rights. This mortgage can help active-duty service members, veterans and surviving spouses. By obtaining a VA loan, the recipient:
- may not have to make a down payment;
- can assume a mortgage from another veteran;
- won’t have to pay a monthly mortgage insurance premium;
- has access to competitive mortgage interest rates;
- and won’t have to worry about a prepayment penalty.
To apply for a VA loan, contact a good mortgage loan originator to find out if you are eligible. If you meet the necessary requirements, you will have to provide the following documentation:
- Certificate of Eligibility
- Credit report
- Last two paystubs
- Recent bank statements
- Employment history
There you have it: a basic introduction to VA loans. If you’re interested in learning more, check out what to look for in a New York mortgage lender to help you get started.
Happy Veteran’s Day, and a special thanks to all of our servicemen and servicewomen!