VA Home Loans are being used with success by thousands of military veterans each year, to enable them to buy their first family homes. Created at the end of World War II in 1944 as a part of the original GI Bill, this government backed mortgage program has backed a little more than $911,000,000,000 in mortgages in the seven decades that it has been in place. Veterans who may have short credit histories and little cash at hand are especially thankful for this program since 90% of VA loans have historically been 100% financed requiring no money down.
This program was started back in the day for a pair of reasons, to thank the returning veterans for their difficult and dangerous service and to boost the economy by increasing homes sales in the U.S. On both counts, the program of VA Home Loans has exceeded its objectives. Due to the fact that these loans were tailor made precisely as a way to thank military veterans for their service to the country, qualifying veterans are honored when they are able to access these loans to buy a home. Actually, purchasing one's first family home is for many, one of the proudest and most satisfying moments of a person's life.
Moreover, the truth of the matter is that nowadays is a great time to make use of VA Home Loans, since the housing market throughout just about all of America is nowhere near to being recovered. Giving veterans the ability, that they would not otherwise have, to buy a home without putting any money down, the power of these loans cannot be overstated.
Lowered or eliminated closing costs are another way that this government sponsored home loan program helps veterans get into the housing market, since a good number of the costs that make up traditional closing costs are not permitted in this program. Additionally, this eliminating of certain closing costs streamlines the entire home buying process.
Finally, it has got to be stated that VA Home Loans are not only for military veterans who are purchasing homes, but it is also for veterans who would like to refinance. And, a VA refinance is simplified and not as costly as traditional refinances are, just as a VA Home Loan is easier and cheaper than other types of mortgages. And, with the way the housing market has historically fluctuated, this type of refinancing flexibility is a very powerful tool.
This program was started back in the day for a pair of reasons, to thank the returning veterans for their difficult and dangerous service and to boost the economy by increasing homes sales in the U.S. On both counts, the program of VA Home Loans has exceeded its objectives. Due to the fact that these loans were tailor made precisely as a way to thank military veterans for their service to the country, qualifying veterans are honored when they are able to access these loans to buy a home. Actually, purchasing one's first family home is for many, one of the proudest and most satisfying moments of a person's life.
Moreover, the truth of the matter is that nowadays is a great time to make use of VA Home Loans, since the housing market throughout just about all of America is nowhere near to being recovered. Giving veterans the ability, that they would not otherwise have, to buy a home without putting any money down, the power of these loans cannot be overstated.
Lowered or eliminated closing costs are another way that this government sponsored home loan program helps veterans get into the housing market, since a good number of the costs that make up traditional closing costs are not permitted in this program. Additionally, this eliminating of certain closing costs streamlines the entire home buying process.
Finally, it has got to be stated that VA Home Loans are not only for military veterans who are purchasing homes, but it is also for veterans who would like to refinance. And, a VA refinance is simplified and not as costly as traditional refinances are, just as a VA Home Loan is easier and cheaper than other types of mortgages. And, with the way the housing market has historically fluctuated, this type of refinancing flexibility is a very powerful tool.
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