Due to service, military personnel are often removed from what is considered traditional circumstances. Whether its being deployed overseas or stationed on a military base stateside, our military end up with limited opportunities to build tradition credit histories and live in traditional financial situations.
With that in mind, in 1944 the government developed an idea to provide a home loan guarantee program for qualified US Veterans and active duty military personnel. The hope was that the program could help our servicemen and women get funding for homes through a simple and streamlined process.
As it turns out, the program has had a huge amount of success throughout its history. The VA loan program has proven itself against conventional and FHA loans time and time again. In the recent 2008 recession, VA borrowers foreclosed far less than most other borrowers. Now, 20 million veteran homeowners later, the program is still strong.
Military families and Veterans get many amazing advantages when they use the VA loan program. One of the primary benefits to the VA loan program is that there is no down payment required. This helps military families who may not have been able to build the savings normally necessary to get a home, to qualify for a VA mortgage.
All of this is just one of the ways that we as a country have decided to thank our military for their service. As an organization of lenders, we are proud to extend our hand to help US Veterans and their families as they start their path to homeownership.
Recent Comments