While the G.I. Bill educated millions of military veterans, VA loans give them a step up on homeownership. Here are the basics of VA loans.
The Basics of VA Loans
Much like a HUD, the VA does not actually issue home loans to veterans. Instead, it makes home loans easier to get by guaranteeing that lenders will be repaid the full amount issued. This protects lenders from the risk of default on the loan.
In exchange for the VA guarantee, lenders provide easier loan processing and make it far easier to get into a home from a cost perspective. In many cases, the borrower will not be required to make a down payment or a nominal one if necessary. The borrower will also not be require to pay private mortgage insurance, which non-military borrowers typically must pay on loans made with less than a 20 percent down payment.
One potential downside to a VA loan is the guarantee amount. Currently, the maximum amount is $203,000. In many parts of the country, this figure is insufficient to buy a home. Veterans should contact their local benefits office to find out current guarantee amounts as the program is modified from time to time.
To obtain a VA...
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