To Celebrate Our Nation’s Military, Here’s A Brief Look At The VA Loan.

VA Loans came to be during the 1940’s when President Franklin D. Roosevelt signed the Servicemen’s Readjustment Act in 1944.  The new law of the day was designed to help financial stability of veterans of the U.S Armed Forces (and later their spouses) by offering a means of financing part of a real estate, farm or business investment.  It is the only part of the act still in existence today.

Today, this esteemed program for our nation’s veterans offers a plethora of residential real estate benefits that includes guaranteeing 100 percent of the purchase without the need for private mortgage insurance and the loan to be assumable to qualified individuals.  Additionally, the loans allow for 103 percent financing, saving substantial upfront costs when closing.

The program has guaranteed over 20 million loans since it was first developed and continues to be utilized for financing homes across the country.  In high cost counties, like the Bronx and Westchester Counties, the limit for financing grew to $721,050, expanding the road to homeownership to our nation’s veterans.

A big part of the way the character of our nation is measured is on how we treat our veterans.  In today’s political climate, with so many pressing issues that where we take a stand, our veterans protect our freedoms that allow us to have the platform to speak.  They protect our republic, our democracy, and the privileges that we so often take for granted.  Therefore, we all benefit by helping our veterans obtain an easier pathway to things like homeownership, as they protect American society’s sovereignty over our way of government and our freedoms.

For a synopsis on qualification requirements on the VA loan program, visit:  https://www.benefits.va.gov/BENEFITS/factsheets/homeloans/VA_Guaranteed_Home_Loans.pdf