Veterans benefits have been around for decades, but there’s no promise that everyone with military service can actually get VA loans.
This may seem fairly odd given that VA loans are one of the most important benefits offered to whose who serve. However, it is a fact that access to VA home financing is neither guaranteed nor automatic.
Many service members and veterans are looking to take advantage of their VA loan benefit but aren’t quite ready to take the leap into homeownership.
A condo may have amenities and benefits that better fit your lifestyle. The VA offers the same guaranty on condominium purchases as they do for traditional home loans. Veterans are offered a less vigorous application process and lenient credit requirements helping more veterans own property with no money down and lower monthly payments with a VA loan.
The government has new mortgage information and guess what? It turns out that the use of VA mortgages has more than doubled since the financial crisis began — and that those who use VA loans have fewer foreclosures than any other group of borrowers.
This is a very big deal because the foreclosure crisis would be far worse had it not been for the use of FHA and VA mortgages. Now, for the first time, we can begin to see how government-insured home loans have prevented the fall of the housing market from being much worse.
There’s a big mortgage debate in Washington and vets are very much in the middle. The question is whether home loans should require at least 20 percent down.
Under new Wall Street Reform rules enacted last year in Washington borrowers in some cases will need 20 percent down.