Although recent years have seen homeownership decline, it is still considered to be an essential rite of passage for many Americans.
For those who have served in the military, the thought of finally settling down and establishing a sense of permanence can be a relief after having spent the past few years in a state of constant moving between assignments.
And yet, Veterans are not immune to the same financial restrictions that have kept so many people from home ownership. In Texas, for instance, the median income for a veteran is only $40,226 a year.
That us where veteran loan programs come in. These veteran loans help to make home ownership affordable for the people who have sacrificed so much for the good of our nation.
VA Home Loan Requirements
The requirements for a veteran loan can be broken into three parts. First, you would have needed to serve or been on active duty in the Amed Forces of the United States, or the widow of a fallen member in certain circumstances. Reservists and members of the National Guard are also eligible if they have served for six or more years.
You must also not currently own a home that is financed with a VA loan, although there is the possibility of a one-time exception to that rule.
The last rule is that you need to prove you are eligible by acquiring a certificate of eligibility. Most lenders can access that easily enough through an online VA system.
While there is a misconception that a VA loan has a strict, national limit, the reality is that the limit is highly dependent on the market in which you plan to purchase your home. Becuase of the variance, the VA will guarantee up to 25% of that loan, meaning that most lenders will not require a deposit.
The VA Home Loan program is an exemplary program that aims to assist a group of people who have put their country before their own lives. If you are a veteran looking to buy a home, it is a good idea to seek out the VA home loan lenders near you.