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There are many common misconceptions about the federal Veteran Loan Program. Below you will find basic information explaining how the program is used, as well as important stats and figures about the program for 2009.
Of the nearly 24 million living Veterans, less than 10% have used a VA Loan.
Although nearly all Veterans are eligible for VA Loans, there are only 2.1 million VA Loans currently issued.
Nearly 20% of Veterans are not aware of the VA Home Loan Program.
Over the history of the program, 18 million VA Home Loans have been insured by the government.
Don't be left out on the benefits you've earned! Your service has afforded you the right to use the benefits of a VA Loan to own a home. Let us help you learn more about this incredible opportunity. Take the first step toward using your benefits by filling out our no-obligation online request form..
Over 80% of VA Loan borrowers could not qualify for a conventional loan.
Because the VA understands the unique needs of Veterans, it has a different set of standards for helping those who've helped their country.
VA Home Loans are nearly identical to most conventional loans, but often offer many extra benefits.
The main factor that sets VA Loans apart from other loans is the no down payment requirement.
Over half of VA Loan borrowers cited not having to make a down payment as their main reason for taking out a VA Loan.
Another government program, the FHA, is trying to implement no down payment loans, but that is unlikely to happen. For Veterans, putting money down doesn't have to stand in the way of owning a home. In fact, many of the loan fees can even be packaged into the mortgage.
The Soldiers' and Sailors' Civil Relief Act protects service members from financial woes that may occur as a result of active duty commitments. If a service member goes on active duty after his or her loan has closed, he or she may apply for relief and have the interest rate on the mortgage set at 6%. This rate applies as long as the service member is on active duty. The Act also provides protection against eviction if the service member's rent is less than $1,200 per month and also suspends civil court proceedings, such as foreclosure or bankruptcy.
Along with VA Home Loans, Veterans are entitled to a number of other VA-backed benefits, including health and disability coverage and small business funding. Veterans interested in learning more about the many benefit programs currently being offered should visit The Department of Veterans Affairs website.
The VA Home Loan program received nearly $6 billion in funding in 2008. VA funding remains strong for 2009. With arguably the best home financing option on the market today, military home buyers are expected to take advantage of this funding and be a driving force in the recovering housing market.
To learn more about obtaining a VA Loan to help finance your home purchase, contact one of our VA Loan Specialists today. If you would prefer to speak with a VA Specialist directly, give us a call at 800-405-6682.