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VA Loans

What is a VA Loan?

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.

How to Benefit From the VA Loan Program

Getting a VA Loan:

  • Find the property suitable for your needs.
  • Contact a lender, and apply for the loan.
  • Present your discharge or separation papers relating to latest period of service and/or a Certificate of Eligibility.
  • Property is appraised by approved appraiser.
  • Estimate of property's reasonable value is determined.
  • Wait for application approval.