About VA Mortgage Programs
VA Mortgage Programs were created by the federal government in 1944 through the original Servicemen's Readjustment Act, more commonly known as the GI Bill of Rights. The mortgage provisions of the original GI Bill provided veterans with a federally guaranteed home with no down payment. The GI Bill was instrumental in helping veterans and their families prosper after WWII, and it played a major role in growing the U.S. economy in the postwar era.
It is important to note that the VA does not make home loans itself. Instead, VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty allows lenders to waive down payment requirements, and allows you to obtain favorable financing terms. Under the Veterans' Benefits Improvement Act of 2008, the VA will now guarantee a mortgage loan from a VA approved lender up to the amount of $729,000.
More than 25.5 million veterans and service personnel are eligible for VA mortgage benefits. Call our office today, while interest rates are low, to find out how the VA can help you refinance into a more affordable mortgage.