Around this time of year we think about our US Veterans. Many places of business honor them through offering discounts and specialty programs during their holiday period. One program that is available to Veterans year round is the Veteran Affair’s Mortgage Loan. This is a federal government secured loan through the Veteran’s Administration that offers many benefits for not only actual veterans but can include the following:
· Reservists
· National Guardsmen
· Un-remarried spouses of the deceased
· US Citizens that served for a US ally during WWII and their spouses
This program may only secure about a half of the actual loan but it features many benefits for those veterans that qualify with good credit, a sensible debt to income ratio, and intention to live within the purchased dwelling within a certain amount of time after closing. VA loans offer no down payment and fixed interest rates, regardless of the borrower’s history. Amortization periods can stretch longer than the traditional 15 to 30 year mark and there is no prepay penalties. Other benefits include closing costs only getting so high due to the limitations set through this program, the loan being assumable to new borrower, regardless if they are a veteran or not, and a very flexible forbearance program for veterans that come into some financial problems.
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