The VA loan was one of the many veterans’ benefits created by the Servicemen’s Readjustment Act of 1944, more commonly known as the “G.I. Bill.” The American Legion campaigned for the bill, citing the need to acknowledge all wartime veterans for their service. When Franklin D. Roosevelt signed the bill into law, it was the first sweeping package for veterans transitioning from military to civilian life.
The VA loan is a simple path to homeownership for military members and veterans. Eligibility requirements are strict, but once you qualify, you may be able to purchase a home with zero down!
There are a few different types of VA loans to consider:
First mortgage on primary residence
Second mortgage on a primary residence
Mortgage on a second/rental property
Without a doubt, the VA home loan program offers some of the most generous benefits to qualified cadets, service members and veterans buying a home. Between the loose credit requirements to the generally lower interest rates, there are many reasons to start your mortgage search with VA-qualified lenders.