Veterans Home Loans, also known as VA loans, serve very diverse people with one common denominator: service in the Armed Forces of the U.S.
These loans help servicemen and women to readjust to civilian life and own a home after they’ve completed their years of service.
The loan program was created in 1944, and according to the Department of Veterans Affairs, it’s provided over 18 million home loans to veterans. Veteran Home Loans are particularly beneficial due to the fact that many servicemen and women are deployed and spend a significant amount of time abroad. This means they don’t have the chance to establish a credit rating that could allow them to borrow like civilians. The loan program provides military personnel with the ability to be at par with civilians when it comes to asset building.
Notable features of the Veteran Home Loan is that it requires no down payment and helps struggling borrowers by renegotiating terms with lenders on behalf of the veterans. They also provide counseling and help military personnel figure out the best approach to repayment to avoid stressful situations like a foreclosure on homes.