Prelude:
My goal for this blog is to reach my military personnel. I am speaking to all of my active duty members, Reserve and National Guard servicemen and all veterans of all branches.
Many people don’t know this, but when I was 19, without consulting any friends or family, I decided to join the Army National Guard in Alabama. I was a 12N, a horizontal engineer; My unit excavated land using heavy equipment, deployed more than any other unit in the United States and I was able to see some of the world including passing through Ireland and spending some time in Romania for training.
The ANG provided a way for me, coming from a poor family, to be able to afford college. (And looking back, it provided so much more than that.) It was an honor and I often think about what it would be like to rejoin.
I want to first pay my respects to all servicemen. Thank you for your service. Any way that I can give back to all of those who have served, I will, starting with this blog. Here’s what you need to know:
What is the VA Home Loan Guaranty?
The VA Home Loan Guaranty is a guarantee from the VA that in the event of foreclosure or loss, the VA will reimburse the lender.
Who is eligible?
Eligibility for the loan varies based on how you served but in simple terms, active duty and veterans who have with discharged with any status other than dishonorable as well as National Guard or Reserves servicemen and veterans who have an honorable discharge may be eligible.
Spouses:
Certain spouses may be eligible for some of these benefits– click the link to see the full list of eligibility requirements here:
Why choose VA ?
No Down Payment requirement: VA does not require a down payment- As long as the sales price is at or below the appraised value. Your lender may require a down payment but VA does not.
No loan limit: If you are able to afford the loan, the VA will back your loan regardless of the home price.
Limited closing costs
No PMI: PMI is private mortgage insurance, you can basically call it an additional payment built into your monthly mortgage. With the VA backing your loan, there’s no need for PMI which could save you money.
Wrapping it up:
Again, my goal is to cater to servicemen and veterans. Any way that I can give back to those who have served, I am up for the task. I hope this helps you to understand the basics of The VA Home Loan. If you want to have a conversation about your own eligibility or your spouse' eligibility, click the link below to get started!
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