What Benefits Do You Have As A Veteran?

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What Benefits Do You Have As A Veteran?

  1. 1. What Benefits Do You Have As A Veteran?
  2. 2. For families and individuals currently serving or who have served in the military, VA loans have been made available to them to help them purchase homes. In some cases widowed spouses who have not remarried are also eligible for these loans. Let's outline the qualification requirements for these individuals and single parent families.
  3. 3. But even with all of the anticipated delight of purchasing a home lingering in the near future, the process of buying a home can still be a stressful procedure. For this reason, the fact that buying a home for the first time can be stressful and complicated event, those who are looking to buy their new home for the first time should consider a few of the following tips on how to make the entire process easier and to ensure that the final product from all of the person's hard work is exactly what they expect it to be.
  4. 4. In the 1970s the Veterans Housing Act (1970) and the Veterans Housing Benefits Improvement Act (1979) removed termination dates for applying for loans and bumped the benefits that veterans were eligible. All of these benefits were restricted to veterans who had served on active duty during specified dates. Then the Veterans Home Loan Program Amendments of 1992 came along and expanded the program to include military reserve personnel and those serving on the National Guard.
  5. 5. Post-Traumatic Stress Disorder can occur after any lifethreatening event such as a natural disaster, a personal attack, or military combat.
  6. 6. Under the new act, the requirements for qualification are as follows. Widows applying must have survived their spouse who must have died in service or passed away from a service-related disability.
  7. 7. After narrowing down the needs of the family by home type, a person can begin to narrow down the available selection even farther with the filter of specific features that the family will require the home have. Some considerations that will be very important to the homeowner later on once they have moved into the home will include such things as the location of the home, the layout of the home, and even specific features like the placement of the bathrooms, bedrooms, and garage or storage space.
  8. 8. Provided that a widow or widower of a veteran qualifies under the requirements outlined above, VA Loans can be provided to them through an approved lender and will be backed by the government and include benefits like eliminating VA home loan funding fees, allowing the applicant to pay zero down on loans to $417,000 or more depending on the area, no penalties for early payoff, competitively low interest rates, and the option to refinance up to 100% of the appraised value of the home.
  9. 9. The cost of the home is a very important aspect to the first time home buyers decision. Determining what can be afforded will require an honest discussion about one's finances.
  10. 10. Since the program was established in 1944 with the original G.I. Bill, the Department of Veterans Affairs stated that as of October 2012, it has guaranteed 20 million home loans. Number 20 million was provided to the surviving spouse of an Iraq War veteran. For more information on VA loans and other home loan options, contact Government Loan Pro today.
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