Buy A Boulder Home Utilizing A VA Home Loan

picture of water bubbling, turned on its side, from the national aquarium in Baltimore MD
Utilizing a VA home loan mortgage is a great benefit of service

Ever served in the US Armed Forces?  If so, Uncle Sam wants you utilizing a VA home loan for your the purchase of your very own house.  Sounds pretty good, right? A VA home loan is different than other financing, because the government is guaranteeing a portion of the mortgage. As a result, banks and lenders are more apt to be flexible on the credit and income qualifications of the buyer.

Did Colonial And Civil War Soldiers Get VA Loans?

No, utilizing a VA home loan started after World War II.  The program was instituted to level the playing field for our boys coming back from The Big One.  Initially the loan guaranteed up to $2,000 over 20 years. Yikes, by today’s standards that isn’t even the closing costs.  At the time though, utilizing a VA home loan made sense, because the average home price was around $4,000 in the US.

Government Improvements to VA Home Loans

Since it’s inception in the GI Bill, the VA home loan has improved every few years. Successive presidents have increased the purchasing power, added ARM options and extended the mandatory payback deadlines.  Throughout, the US government has guaranteed to pay back VA home loans. As a result, use is up and many veterans have benefited from this program.

What You Need To Know

Utilizing a VA home loan starts with speaking to a good lender. I can recommend several that specialize in VA mortgages. The rules are a little different and consumers need to take extra steps to complete the mortgage. Most notably, the DD Form 214 document is required.  This is accessible through the Department of Veteran Affairs.  For a detailed list of requirements, broken down by branch of service, visit this site.

My Deceased Spouse Served

I’m sorry for your loss. As a surviving beneficiary, you may qualify for utilizing a VA home loan as a surviving partner to your spouse’s VA benefits. In this case, it is best to contact the Department of Veterans Affairs.

Additional VA Home Loan Information

Check out these sites for more information on using the VA home loan and the history of the VA home loan.

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