This year marks the 75th anniversary of VA Home Loan Benefit offerings through the Servicemen’s Readjustment Act, also known as the GI Bill.
Facts About VA Home Loans:
- Nearly 24 million home loans have been guaranteed by the Veterans Administration.
- Nearly 82% of VA home loans are made with no down payment.
- The VA also provides grants to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs. Last year the VA provided 2,000 grants totaling $104 million.
Benefits of a VA Home Loan:
- No down payment
- No Private Mortgage Insurance
- Lower credit score requirements
- Limitation on closing costs
- Lower average interest rates
Since 1944, this program has created opportunities for those who have served our country, ranging from vocational training to home loans.