Home Run Hits for the Veterans

Picture yourself being 19 again, before you ever served time in the military. Were you nervous? Were you excited? Did you feel proud to serve the country you live in for the people that live in it? Come back to the present time, where you are now a war veteran, safely back in America, living a citizen's lifestyle. Because of all of the time you spent serving your country, you may have not been able to work up a whole lot of credit. You may not have any credit at all. But maybe it's been 20 or 30 years, so you should have credit built up. Unfortunately, without any sort of credit, it is impossible to get loans for houses and cars in this country.

Fortunately, active and retired members of the military are eligible for special Veteran Loans, which are loans especially put out by the government to help military men and women get back on their feet after returning from the service. This means that those of you out there who may not have credit built up because you were away for so long, still have the chance to get a loan to buy a new house and car.

Credit and income standards for veteran loans are much less strict that conventional loans, which means that a lot of people who wouldn't normally be approved for a conventional loan are certainly able to be approved for a VA loan. Most VA loan companies can also help you get a loan that costs you zero down with a very small interest rate. This means that those of you out there who cannot afford to make a down payment, can still own the home of your dreams.

Another advantage to a VA loan is that you don't have to deal with private mortgage insurance. The VA does not require PMI and it also prohibits lenders from requiring it. Your loan is guaranteed by the government, so you never have to worry about a private lender coming in to take your things. The government takes care of all of the business for you.

Although interest rates for the VA loans generally follow the trends of the conventional loans, the biggest benefit is that you won't have to make a down payment on your home. That down payment is usually what makes people hesitant about purchasing a home, so not having to worry about something like that makes a huge difference.

Now, the maximum loan that is guaranteed for a VA loan is $240,000. That means that these VA loans definitely aren't for everyone. For most people in the country, this will get them a decent sized home, but for those living in California or New York, this probably doesn't cut it. However, that's just the maximum guarantee. That means that some people will certainly qualify for more in loans than that. VA loans try to be as flexible as they can because they want to help out active and retired service members as a thank you for all of the hard work and dedication that you have put in over the years.