Though best known as a method for military veterans to purchase their first homes, the VA home loan program also has a VA refinance subprogram that many military veterans are using to secure lower interest rates on their mortgages and also to get cash for other purposes. With how quickly our local, national and world economies all change from quarter to quarter, having the type of freedom and flexibility offered by refinancing is a very sound idea.
Though the VA refinance section of the VA home loan program is just one of its sections; it is one of the more important ones. Bundled in with the original GI Bill as WWII was nearing its end, the VA home loan program was tailor-made for the purposes of boosting the nation's economy by increasing the number of homes sold and of thanking the returning veterans for the sacrifices they had while serving overseas in a foreign war. In the seven decades since its inception, the VA home loan program has sponsored more than $911,000,000,000 in home and refinance loans that have gone to military veterans and their families. What's remarkable about this mortgage help is that only 10% of the borrowers had to pay a down payment since 90% of these VA home loans were in fact 100% financed. A military veteran does not have to do much to get the VA refinance program started. At first, he or she simply needs to prove who he or she is, while also providing some evidence of where they have been living and working for the last couple of years. To prove these things, a military veteran is usually asked to provide his or her last two W2's, evidence of the last two years of housing history, evidence of the last two years of employment history, his or her Social Security Number, his or her DD214, and a certificate of eligibility.
A VA home loan expert will know soon after getting a hold of these documents whether or not the prospective borrower's loan application has a chance of getting approved. Usually, since the requirements are simpler and easier to meet than those of other mortgages, most applicants are able to move forward at this point and apply for the actual loan.
The fact remains that the VA home loan program and its VA refinance subprogram were created as a way to thank our nation's defenders for their selfless service. As a result, when the moment comes for them to return home to us, we need to do what we can so that they are able to live the lives that they deserve.
Therefore, when the time arrives for a military veteran to purchase or refinance a home, they need to look into how this loan program can assist them.
Though the VA refinance section of the VA home loan program is just one of its sections; it is one of the more important ones. Bundled in with the original GI Bill as WWII was nearing its end, the VA home loan program was tailor-made for the purposes of boosting the nation's economy by increasing the number of homes sold and of thanking the returning veterans for the sacrifices they had while serving overseas in a foreign war. In the seven decades since its inception, the VA home loan program has sponsored more than $911,000,000,000 in home and refinance loans that have gone to military veterans and their families. What's remarkable about this mortgage help is that only 10% of the borrowers had to pay a down payment since 90% of these VA home loans were in fact 100% financed. A military veteran does not have to do much to get the VA refinance program started. At first, he or she simply needs to prove who he or she is, while also providing some evidence of where they have been living and working for the last couple of years. To prove these things, a military veteran is usually asked to provide his or her last two W2's, evidence of the last two years of housing history, evidence of the last two years of employment history, his or her Social Security Number, his or her DD214, and a certificate of eligibility.
A VA home loan expert will know soon after getting a hold of these documents whether or not the prospective borrower's loan application has a chance of getting approved. Usually, since the requirements are simpler and easier to meet than those of other mortgages, most applicants are able to move forward at this point and apply for the actual loan.
The fact remains that the VA home loan program and its VA refinance subprogram were created as a way to thank our nation's defenders for their selfless service. As a result, when the moment comes for them to return home to us, we need to do what we can so that they are able to live the lives that they deserve.
Therefore, when the time arrives for a military veteran to purchase or refinance a home, they need to look into how this loan program can assist them.
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