Important Information On Veteran Loans

Va loan advantages and disadvantages

Every single year a large number of people sign up and register to go and fight for this country. This means that every year there are a large number of people who are thus deployed to go fight in a war against the enemies that threaten the United States of America. With this in mind understand that there are then, in turn, a large number of people who return home from fighting in the war and must try to adapt to life at home.

A lot of veterans have a very difficult time coming home and returning to a normal life for a number of reasons. Some of this involves the fact that they may suffer from serious mental damage done to their mind while being involved in combat. These people have possibly seen their friends die in combat or have suffered from traumatic life or death experiences and it is difficult for them to move past this.
This is where VA loan lenders come into play as they try to help veterans. Here is what you need to know about VA loan lenders, VA home loan rates, and how they help veterans.

Right now in the state of Texas alone, there are over 1.5 million Veterans. The median income for these Veterans in the state of Texas is around $40,226. This is not a lot in the state of Texas which is why VA loan lenders are so important to Veterans. Understand that in the state of Texas in 2016, more than 58,774 home loans were given to Veterans to help them have a house to live in.

That is just one example of how VA loan lenders help Veterans, here are some others. The VA home loan program has helped 22 million Veterans achieve home ownership and in 2016 the VA helped guarantee more than 707,107 home loans to Veterans in need. Currently, VA mortgage rates offered are as much as 50 basis points lower than those available from normal mortgage companies.

Loans offered by VA loan lenders do not need mortgage insurance while also allowing for 100% financing. In order to be eligible for a VA loan, the soldier must have served six years in the National Guard or Reserve, 90 days during war time, or 181 days during war time. However, a spouse of a soldier killed in battle can also qualify. In the year of 2015, first-time homebuyers received a total of 134,808 home loans while previous home buyers received a total of 187,307 home loans.

In Conclusion

VA loan lenders are incredibly important to all of the many veterans coming home from their time of service. These brave men and women decided to risk their health and well being to protect this country and all of the freedoms we as citizens enjoy each day. It is only right that we, as a society, work to help make their lives as easy as possible when they return home. That way, Veterans can feel appreciated while also returning to a normal life where they can do whatever they want with themselves whether it be starting a business, returning to school, or even starting a family.

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