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Service In The Military Almost Guarantees You A VA Loan

By admin On June 4, 2010 Under Featured Posts, VA Loans

In today’s market it’s hard to get a loan but if you’re a veteran you might have a better chance to get a VA loan. Depending on the circumstances, you may be more eligible for a loan than a person who has never served in the military. It doesn’t hurt to check it out.

Even if you served in the military a long time ago you still might be eligible for a VA home loan to refinance your home.  They are giving the military preferential treatment these days because of the war but you might as well take advantage of it to get a VA loan.

VA loans aren’t a government handout.  You can get a loan if your service is extended to active duty, or a reservist, or if you’re a member of the National Guard.  Some surviving members of families of military members who were killed in action are also eligible for a loan.  You have to remember that VA loans may not be guaranteed approved but they are treated differently than non-military applications.

A VA loan means the government guarantees the repayment of the loan plus the down-payment is waived. It means you still have to pay your mortgage and the government is like a co-signor on that loan.  It’s one of the rights that service members have when they serve in the military. It’s the government’s way of repaying our military members for protecting our country.

However, just because you’re military in active duty doesn’t mean you’re eligible for the loan.  You still have to meet the guidelines and apply through their lender, by mail, or through their Internet site. A VA loan helps people who might not qualify otherwise.

If you’re still in active duty you have to get a statement of service assigned by your commander of the unit or a higher up.  The statement must include your full name, SS number, date of birth, active duty status, any lost time, and the name of your commander. If you’ve never been in the military, you won’t understand how hard it is to get this information. Paperwork is not the government’s forté – always more red tape.

Of course, if you’re a reservist or a National Guard member there is even more paperwork, such as annual retirement points statement and evidence of military service plus all the other information. Sometimes it’s a lot of work but in most cases, it’s worth it. 

One of the best things about a VA loan is they usually have the lowest interest rates but sometimes that’s not the case. The interest rate for military loans runs along the same as interest rates for banks, they just make it easier for military personnel to repay the loan.

Remember, that a VA loan is a privilege, a small token of the government’s appreciation for its service members. If you understand what it is to get a VA loan you shouldn’t have any problems getting one. Some may think that a VA loan is a hassle but the interest rate alone is well worth it.

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