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You Don’t Have To Be A Veteran To Qualify For VA Loans

By admin On June 21, 2010 Under VA Loans

You don’t have to be a veteran to qualify for VA Loans but you do have to be either a member of the armed forces or be a surviving family member.  If you or a family member has served in the military then you might be eligible for VA loans

Getting a loan from the military can help with your small business, debt consolidation, or even an unsecured loan. The low interest rate makes it the best deal in today’s loan market.  With VA loans you can start up a new business or consolidate all your debts into one payment. 

Most people know about VA loans but most think it’s just for a home loan.  Just so you know, you can get a loan to start up a small business.  Especially in today’s economy starting your own business might be the way to go.  Using the VA you can get a loan to start up your dream business of being your own boss. 

The Veterans Administration (VA) makes loans available, not just veterans but for active members of the military and surviving member of servicemen. The main advantage of using the VA is the low interest rate associated with VA loans. Plus the costs associated with loans such as closing costs, title cost, or even a down payment. 

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Since the inception of the Veterans Administration in 1944, they have been associated with home loans but rules and regulations have changed since then.  You can now get loans for a small business, debt consolidations, farms, and still get a home loan.  A VA loan is a loan that is guaranteed by the U.S. Department of Veterans Affairs as a guard against the loss of money to the lender.  The VA is like a co-signer of a loan.  They pick up the tab if you don’t repay the loan.

Depending on the type of loan you are applying for you can get the low interest rate plus reduction of some costs and still have a repayment schedule less than ten years.  In most cases a bank won’t even touch this type of loan but with help from the VA you may be able to start your own business. It’s a real possibility for servicemen to succeed where normally they wouldn’t have a chance.

Working with the Small Business Administration (SBA) VA loans have put together several different program for active servicemen and veterans. The SBA works with veterans and active servicemen in job creation and growth that is essential to economic growth. It gives the veteran a working capital, start up expenses, inventory expenses, and equipment purchases. 

So, now you know VA loans aren’t just for homes anymore.  You can get a VA loan to startup your dream business and know you’ll succeed with the help of the Veterans Administration.

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1 Comment Add yours

  1. Linda Ross
    June 22, 2010
    4:24 pm #comment-1

    I didn’t know that the VA offered other loans. That’s really cool. I’m thinking about opening a store so that SBA loan might work for me.

    Thanks

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