On June 22, VA will celebrate the 75th anniversary of the G.I. Bill. It was on that date in 1944 when President Franklin Roosevelt signed the Serviceman’s Readjustment Act into law, which became widely known as the G.I. Bill of Rights. As Veterans came home from the war, many started families and used their VA home loan entitlement to become homeowners. Through subsequent decades, new generations of Veterans continued to use the VA home loan benefit that they earned through service to our nation, becoming a fundamental pillar of the U.S. housing industry and the building of communities.
In honor of this historic event, Army Veteran Maxine Henry and Air Force Veteran Mark Connors of the VA’s Loan Guaranty Service team sat down with Borne the Battle to discuss one of the best and most popular Veteran benefits–the VA home loan entitlement.
An Outstanding Benefit
The VA home loan guaranty has several advantages for Veteran borrowers:
- Veterans using the VA home loan are generally not required to have a downpayment.
- Veterans using the VA home loan also aren’t required to carry any mortgage insurance, which saves borrowers hundreds of dollars on their monthly mortgage payments.
- Veterans using the VA home loan benefit enjoy limited closing costs.
- VA home loans have very competitive interest rates.
- Veterans aren’t charged any prepayment penalty if they are able to pay off their mortgage earlier than required while using the VA loan.
- VA provides assistance to help Veterans retain their homes during periods of temporary financial difficulty.
- The VA home loan benefit can be used multiple times throughout the Veteran’s life.
For more on the top five benefits to using the VA home loan guaranty, check out the video below.