Before World War II, the U.S. had a fairly poor record when it came to compensating veterans for their service. Not much was promised, and of what was promised, little was delivered.
The U.S. began setting up various veterans programs in 1917. The Veterans Administration, now the U.S. Department of Veterans Affairs, was established in 1930 to consolidate veterans programs under one system.
After World War II, however, America was in a mood to reward veterans?and Congress followed through. Two of the programs, college paid by the GI Bill, and VA home loans, helped fuel the post-war economy and powered upward mobility for millions of veterans and their families.
VA loans are still a great deal for veterans, especially in the current economy. What?s more, these low-interest, no-down-payment loans help stabilize the housing market. They make it possible for many veterans to buy homes who otherwise could not, and VA loan financing, by lowering loan payments,?can make it possible for some veterans to save homes they might otherwise lose.
VA home equity loans can be used to pay off debts,?to invest in a new business, to send a child to college, or to buy a second home. So-called reverse mortgages have many uses in financial planning.
Veterans who buy a home with a VA loan can have the seller pay most of the loan fees and can often buy with no down payment. That alone is huge. The lower interest rate, though, can make the new home affordable when it would otherwise not be, by lowering monthly payments.
VA home loans come in a variety of terms, from the classic 30-year fixed to the riskier adjustable rate mortgage (ARM). There are even bad credit and poor credit loans for those who have had bad luck in the past. They have long been known as a great help for veterans who are first-time home buyers.
VA home refinancing can be quick and easy, compared to regular mortgage refinancing. The refinancing fees can be rolled into the loan, too, making VA refinancing not only cheaper (with lower interest rates) but also more feasible for most veterans.
A website called Veteran Streamline Refinance offers a wealth of information and resources on VA loan benefits. There is an 800 number to call for more information, or you can get free mortgage quotes emailed to you. The site is well organized, with sections such as a Personal Finance Guide for Veterans and links to a wealth of other helpful resources for US veterans.
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