Winning the War Against Veteran Homelessness: A Basic Guide to VA Loans

May 16, 2012 by  Filed under: Loans 

They placed themselves on the line of fire, facing life-threatening dangers 24 hours day, seven days a week, during the time of their active service. Therefore, it is heartbreaking to learn that about 67,000 retired military personal do not have roofs over their heads on any given night. About one in five homeless individuals are a veteran.

One way to address this is to educate military personal about their eligibility for a VA loan. This home financing assistance was ratified by Congress in 1944 and as of today, it has helped about 18 million retired military men and women. However, a survey conducted between veterans showed that around 20% of them are not aware of their eligibility for the said monetary aid and less than 10% actually take advantage of this financial mechanism.

Who Are Eligible?

The Department of Veteran Affairs (VA) has listed several eligibility requirements for a veteran to be able to avail of a VA loan. Veterans who served for 90 days during wartime (WWII, Korean War, Vietnam War) and those who served for a minimum of 181 consecutive days during periods of peace are some of the veterans who are eligible for this financial aid. Active military personal may also qualify depending on some requirements. A Certificate of Eligibility will be issued to you by the VA which you can show lenders. There are also a few financial requirements (i.e. good credit record) to qualify for the loan.

What Are the Benefits?

Of all the financial lending options in the market, VA loan is considered one of the best. Since the VA will guarantee to pay 25% of the loan, there is no down payment asked from the borrower. They also offer very competitive fixed interest rates which can be negotiated. The repayment schemes are also very manageable and can be recalibrated if the borrower is facing financial difficulties without incurring any monetary penalties. These are just a few of the VA loan benefits that veteran should take advantage of.

No Veteran Should Live on the Streets

Time and time again, the members of the armed forces have been hailed as heroes and it is a shame that many of those who sacrificed their own safety and well-being end homeless when they retire. An extensive information drive about VA loans will definitely aid these modern a day heroes get the home they deserve.

Get hurry and take these benefits.

Valoandesk.com offers veterans loan at cheap interest rate. For more details click here VA Loan and VA Loans.

Article Source:
http://EzineArticles.com/?expert=Virendra_Smith

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