One of the best home loan programs is reserved for our military veterans
Each November on Veterans Day, our nation pauses to salute the service and honor the sacrifice of the men and women who have served in our military. We owe a great debt to the courageous individuals who have defended our freedom at home and abroad.
Our military veterans sacrifice much to bring hope and liberty to people around the world. And when their service is over, they deserve to enjoy every aspect of the great American dream, including home ownership. The VA loan program provides them with that opportunity.
The VA loan program was created in 1944 as part of the GI Bill to expand access to home ownership for returning American veterans. Today, VA loans continue to offer affordable financing to help eligible veterans purchase homes when they return to civilian life.
VA loans, which are insured by the U.S. Department of Veterans Affairs, offer a wide range of advantages, including:
- No down payment required with up to 100 percent loan-to-value (LTV)
- No up-front mortgage insurance premium
- No annual mortgage insurance premium
- No prepayment penalty
- Forbearance/assistance options
- No maximum loan amount