Nov 17, 2010

Veterans Day - VA Loans

Veterans Day: An Honored National Holiday
By Kevin Pearia, guest writer

The celebration of the 2010 Veterans Day marks the 72nd year of the national holiday. Once celebrated worldwide as Armistice Day, Veterans Day is now a United States National holiday taking place each year on the 11th of November. The date commemorates the signing of the WWI Armistice by the Allied Powers and Germany at the 11th hour on the 11th day of the 11th month with Veterans Day ceremonies commencing at Arlington National Cemetery.

Although American flags can be seen throughout the US to honor the brave men and women who have dedicated themselves to their country through military service, other countries also celebrate Veterans Day. Great Britain, Belgium, Canada, and France all honor the 11th of November, but have declared different names for the holiday. Nearly every country, including the US, commemorates the holiday with red poppies and two-minutes of silence to honor brave service men and women worldwide.

To continue its tradition of honoring veterans and active duty service members, the Department of Veterans Affairs offers them a wide variety of benefits. Veterans are able to obtain educational assistance, job training, health benefits, and even obtain a loan through the VA Home Loan program.

The VA Home Loan program has helped 18+ million veterans and active-duty service members achieve homeownership since 1944, and it remains one of the most accessible and beneficial home loan programs available to military members. Service men and women interested in purchasing a home through the VA Home Loan program can expect:
 competitive interest rates
 flexible loan terms
 zero down payment required
 no mortgage insurance required

VA loans also have high loan limits, and military members can even determine their potential loan limit using the VA's loan calculator. The VA loan calculator not only provides users with the amount of their potential home loan, but it will also help them determine what can be done to increase their loan limit if they so desire.

The VA Home Loan program strives to make homeownership accessible to all veterans and active duty service members. In fact, nearly 80% of all military members who have qualified for a VA loan would not have qualified for a conventional loan. To be eligible for application, military members must meet one of the following initial requirements in addition to submitting a copy of their Certificate of Eligibility:
 Have served 181 days on active duty or 3 months during war time
 Or have served 6 years in the National Guard or Reserves
 Or be the spouse of a service member killed in action

Although the VA home loan program has no income or credit requirements, most VA-approved lenders will desire a credit score of at least 620 to secure financing. Even those with less than perfect credit are encouraged to apply, as those with history of bankruptcy or foreclosure have been approved in the past.

Further information is available at:

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