The general rule of qualification for Veteran mortgage loans is that it is for soldiers who have served in any conflict involving U.S. involvement, domestically and abroad. Oftentimes, the offer extends to the family members of servicemen and women as well. Veteran mortgage loans help military personnel finance their homes upon returning to civilian life post-conflict or stationed term. It is one of many benefits offered to those who have dedicated their lives to protecting the United States within and outside its borders.
Apart from having served time in the military, Veteran mortgage loans require a number of other factors in order to receive the loans. This includes: a Social Security number, residence addresses for the past two years, names and addresses of employers for the past two years, and a list of assets. In addition, a financial record must be submitted containing information on the recipient’s current gross monthly salary, checking and savings accounts, other loans, real estate, estimated value of furniture and personal property, and W2 forms for the past two years. Self-employed Veterans may need to provide tax returns for the past two years with a current income statement and balance sheet for the business. Finally, a credit report and appraisal of any property must be obtained at the Veteran’s own cost.
A lack of any of this information may not necessarily disqualify a Veteran from receiving Veteran mortgage loans. As former servicemen and women, there are many lengths they can pursue in order to obtain the financial support they need in financing their homes. The U.S. Department of Veterans Affairs holds a vast amount of nationwide resources to assist Veterans in all locations in completing their loan deals. Through a mandate, Veterans Affairs will guarantee a maximum of 25 percent of home loans up to just over $100,000 with a maximum loan amount of $417,000. In addition, Veterans Affairs will guarantee loans made by private lenders, such as banks and mortgage companies, to help protect any losses the owner may come up against in the future.
Veteran mortgage loans are a great way for Veterans to receive the financial support they need in order to live comfortably in homes for their new civilian life. Veterans may also want to look into types of army insurance and military home loans.
Learn more about the Loan Guaranty Home Loan Program and the Navy Federal Credit Union.
Abby Bramski is married to a Veteran and has recently received a Veteran mortgage loan.