Why would anyone willingly become a soldier — where you can get shot at or blown up? Partially because of patriotic pride and to help safeguard the freedoms we take for granted today. And partially because of perks given to soldier such as guaranteed Veterans’ Administration or VA home loans that help not only you but your family. By serving your country for at least 181 days (90 in wartime), or getting an honorable discharge, you can help get a bit of the American dream – your own home. It’s the least the government can do.
Remember, this is a loan – which means you have to pay it back. Although it might sound like a hassle to get a VA home loan, being able to get one will make a positive impact on your credit rating, which will help you get any kind of loan in the future.
VA home loans act like the safest kind of mortgages (which have fixed income rates). Some lending institutions offer loans of varying payback lengths from 15 years to 30 years. You can get one through a regular bank or a lending institution specializing in these kinds of home loans, no matter what your current credit situation is. You do need to fill out forms from the VA in order to get this special loan, starting off with VA Form 26-880 asking for a Certificate of Eligibility.
Who Pays For This Program?
The VA home loan program is taken care of by a group called the VA Loan Guarantee Service, which is part of the Veterans Benefits Administration. It’s all paid for by the government, which in turn gets its money through taxes. So, in a way, the American public pays for all VA guaranteed home loans.
In April of 2008, the US Department of Veteran’s Affairs estimate that there are over 10,000 homeless veterans in the country. These homeless veterans often turn to drugs and alcohol in an attempt to self-medicate their problems away. Although homelessness is a complicated problem with numerous causes, not being able to adjust to civilian life can be one of them. This upheaval in trying to readjust was the main reason why the VA home loan program started in 1944, even before World War II was over.
Many advocates for the homeless stress that homeless people, including homeless veterans, need to have a roof over their heads before they can settle down to working on their addictions or other problems. Then, they can become productive members of society again. Considering that soldiers help protect all Americans, making sure they get a roof over their heads is the least the American public can do.