Homeownership and buying one’s first home can be an extremely exciting and, ironically, terrifying situation for many people. This mixture of fear and enthusiasm are produced by the great risks of buying a home and the exhilaration at the prospect of becoming a new and first time homeowner.
In 1944, the Servicemen’s Readjustment Act (informally known as the G.I. Bill) was passed by Congress, which provided eligible veterans with a wide array of benefits. Many of the perks included in the Act was the ability for veterans to apply for low-cost housing and business loans, and educational stipends, thereby encouraging them to return home and return to work or school, and get back into civilian life as seamlessly as possible.
In the 1970s the Veterans Housing Act (1970) and the Veterans Housing Benefits Improvement Act (1979) removed termination dates for applying for loans and bumped the benefits that veterans were eligible. All of these benefits were restricted to veterans who had served on active duty during specified dates. Then the Veterans Home Loan Program Amendments of 1992 came along and expanded the program to include military reserve personnel and those serving on the National Guard.
Post-Traumatic Stress Disorder can occur after any life-threatening event such as a natural disaster, a personal attack, or military combat.
Some of the various types of residential properties that people can purchase include a traditional smaller home that is perfect for a smaller family, a condo, an apartment for sale not rent, a town house, or a home with a larger rural property around it. The variables to the type of home and property ownership are as unique as the homes themselves, and before one can truly begin looking for their first home, they should consider what type of home they wish it to be.
They may also be the surviving spouse of an individual who was MIA or a POW for at least 90 days. And finally, they may be the widow of deceased military personnel who was rated continuously and totally disabled for a specified amount of time who was also eligible for disability pay at the time they passed away.
While some may be willing to make sacrifices on the layout of the home for the benefit of reduced costs, it is vastly important to remember that this will be one’s new home, so paying a little extra to have it the way one wants it will usually be well worth it. Then comes the issue of costs.
Regardless of the situation, qualified individuals seeking to purchase a home should seriously consider what the VA loan has to offer. These loans provide some of the most flexible and lenient rules and requirements, allowing individuals with low incomes to easily afford a comfortable space for their families.
Since the program was established in 1944 with the original G.I. Bill, the Department of Veterans Affairs stated that as of October 2012, it has guaranteed 20 million home loans. Number 20 million was provided to the surviving spouse of an Iraq War veteran. For more information on VA loans and other home loan options, contact Government Loan Pro today.
Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
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What Benefits Do You Have As A Veteran?
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