The dream of home ownership is shared by many veterans, and the great postwar boom in America was fueled in part by loans from the VA. Today’s veterans who desire a home they can call their own can enjoy many advantages by securing a loan backed by the VA.
Security America Mortgage, one of many mortgage companies that issue loans backed by the VA, neatly outlines the reasons to secure one. Particularly important are the possibilities of no down payment and assistance to veteran borrowers in default due to temporary financial difficulty.
To obtain a VA loan, a veteran simply has to apply for a loan with a mortgage company that participates in the VA program. The veteran must have a Certificate of Eligibility from the VA to prove to the lender they are eligible for such a loan. A certificate can be obtained by applying to the VA, or the lender can make the application on the veteran’s behalf.
Certificate of Eligibility requirements can be found on the official VA website.
Bloomberg.com reports that, with the winding down of the Iraq and Afghanistan wars, there is more demand for VA loans now than in the past 20 years. Characterized by the website as “one of the easiest and cheapest paths to homeownership,” the boost in lending has been an important factor in the slow recovery of the housing market.
And then there is the feeling of satisfaction and pride that comes with the purchase of a first home. It’s “part of the healing process,” according to Bloomberg.com’s interview with Reynaldo Diaz, a 35-year-old retired Marine suffering from Post Traumatic Stress Disorder, who is looking for a three-story brownstone in New York City. Of his missions in Iraq and Afghanistan, he says, “We were fighting for the American Dream.”
