In the United States, there are many valuable benefits available to Veterans, including VA home loans. For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes.
As we consider the full impact of VA home loans, it’s important to both understand these great options for Veterans and to share them with those we know who may be able to benefit most. For a variety of different reasons, many Veterans don’t use their VA home loan options, so being knowledgeable about what’s available and how they work may be a game-changer for many.
Facts about 2019 VA Home Loans (most current data):
- 624,546 home loans were guaranteed by the Veterans Administration.
- 306,879 VA home loans were made without a down payment.
- 2,055 grants totaling $118 million were provided to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs.
VA Home Loans Often Offer:
- No down payment options as long as the sales price isn’t higher than the home’s appraised value.
- Fewer closing costs, which may be paid by the seller.
- No mortgage insurance
- No pre-payment penalty