AFR’s dedication to our military men and women spans over the last two decades, but the VA loans that help us make financing possible for many of these families have been at work a lot longer. 75 years to be exact.
That’s why the VA Loan Program’s 75th Anniversary is certainly worth celebrating. This month in 1944 this fundamental pillar of the US housing industry was signed into law, offering numerous benefits to help generations of veterans and their families become homeowners. Whether you or someone you know is a veteran or active military personnel, this is the perfect time to get to know the history of the VA Loan Program and the opportunities within it.
Historic VA Loan Milestones *
• On June 22nd in 1944, President Franklin Roosevelt signed the Serviceman’s Readjustment Act (also known as the G.I. Bill of Rights) into law.
• The first recipient of the VA Home Loan was Miles Myers, a captain in World War II who became a civil service employee on President Roosevelt’s staff.
• Nearly 24 million homes have been purchased by Veterans using the VA guaranteed loans.
• The VA loan has also worked with schools to have paid about $400 billion in education benefits to 25 million beneficiaries.
The Benefits of a VA Loan
Nearly 82% of all VA loans are made with no down payment as one of the only no money down options still available.* So instead of waiting years to save up for a home, VA loans may be able to help eligible borrowers move forward with a home purchase, as well as borrow additional funds for renovations on the home, all with zero down payment.
Locked-In, Low Interest Rates
Since eligible borrowers can purchase or refinance a home, and the cost of repairs or updates, all in a single mortgage loan, a VA loan provides considerable savings when compared with other programs that might require a second mortgage.
Fewer Added Costs
Eligible Veterans using a VA loan not only enjoy limited closing costs with a single appraisal, but there’s also no mortgage insurance requirement, which could add up to savings on monthly mortgage payments. And eligible borrowers don’t have to worry about being charged any prepayment penalties if they can pay off their mortgage earlier than expected.
If borrowers are experiencing periods of temporary financial difficulties and are struggling to make mortgage payments, the VA loan can provide assistance to help them retain their home. +
For the last 75 years, the VA Loan has enabled thousands of deserving families to become homeowners. At AFR, we’re proud to provide these benefits to the brave men and women who have served our country and will continue to help many more generations of veterans come home. To learn more about VA Loans and our other specialty loans, contact us today.
Photography by [Laly Harris] © Shutterstock.com