VA loans have been helping veterans of the United States for almost 7 decades. Offering some of the best benefits in mortgage, these loans are very sought out by military veterans. Now with recent changes to legislation, this Veteran Affairs mortgage program could be offering more benefit to the families of veterans. We doubt the change is stemming from the need for an update but instead has been the result of a recent public relations campaign.
VA loans have been seeing an increase in use this past couple years. Home buyer participation in the government mortgage program has grown by almost 170% over the past few years. After the real estate market crashed, many homeowners sought out different mortgage options. This government insured loan offers no down payment without private mortgage insurance (PMI). With lenders demanding a down payment for almost all borrowers over the past few years, the VA program was one of the only options which did not demand one. These benefits, along with lower closing costs, have made the program more desirable since the newly increased lending requirements. Could the increase in use be the reason for new legislation?
Some of the recent legislation changes to VA loans have been to benefit veteran families that were exposed to contamination. For around 30 years, families living in Camp Lejeune were exposed to well water contamination in South Carolina. New changes to the veteran loan program will help these victims who fall ill due to the contamination.
Other changes to the program will be to benefit surviving military spouses, veterans with disabilities, single parents, veterans in expensive areas and those seeking alternative loan terms. The program was due for changes that benefit veteran families and those with special needs. With changes to who can receive VA assistance, including requirements and qualifications, and an increased amount of options available, the program will become a greater benefit to Americans. Serving more than 18 million veterans over the past 70 years, the newly made changes should increase usage of this government program that has already assisted so many.
If you served in the United States military you could be eligible for a VA loan. This is a great option for anyone who is eligible, whether refinancing or purchasing. Newly changed legislation could make it easier for you to qualify as well. As always, when considering a veteran loan, speak with a mortgage banker who is also a VA approved lender. By speaking with a banker you can receive some of the most up to date information about the program along with any changes that may benefit you. They can also tell you if the program is not the right option for your situation.