What is a VA Mortgage Loan
The VA Mortgage Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The very well-known GI Bill was signed and passed into law by President Franklin D. Roosevelt. The law provided veterans with a federally guaranteed home with no down payment. This law was to provide housing and assistance for veterans and their families, and the American dream of home ownership became a reality for millions of veterans. The GI Bill contributed to more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.
Now with more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantage points. VA loan is currently defined as Veterans who served on active duty and have an honorable discharge after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981.