If you serve on active duty and retire as veteran, as classified with the Veterans administration you can qualify for a program ran by the Veterans Administration. The Veterans Home Loan program is a program that was established by Congress to benefit Veterans who want to purchase a home. The program is often at better competitive rates than are available on the commercial housing market, and the United States Federal Government stands behind each loan to guarantee payment, so lenders welcome the program with open arms.
There are a number of programs through the Veterans Administration that have been refined and expanded over the last several decades. They all exist for the purpose of assisting a military veteran to find a mortgage and rate of financing that is reasonable, and possible for a Veteran and his or her family to manage. The program is for the purchase of a Condominium, a home or house, a manufactured house, or any number of other various selections including some options for home remodeling or modernization. The program supports a Veteran who wishes to: build a home, refinance an existing Veterans home loan for rate reduction, Install weatherization or heating/cooling, including solar systems, alter, improve or repair a home, or to purchase a lot or manufactured home, among other options.
The best thing about the program is the amount of stress that it often saves not only the Veteran but also the lender, the lenders love the program because it sharply reduces their rate and risk of having to later institute foreclosure proceedings for non payment, as its backed by the United States Government. For the purchase of a home or other purposes mentioned above the limit is up to $417,000 dollars of the loan can be guaranteed. This is an excellent benefit and one that will allow many veterans who partake in the benefit to get into a home. There are a couple of different options for the Veteran to use:
Cash Out- A veteran can choose to refinance and take part or all of the built up equity of their home out by paying off an existing loan. The Cash out part is limited to $144,000 dollars with this option.
Refinance: This is merely the straight refinance option, and is guaranteed for up to $417,000 dollars of the purchase price.