Veterans have been guaranteed, VA Home Loans, since the GI Bill passed in 1944. A veteran that may not qualify for a conventional home loan, may get a VA loan, because the program is not as strict about credit and income requirements.

9 out of 10 of the mortgages that were given by the VA, had 100% financing conditions. Numerous houses that are financed using a conventional loan, have a down payment requirement of 20%. The requirement of a 20% down payment, which can amount to tens of thousands of dollars, can obstruct people from buying a home.

VA benefits have made it practical for some veterans to afford a home, that could have certainly not purchased one using a conventional program. Only ?two out of ten veterans are actually informed about the VA program. Buying? a home with VA benefits, is only being done by about 10% of veterans.

Veterans can take advantage of additional benefits, besides no down payment, to help them purchase a home. Some veteran finance loans, qualify for no closing costs to be paid by the veteran. This no down payment benefit, especially if the veteran is approved for no closing costs, helps a higher number of veterans to purchase a home.

Veterans that are on active duty or honorable discharge, can join in the VA mortgage loan benefits. The Certificate of Eligibility or COE, is a simple part of the qualification process to receive the VA home benefits, plus the additional advantage of flexible financing terms. There are VA benefits for the spouses of military veterans, along with some of the National Guard members.

Normally, on a house loan in excess of 80% of the value of the home, PMI - Private Mortgage Insurance is required for conventional loans. PMI is not a requirement for VA mortgages, which is an additional benefit for veterans to use their VA house loan.

Low interest rates are another reason veterans can benefit from their VA benefits. VA is the best selection to help veterans, get a house loan with the best terms. It is easier to secure a VA mortgage loan, than it is to get a conventional home loan. Credit requirements are easier regarding VA home loans, than they are for a conventional loan.

Disabled veterans may receive an exemption of the VA funding cost, which may be financed if not exempted. Sometimes, when the veteran puts down 5%, the VA funding fee is reduced. Veterans have many VA benefits to help them purchase a home. Veterans are in a very good place to acquire VA home loans, because interest rates are at an all time low.