The History Behind VA Guaranteed Home Loans
By: Grant Moon
The VA guaranteed home loan is a beneficial program guaranteed by the US Department of Veterans Affairs (VA) to enable qualifying veterans to obtain a new mortgage or refinance an existing one. Whether it be the purchase of a house or refinance of an existing VA loan, the VA has helped thousands of veterans in fulfilling their housing dreams which otherwise may never have been possible.
The VA loan history goes back to the World War II era, when the Veteran Administration was founded.
This organization was later renamed as the US Department of Veteran Affairs or VA for short. The VA has always catered to the varied needs of the American war heroes. At the time of its inception, the VA mainly provided medical benefits, hospital treatments, rehabilitation facilities, and insurance for service members. It was in the year 1944 that the Servicemen Readjustment Act was passed to provide more benefits to World War II veterans and their families.VA home loans was a major provision of the new bill, along with educational benefits and other financial assistance. The VA guaranteed home loans thus helped thousands of veterans, many of whom left for the war straight after school, to own a house and thus, be on equal terms with their civilian peers.
Today, VA guaranteed home loans have no down payments, no Private Mortgage Insurance (PMI), and even an option for a refinance up to 100% of the loan amount. The major break-through was in the year 1970, when seven major changes were implemented which included the waiver on funding fees for post Korean war Veterans, and provision for direct loans to Veterans eligible for Specially Adapted Housing Grant.
VA loans are one of the best benefits offered by the US Department of Veteran Affairs to Service Members, eligible Veterans, Reservists and National Guard members. VA Loan Captain can help you with your VA Loan Mortgage Requirements with the help of their countrywide network of VA approved lenders. To learn more, please visit: www.valoancaptain.com.
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