The VA Loans was started in 1944 by 'Servicemen's Readjustment Act 'which is also known as 'GI Bill of Rights'. GI Bill signed some law by President 'Franklin D. Roosevelt'. GI Bill gave Veterans Federally Guaranteed Home without any down payment. Veteran Loans is attractive and have many advantages. More than 27 million Veterans are eligible for VA financing.
General Rules for eligibility of VA Loans:
1. You are eligible if you are Un-remarried Spouse of a Veteran who died while in service.
2. You are eligible if you are spouse of a Veteran who is 'Prisoner of War'.
3. If you are US citizens, who served in the Armed Forces in WW II you are eligible for VA Loans.
4. Individuals who are members in any service organizations like Air Force, Public Health Service Officers, Coast Guard Academy, or officers of National Atmospheric Administration etc. 5. Individual who completed six years in the selected reserves is eligible for VA Loans.
VA guarantees maximum of 25% of 'Home Loan' up to the amount of $104,250, which limits maximum amount to $417,000. VA Loans are made by 'Private Lenders' such as banks mortgage companies to eligible Veterans to buy a Home.
It is always better to consult about the credit rating and things like that with the credit counsellor and also the financial planner. They will help you to prepare all your private finances before you fill the paper of a home buyer. If you don't want to pay any money down and purchase a house then you would be lucky enough if you are qualified. VA loan does not require any personal mortgage insurance.
http://www.lowvarates.com/ is an authority in the area of Va Loans and Veteran Loans. Jonathan Wickham is a freelance writer
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