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The VA Refinance Home Loan Program Is Allowing Military Veterans Decrease Their Home Loan Interest Rates
by
Jason S Moor
Although, most do not know it, the VA home loan program is not just for first time home buyers, since its VA refinance program is there for military veterans who want to access a large amount of money or to lower their home loan interest rates. This is positive news since the ability to refinance in order to lower one\’s home loan interest rate or to secure some money to, for example, remodel one\’s home or help fund a child\’s education is one of the benefits of being a home owner.
This government sponsored VA refinance helping hand is a very vital part of the entire VA home loan program. The VA home loan program was born in 1944, with the end of the second world war, with two main goals in mind: to give a hand to returning airmen, sailors, soldiers and marines and to help strengthen the nation\’s economy by strengthening its all-important housing market. $911,000,000,000 has been sponsored by the VA home loan program in the seven decades that it has been helping vets purchase or refinance homes. What\’s remarkable about this mortgage assistance is that only 10% of the borrowers had to pay a down payment since 90% of these VA home loans were in fact 100% financed. A military veteran doesn\’t have to do much to get the VA refinance program started. At first, he or she only needs to prove who he or she is, while also providing some evidence of where they have been living and working for the last couple of years. The papers that give this proof are ordinarily a military veteran\’s last two W2\’s, the past two years of housing history, the last couple of years of employment history, a Social Security Number, s DD214 copy, and a certificate of eligibility. After the military veterans have got these documents together and submitted them to their VA home loan specialists, it does not take them long to learn if they should indeed move forward in the qualification process. In most cases, prospective borrowers do in fact move forward when applying for VA home loans, since the VA home loan process is the simplest and cheapest of the mortgage programs available to the American public. The fact is that the VA home loan program and its VA refinance subprogram were created as a way to thank our nation\’s defenders for their selfless service. Therefore, when the time arrives for a military veteran to purchase or refinance a home, they need to look into how this loan program can assist them.
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Article Source:
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