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Home Loan

Can US Veterans Get Home Loan?

According to the records of the U.S. Department of Housing and Urban Development (HUD), there are more than 40,000 homeless veterans as of 2021. Keeping in view this number, the U.S. Department of Veterans Affairs (VA) decided to give veterans a house loan so that they can buy and build or renovate their homes. Since this home loan has been launched, the number of homeless veterans has been reduced.

Certificate of Eligibility (COE)

Not all veterans can get a home loan. To get a home loan, the veterans must receive a certificate of eligibility (COE). In order to get their hands on this certificate, they must meet a certain criterion. The foremost thing regarding it is that the veterans should not be discharged for some dishonorable reasons. He should have a good repute at the time of his discharge.Veterans having a disability or a service-related disorder are eligible for this certificate. Moreover, regarding all the wars and campaigns in the past, there is a specific period for which each veteran should have served to get the certificate.For instance, veterans of World War 2 can get the certificate and the loan as well if they served in the war for 90 days or less than 90 days due to a disability. For other wars and campaigns, you can click here.

Can Spouse of a Veteran Get Home Loan?

Yes, spouses of veterans who are dead, go missing, or are prisoned by the enemy are also eligible for a home loan. But the spouse should not have remarried in which case he/she will not be eligible for the loan. All they need is a copy of their marriage license and the death of the veteran to get the loan.

Benefits of VA Home Loan:

As compared to traditional home loans, VA home loans offer less interest. No down payment (initial or advance payment) is required. In traditional home loans, veterans have to annually pay for a Private Mortgage Insurance (PMI) which costs about 1% of the loan amount. But VA home loan does not require you to pay any insurance program.If a veteran owes taxes or other federal debts, he has to pay them off before getting a home loan. Condominiums are often not approved by VA. If a veteran plans on buying a condominium, he should first confirm with the VA home loan guidelines.

Get Veterans’ Best Housewarming Gift:

You probably read this article because you know a veteran and are helping him in getting a home loan. Sooner or later, he will get it if he meets all the requirements. But what I suggest you do is buy some amazing gifts from FamilyLoves.com for the veteran’s housewarming party.As the name suggests the gifts will help develop a better and a loving bond with him. But if you are a veteran yourself, do visit the website. It offers amazing products that are affordable and are delivered for free worldwide.

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