It should go without saying that a former member of the armed forces of the United States of America can seek and maybe obtain a Veterans Administration home loan, should such a person require that type of mortgage. The veteran must also subsequently reside within the property for which such a mortgage is granted.
The main reason why such VA home loans become available to veterans is also a partial reward for their employment within the military, resulting in a good conduct discharge for service to their Country. Then again, many former members of the military cannot afford to purchase a home any other way.
Some of the main advantages for having the Government of the United States of America provide a VA home loan to veterans who require such a loan is as follows.
The percentage down payment required is far less than any other type of of mortgage that any other lending institution is will to grant. Each group Va home loan mortgages is subsequently insured against the loss of the property should the mortgagee pass away. As a result, such mortgage insurance is low in cost and is included within the monthly mortgage payment. So too, money remaining within each insurance group is divided among those who have fully paid the mortgage after the expiration of the length of each particular VA home loan grouping.
During the mortgage application process the property is inspected to determine if the price being paid for the property does not exceed 100 percent of its current market value and is in a physical condition that is fit for Human habitation. In any event, the Veterans Administration will not grant a mortgage for the purchase of a property that is a, so called, fixer-upper.
So too, an inspection is also made to determine if the property is infested with rodents and/or incests that can cause subsequent physical damage to the property or will not otherwise endanger the health of whoever subsequently lives within the property.
As a added benefit, the rate of interest for such a VA home loan is less than a commercial and/or private lender is willing to charge to the mortgagee. Keep in mind that the mortgagee must reside within the property for the entire term of the VA home loan, but such a mortgagee can sell the property and subsequently apply for another VA home loan after the passage of a certain amount of years.