Finance/Money

Celebrate Homecoming with a Low-Interest VA Loan

Photo Credit: Life Magazine/Google Images

It’s a heartwarming scene at many airports these days. U.S. Military members deployed in the Iraq War receive homecoming hugs and kisses from their families. The official homecoming commemoration from Washington has been intentionally low key with a quiet address from President Obama delivered at FortBragg.  Out of respect for the tens of thousands of U.S.troops still fighting an intense war inAfghanistan, this type of subdued gala may be what we can continue to expect at the federal level.

But, many of the U.S. Troops coming home from Iraq may have reason to throw a celebration of their own.  Since 2003 when the War in Iraq began, the U.S. economy has seen a dramatic turn for the worse.  Home prices have continued to fall since 2006 and mortgage interest rates are at historic lows.  So why is this good news? Many returning troops may be coming home to the best time in history to use their VA home loan benefits. 

Qualified returning troops can purchase a home at a reduced price or refinance at rock-bottom interest rates. The home loan entitlement is earned through military service. Zero down payments up to conforming limits, no private mortgage insurance and no prepayment penalties are just some of the advantages the VA-backed mortgage program offers.

The war inIraq began on March 20, 2003 with an invasion on Iraq by a multinational force. Following every major U.S. war and conflict, a surge in VA loan eligibility has occurred.  If history repeats itself, such a surge should be happening right now. 

Troops returning from the war in Iraq, and other qualified veterans, may contact a VA Mortgage Specialist to learn more about using their VA Loan entitlements to refinance or purchase a home. 

 

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