VA HOME LOANS
The establishment of the Veterans Administration came in 1930 when Congress authorized the President to “consolidate and coordinate Government activities affecting war veterans. VA loans started in 1944 through the original Servicemen’s Readjustment Act also know as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home loan with NO DOWN PAYMENT.
The Federal Holiday, Veterans Day, is designated as November11.
The program is available to veterans, military members on active duty, reservists, national guard members and some surviving spouses. Program features include: No down payment, no PMI, seller can pay up to 4% of closing costs, no prepayment penalty, assumable, fixed rate, minimum FICO score 600, manufactured homes are allowed with a minimum 640 FICO score.
The maximum VA loan allowed varies from County to County. Currently for 2011, the maximum VA loan in Los Angeles County is $700,000. The loans are for owner-occupied only and the veteran can purchase 1 – 4 units.
President Barack Obama & Michelle Obama have issued a call to action for increasing awareness and support of veterans and military families. Who do you know that is a veteran or part of a military family unit? Is there something you can do, even for 5 minutes to help support veterans. Everything counts.
If you would like to get more involved, please visit the designated site: serve.org
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