VA guarantees home loans for servicemembers

  • Published
  • By Airman 1st Class Jarid Watson
  • Air Force News Agency
AVIANO AIR BASE, Italy (AFPN) --  Servicemembers returning to the states from overseas can now take advantage of a valuable home buying guarantee from the Department of Veterans Affairs.

Contrary to what some may think, the VA does not offer home loans, instead they offer a home-loan guarantee, said Tan Johnson, a VA representative. 

"The misconception is that the VA is going to give me a loan to buy the home of my choice," he said. "Well, that's not entirely true."

Servicemembers apply for home loans through a bank or lender as they normally would. The VA loan guarantee is like having a guaranteed co-signer for the servicemember's loan. If the loan defaults for any reason, they guarantee the bank or lender a percentage paid back.

The loan guarantee can gives other benefits. By using VA, some homes can be purchased with no money down. This means more money in the pocket of servicemembers to buy furniture or other living necessities for their new home.

"Anyone who didn't serve, who's not a veteran, can't take advantage of anything like this," Mr. Johnson said.

Overseas Airmen who are separating can also take advantage of this program. For more information or for additional information about VA home loan guarantees, Airmen can visit the department's Web site at http://www.homeloans.va.gov/

The Web site offers information concerning the eligibility requirements for home loans, property management, Veterans Information Portal, construction and validation information as well as contact information for Airmen needing more assistance.

The site also supplies program information on topics such as the Implementation of Public Law 109-233, Section 101 -- Specially Adapted Housing and the Veterans Housing Opportunity and Benefits Act of 2006. 

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