{"id":353826,"date":"2016-04-04T10:47:11","date_gmt":"2016-04-04T15:47:11","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/military\/administrative-issues-benefits\/home-loans-for-service-members-do-you-qualify.html"},"modified":"2016-06-20T20:25:06","modified_gmt":"2016-06-21T01:25:06","slug":"home-loans-for-service-members-do-you-qualify","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/military\/administrative-issues-benefits\/home-loans-for-service-members-do-you-qualify.html","title":{"rendered":"Home Loans for Service Members: Do You Qualify?"},"content":{"rendered":"\n
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Home Loans for Service Members: Do You Qualify?<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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The VA Loan has been benefited over 20 million service members since WWII. In essence, VA Loans are issued by private approved lenders and guaranteed in part by the federal government<\/a> with the VA agreeing to reimburse the lender in the event of default.<\/p>\n\n <\/div>\n\n

Buying a home can be a complicated and challenging process, often requiring you to ask countless questions<\/a> about the property and the process. You’ll probably wonder whether you’ll be able to settle there for a long time, whether it’s a good place to raise a family and, even more importantly, whether you can afford it. Now imagine if your job required you to permanently move every few years or could require you to temporarily live abroad in hostile areas. All of a sudden what was already a complicated process has become even more vexing.<\/p>\r\n

The fact is that, based on their service, those in the military have a very different lifestyle affecting the choices they and their families make, including the decision to buy a home. Often times because of their constant moves and income limitations, service members put off buying a house until they leave the military. While this may be their only viable option, it also deprives them of the investment and equity they could have earned in a property during their time in the service.<\/p>\r\n

Fortunately, there are home-buying resources available to those who have served and who are currently serving. In particular, the Veterans Administration<\/a>, along with various state governments, help veterans to obtain loans with very favorable terms, including some which may not require down payments. Read on to learn more about these loans and whether you might qualify.<\/p>\r\n

What is a VA Loan?<\/h2>\r\n

 The government does not guarantee 100% of a VA Loan, but only a certain percentage which is based on the principle amount, as indicated below:<\/p>\r\n