Since the majority of military veterans are by default able to meet the VA loan requirements, the majority of military veterans are likewise able to purchase their first homes when the time comes. After all, the VA home loan program has a lengthy and honorable history of helping military families buy their first homes.
The VA home loan program had its start at the end of World War II in 1944, when the nation decided that it would be a fine way to boost the nation’s economy by increasing home sales and also a way to thank the veterans who were just returning from fighting a long and difficult war. In those 70-something years that it has been helping military veterans purchase homes, the VA home plan has backed over $911 billion in mortgages that have gone to borrowers who had met the VA loan requirements. Moreover, due to around nine out of every 10 of these loans being 100% financed and, therefore, not needing any down payment whatsoever, this mortgage assistance has been especially useful.
Having an idea about what items a prospective borrower will need to start the VA loan process before he or she can even find out if he or she meets the VA loan requirements is the first step a military veteran has to take to get one of these loans. To start the loan process, a military veteran will need to gather evidence documenting their last two years of professional life by putting together proof of the last two years of employment history, the last two years of housing history, copies of the last two W2’s, Social Security Number, current gross income, a copy of their DD214 and certificate of eligibility.
Getting these supporting documents together goes a long way towards helping military veterans meet the VA loan requirements, so that they can purchase homes. Actually, many industry insiders believe that VA home loans are the easiest of all the mortgages to qualify for, since they do not ask for as much documentation as many other loans. VA home loan specialists can help military veterans understand how they can go about qualifying for these loans.
There is no ignoring the fact that our nation’s military men and women have fought and worked hard in the name of America. It is fantastic that these returning military veterans are able to access such a program to help them become home owners.