What is a VA Loan?
Veterans Affairs Home Loans are an exclusive benefit for eligible U.S. Military Service members, Veterans, and surviving spouses who wish to purchase, refinance, or improve a primary residence. Mortgages are offered by private lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), which often allows these loans to be made available at lower interest rates than almost any conventional mortgage.
Over 20 million Veterans home loans have been issued since the G.I. Bill of Rights was passed by Congress in 1944. The original intention was to assist World War II Veterans in establishing their credit by guaranteeing a reasonably priced mortgage. Following years of war rationing and price controls, the VA home loan program was a major innovation that helped the Greatest Generation finance a stable future for their families. In fact, 20% of all single-family homes built between 1945-1966 were financed by G.I. Bill loans, meaning our Veterans continued to increase America’s economic prosperity long after their service had ended.
Updates and expansions in recent decades have allowed more eligible military families than ever to successively achieve the American Dream. Veteran home ownership is at nearly 80%, and the program saw a record 740,000 loan guarantees in 2017. At Global Equity Finance, we are proud to work with our nation’s finest to secure the most important investment of their lives, and we’re grateful for their dedicated service to this nation.