First Ohio Home Finance is proud to announce a new partnership with The Veterans Resource Project. The mission of the organization is to connect local businesses with Veterans and Veteran organizations in the community in a way that is beneficial to all parties involved. The Veterans Resource Project believes this is a way to strengthen the community as a whole and promotes awareness and respect to those that protect this great nation.
First Ohio Home Finance could not be happier about the program and the partnership. Often, Veterans are unaware of the opportunities they have in regards to home ownership. It is our job as mortgage lenders to ensure Veterans know about their home buying options and that we go above and beyond to help them through every step of the process. Here is some information about VA Loans, who is eligible and the advantages:
What are VA loans?
Veterans Affairs (VA) home loans are mortgages that are guaranteed by the U.S. Department of Veterans Affairs. VA loans became available in 1944 as part of the Serviceman’s Readjustment act, also known as the GI Bill. Qualifying veterans have the opportunity to purchase a home without putting any money down, through the VA home loan program. Borrowers must obtain a VA Loan through a participating private lender. The VA doesn’t loan any money; they insure a portion of the mortgage which allows lenders to offer more favorable rates and terms to veterans who qualify.
Who is Eligible for a VA Loan?
Veterans, active-duty personnel, members of the National Guard and Reserves, and eligible surviving spouses may qualify for VA home loans. Eligibility is based on length and type of military service and discharge conditions. In order to apply for a VA loan, borrowers will need to […]