Adventures in VA Loan Home Buying: The Journey Begins!
September 17th, 2009 by Rich Jacobson
One of my most favorite and popular series I’ve authored since jumping into the blogging fray has been ”Adventures in 1st Time Home Buying!” a fun and informative collection of 10 articles created specifically to guide 1st Time Buyers through the home purchasing process.
As a veteran who proudly served on-board a submarine in the US Navy, my first two homes were purchased using VA financing. Living here in Kitsap County WA, home to the Bangor Sub Base and Puget Sound Naval Shipyard, many of my Buyer clients are Active-Duty military and choose VA loans when buying their homes.
Given the unique nuances and pros/cons of VA financing, I thought it would be helpful to publish a series of articles geared towards helping Active-Duty service members and veterans to better understand the VA loan process, and equip them to intelligently navigate the potential challenges they may encounter.
First, let’s dispel what is typically the most common misnomer about VA loans:
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs, and may be issued by any number of qualified lenders, i.e., banks, savings & loans, credit unions, mortgage companies, etc.. However, neither the loan nor the money borrowed is provided by the VA.
The VA Loan began in 1944 through the original Servicemen’s Readjustment Act (also known as the GI Bill of Rights). The GI Bill was signed into law by President Franklin D. Roosevelt and provided Active-Duty Service Members and Veterans with a federally guaranteed home loan with no down payment. This program made the dream of home ownership a greater reality for millions of service people and veterans. The GI Bill has contributed more than any other program in history to the welfare of our uniformed personnel, veterans, and their families.
In our next installment, we’ll compare the VA Home Loan with other loan products, and help to determine if VA financing is the best choice for you.
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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com
Tags: active-duty, Kitsap County WA real estate, military relocations, PCS, va buyers, va financing, va home loans, va mortgages
