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This year is the 75th anniversary of the GI Bill signing, marking the beginning of the VA Loan Program.

In 1944, President Franklin D. Roosevelt opened the door to millions of military members to a chance at home ownership. Since its inception, the VA Loan Program has helped millions of Veterans, active duty members and surviving spouses purchase a home through accessible and affordable resources.

In addition to this being the 75th anniversary of the VA Loan Program, the 24 millionth home loan under the program was delivered this year. Currently, there are more than three million active VA Loans, and in 2018, the number of VA-purchased loans jumped up for the seventh year in a row, which is the highest in its 75-year existence.

For Veterans, active duty military personnel and surviving spouses in Hawaii, now may be the time to join the rest of those who are taking advantage of this beneficial loan program.

VA Loans are a great and well-deserved benefit to those who have served our nation. The reason they are so appealing is that they are backed by the U.S. Department of Veterans Affairs and because of this guarantee, lenders are able to be more lenient with the guidelines for qualifying. For example, VA Loans allow for 100 percent financing* and no requirement for mortgage insurance. In addition, the funding fee is capable of being financed.

All of these factors are greatly beneficial to first-time buyers who have little to no down payment and those considering purchasing a home that may need repairs because in some cases, the cost for the upgrades can be rolled into the mortgage.

Hawaii Veterans should be aware that if they plan to apply for a VA Loan they will need to have adequate income and a valid Certificate of Eligibility for a VA Loan.

If you have any questions about VA Loans, don’t hesitate to contact one of our mortgage consultants!

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.

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