These are mortgage loans offered by the US Department of Veteran Affairs. These are long term loans offered to American Veterans or to their surviving spouses. The intention behind the loan program is to support ex- servicemen by providing them the required finance for purchasing a house, where private finances are not available and to help them in availing a loan without any down payment. The Department classifies few areas as housing credit shortage areas, normally rural areas and offers this facility for those in these areas.
Mortgage Loans for Veterans with Bad Credit
- VA loans are offered to veterans even with a bad credit history.
- These loans are offered enabling them to buy a house at anytime with absolutely no down payment requirement
- Where you have completed the active duty or have been medically discharged you become eligible for VA loans for people with bad credit.
- National Guard, Reservist and Desert storm are the various categories of servicemen who are eligible to avail this loan facility.
- This loan scheme is also applicable to veterans who are disabled. It is important that you inform the agents about your condition. This will enable you to avail specific grants programs offered by them to disabled American soldiers.
- Few other veterans are also eligible for these mortgage loans. They are
- US citizens who served armed forces allied with the US government
- Spouses of qualifying veterans who are alive
- Spouse of an American soldier who has be declared as a prisoner of war or missing for more than 90 days
- With the help of mortgage loans you can purchase a house within the US or its territories. The house that you wish to buy should fall under the following categories
- Manufactured Home
- Newly constructed residence
- Single Family Home.
- You can avail this loan more than once.