Thursday, August 25, 2011

Benefit of Being in the Military - VA Loans

Hey there.  I have a few friends that recently finished their duty in the military.  It's been over 10 years since I've seen them in high school and I remember during that senior year how military personnel would go to the school and provide us with information about joining.  At the time, you tell yourself, the army, the best of the best are sent off to fight wars.  You really only get that message as a young adult.  You strive to better yourself.  For those young adults that struggled during high school, they see it as means to start over.  For those that are grateful for all the opportunities that they've had in this great country, they see it as a civil service to give back.  But as a young adult, you never really think about the long term benefits.  You're not thinking of buying a home or of a family.  One of the greatest benefits for being in the military is qualifying for a Military VA loan.

You can get a list of the VA Loan requirements at the official webpage.  One of the big upsides is that you do not need to have enough cash for a down payment.  That is awesome in itself, right there.  Loans of up to $417K are available and you can get them for 15, 25, or 30 years.  It's a huge benefit to have this help readily available for active and non active military personnel.

I wish that they would stress this more when the military personnel visit schools.  I understand that they're trying to be "hip" and "cool" to relate to the students but the long term benefits are just too great to just mention them near the end of their presentation.  But it's not all on them, parents need to look over the brochures, just like a college brochure, and go over the pros and cons and whether or not it will be a great fit for you child.  We shape their minds and their future.  With the help of the numerous benefits of being in the military, that future can definitely be the brightest.

If you are looking for any additional information, our good friends from the Consumer Education team at LendEDU have put together a great home buying guide for veterans. You can check that out, here. Best of luck, friends! Later!

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