Borne The Battle #150: Benefits Breakdown – 75th Anniversary of the VA Home Loan Program


On June 22, VA will celebrate the 75th anniversary of the G.I. Bill. It was on that date in 1944 when President Franklin Roosevelt signed the Serviceman’s Readjustment Act into law, which became widely known as the G.I. Bill of Rights. As Veterans came home from the war, many started families and used their VA home loan entitlement to become homeowners. Through subsequent decades, new generations of Veterans continued to use the VA home loan benefit that they earned through service to our nation, becoming a fundamental pillar of the U.S. housing industry and the building of communities.

In honor of this historic event, Army Veteran Maxine Henry and Air Force Veteran Mark Connors of the VA’s Loan Guaranty Service team sat down with Borne the Battle to discuss one of the best and most popular Veteran benefits–the VA home loan entitlement.

An Outstanding Benefit

The VA home loan guaranty has several advantages for Veteran borrowers:

  • Veterans using the VA home loan are generally not required to have a downpayment.
  • Veterans using the VA home loan also aren’t required to carry any mortgage insurance, which saves borrowers hundreds of dollars on their monthly mortgage payments.
  • Veterans using the VA home loan benefit enjoy limited closing costs.
  • VA home loans have very competitive interest rates.
  • Veterans aren’t charged any prepayment penalty if they are able to pay off their mortgage earlier than required while using the VA loan.
  • VA provides assistance to help Veterans retain their homes during periods of temporary financial difficulty.
  • The VA home loan benefit can be used multiple times throughout the Veteran’s life.

For more on the top five benefits to using the VA home loan guaranty, check out the video below.

Additional Links:
#BtBattle Veteran of the Week:

Eric Jones is a program analyst in VA’s loan guaranty service.

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    How about helping Vets that want to buy a CO-OP or refinance their loan. A Vet can purchase
    a CONDO with a VA loan, but there is no help from the VA for CO-OP’s!

  2. Richard Payton    

    I’m in the same situation as the guy above I realize that credit is everything but I’m a 100 percent disabled veteran who have been living and renting someone else property for 30 years. I can’t used my va because I messed up my credit. After not being able to obtain a job. I would appreciate any help showing me how to fix this so that I might use my home loan and finally get a home. Not a house that belongs to someone else

  3. Richard Sheehan    

    Thank you for the information about VA home loans, I’ve used it twice. Me and my wife are now renting and I am a service-connected disabled veteran due to multiple sclerosis.
    Can you please do a podcast on doing home modifications for disabled veterans?

  4. Thomas Peterson    

    It was great that you mentioned with VA home loans you generally don’t need to place a downpayment. My brother is a returned veteran and he has been trying to get back on his feet after being away for so long. I would love to see what options we can find for him in Colorado Springs CO for VA home loans.

  5. Arnold Cabral    

    To who reads this can you please I took a loan a loan from my house about 6 months later my found out that my Veteran Friend who is Disabled Veterans is 100 percent service connected found out from his VA Dentist he needs to have G4implants their is no Veteran Medical Centers and don’t have a contract with the Veteran Affairs Administration but unfortunately they have Private Clinics know how but the majority of the Disabled Veterans is 100 percent service connected can’t afford to pay for the G4 implants so Veterans who reads this can you please email your Senators or Representative contract the Veteran Affairs Committee on passing a new Benefit Law if a Disabled Veterans is 100 percent service connected get a Dentist knows how put in put in G4 implants for free because my Disabled Veterans who is Disabled Veterans is 100 percent service connected don’t get the G4 implants it definitely will cause bad Health Care also it will cause bad gum disease and could possible cause Cancer and you don’t have to be Veteran to share my firm belief and Spread my belief…..Semper Fi Don’t Surrender.

  6. Bennie Coffey    

    Has anyone used Security America mortgage company In Houston TX for a mortgage. No listing on BBB for them just need to find out if they are reliable?

  7. Bennie Coffey    

    Trying to find a VA lender that will allow me to purchase a small land partial and then construct a small retirement home then do one closing on the property and home at one time. Any one know a lender doing this.

  8. Hollis Babb    

    Should you go to your favorite lender for a VA loan or is there a better way to go directly to VA? Are VA rates & terms held at same rate no matter who you go thru?

    1. Morris Norman Friedman    

      the VA doesn’t loan money, the guarantee the loan

  9. Ms. Deedra Aldag    

    How many veterans come home to their children 100 percent ? 75 percent ? 50 percent ? 25 percent ? How many don’t make it home ? How many divorce ? So my point is the divorced spouse and the abandoned children of vets need and deserve guaranteed home loans too !!! History proves maybe in another fifty years they’ll get to that when it’s to late ! Take my father to Vietnam send him back home where here disappears .PTSD Then gets on the death hit wait list at the VA in Fla ! Yeahhhhhhh FFS

  10. Ken Blanchard    

    I used the VA loan twice since getting out of service. Both were easy to apply for and much more secure than the other loans I had. My loan was 0% down and no MPI. My loan was backed by VA and I use PNC Mortgage at a great rate. Thank you VA!

  11. Frank Upton    

    The VA loan is actually a handicap for two reasons: 1. The VA offers are last in being considered by Sellers. 2. They are too exclusive and only useful for those who are able to buy conventional.

    They need to be more competitive. They need to be more flexible.

    Here’s the problem:
    They won’t lend you $100,000 to buy a $50,000 house needing work, even if you offer to hold the $50,000 in escrow to be paid out directly to contractors after work by contractors of their choice and inspected by the VA so you can get in the run away market reasonable and be a good steward with your finances.

    They won’t lend you $100,000 on a house that just needs updating that at $100,000 you could afford to put money into it each month and fix those minor defects.

    But they will lend you $200,000 on that same house after someone’s bought it for $50,000, put $20,000 into it, and flipped it on the market for $200,000 – giving “you” a net loss of $100,000 and making you house poor.

  12. John Finch    

    Thanx folks for your good & positive information on VA home loans.
    Is the best place to start with my VA Home Loan my local VSO office?

  13. Soufyan    

    As of the banks they are rip off they have no guidelines to go by they just charge whatever interest they feel like I have a friends that they are 100% disabled veterans that they have to pay 4.5% interest even though the lowest rate at that time was 3.1% just because they didn’t have the down payment and that’s what they been told over and over they kept shopping around but they had the same situation with each lander they all take Adventures of veterans

  14. Soufyan    

    I was on the market for a home I found my dream house but the seller refused to take my offer even offer was higher than the second one and the reason is that the other buyer has a down payment Of 20% that is not good I understand that the seller has the right to choose who to sell it to but what make me sick his dad that I’ve been rejected just because I didn’t put down payment

  15. Raymond T Lewis    

    I cannot use my G.I. BILL because my crefit score is low and past negative actions against me. So I guess I will be out of luck. I get a very small amount of disability pay . I need a home.

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