VA homes loans are among the various privileges and benefits offered by the department of Veterans Affairs to former and present military personnel who have served their country and their people.

Much is expected from people who offer their lives to their country but in return, it is just fair that they should also expect something from their government to help them and their families.

While almost all veterans are eligible for VA home loans, there are other military personnel who are also equally eligible like military personnel in active service as well as those who are called reservists. However, like the veterans, they also have to prove they are qualified for the VA home loan.

Those who have merely served during World War 1, rendered active training in the Reserves or in the National Guard do not qualify for a VA home loan. Reservists and Guards can only qualify for a VA home loan if they rendered service under the mandate of the United States Code 10.

A VA home loan enables veterans, active military personnel and reservists to build or buy their homes and even refinance homes that have been mortgaged in the past without a down payment. Aside form this benefit, the VA home loans does not carry with it ordinary housing loan requirements like insurance premium that are paid monthly,

So how do qualified military personnel avail of the VA home loan? It is actually easy to apply for the VA home loan because there are lenders who have been approved by the Department of Veterans Affairs to handle VA home loans. However, applicants should always look for a lender who offers the lowest costs and transaction fees so that they can maximize their benefits from the VA home loan.

There are several repayment schemes that are available for VA home loan applicants. Applicants can choose from a fixed payment scheme where the principal amount and the interest is constant or the graduate scheme which provides for lower payments for a period and then gradually increasing. There is also the growing equity scheme which provides for a gradual increase in payments with the increased payments applied to the amount principally loaned.

Military personnel who are classified as veterans, active personnel or reservists can avail of any amount depending on the reasonable price of their homes. However, most lenders limit their exposure from $417 thousand to $539,475 depending on their states.

All applicants for VA home loans must either present a Certificate of Eligibility or submit VA Form 26-1880. The latter document requires the submission of a Certificate of Discharge from Active Duty of any military personnel who is no longer in service.