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The VA home loan program is a benefit offered to Americans who have served their country as a part of the military. Just like with many other types of benefit programs, va loans come with their own set of requirements that the applicant most fulfill before they can become eligible to apply for one of the va home loans.

If you are a member of the US military or a veteran in the market for loan, it would be wise to spend some time online looking at the various va loan rates offered. You should also check to make sure that you are eligible. Many people falsely believe that just because they are (or were) in the military that they automatically qualify for va home loans. The truth is however that you must meet these general requirements: You must have served on active duty after September 1940, have no dishonorable discharge attached to your name and you must have served at least three months during wartime or 181 days in a row during times of peace.

Besides checking va loan rates online you should also consider calculating how much money you can afford to pay. There are tools online designed just for this reason. You will need to locate a va loan calculator and then enter your salary and other income, note your housing expenses, auto payment, credit card and other monthly payments, your loan term and interest rate. Once you submit the information you will be given a figure. This amount is what has been determined that you can afford to pay back based on the criteria you entered into the online tool.

What makes va loans so attractive is the fact that it is possible to acquire 100% financing without needing to put any money down on a new home. And in today’s turbulent economy that is really something quite valuable as many people are having a hard time buying a home. Most would-be homeowners today are tapping into their savings or retirement funds in order to make a down payment and many more are putting off home-ownership all together because they simply do not have the money available to put down on a house.

Your credit score does not carry a whole lot of weight when it comes to va home loans because these loans are guaranteed by the feds and are offered solely upon the repayment capacity of the borrower. What lenders are interested in looking at instead are bank account figures and assets you own. In the case that you have a bankruptcy on your record you will have to wait one year before applying following a Chapter 13 bankruptcy discharge and two years following the discharge of a Chapter 7.

If you are a veteran or an active member of the US military and wish to buy a home there is no reason not to apply for one of the available va loans. This is a gift of sorts from the federal government, thanking you for serving your country. The perks associated with va home loans are especially valuable today so locate a lender and find out if you indeed qualify. If so, enjoy being a homeowner as it comes with special privileges!