Veteran’s Administration (VA) financing is a loan program that Kiel Mortgage can help you secure. The VA loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt. This program provided veterans with a federally guaranteed home with no down payment. Suddenly there was this amazing loan program that provided housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
Eligibility for the VA loan is defined as Veterans who serve on active duty or who have been discharged, other than dishonorable, after service for a period of time specified by the Veteran’s Administration. A common misconception is that VA loans are only to purchase or refinance, however, VA Refinances also allow for a cash out provision within the financing options. Your Mortgage Advisor can assist you in the calculation process to determine if a VA cash out refinance is available under your particular scenario.
At Kiel Mortgage we want to ensure that you understand the benefits and costs of this type of mortgage. We will take the time to review your situation and find the right program to fit your needs.
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