The earned benefit — zero down, no monthly insurance, and the one fee that funds it.
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Nineteen forty four. The war is ending, and sixteen million Americans are coming home. Congress passes the G I Bill, and inside it is a promise. If you served, the country will help you own a home.
Here is the machine behind that promise. The V A is not the lender. A regular lender makes the loan, and the V A guarantees a quarter of it. If the loan ever fails, the V A covers the lender's loss.
That changes the lender's math completely. The riskiest part of a mortgage is the part with nothing behind it. On a V A loan, the government is standing behind it. That guarantee buys you two absences.
First, no down payment. Zero. The guaranty stands where a down payment would. Second, no monthly mortgage insurance.
On most low down payment loans, you pay a monthly premium to protect the lender. Here, that protection already exists, so you never rent it. On a four hundred thousand dollar house, that is zero dollars at the door, and zero dollars of insurance inside the payment, every month, for the life of the loan. There is one real cost, and you should know it by name.
The funding fee. You pay it once, at closing. On a first use with nothing down, it is two point one five percent. On our four hundred thousand dollar loan, that is eight thousand six hundred dollars.
It can roll into the loan, so nothing comes out of pocket. And it is what keeps the program running. Each loan helps back the next one. Now, the part too many people miss.
If you receive V A disability compensation, the fee is waived entirely. It goes to zero. Surviving spouses are exempt as well. This benefit is earned, not sold.
It belongs to veterans, active duty service members, the Reserves and National Guard, and eligible surviving spouses. The proof is a single document called the Certificate of Eligibility. If you have your service information, pulling it takes minutes. Eighty years after the G I Bill, the promise still holds.
Zero down. No monthly insurance. One fee, and sometimes not even that. That is the V A loan.
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