EDUCATION

Loans for Veterans: How the G.I. Bill is Still Helping Veterans 75 Years Later

Join NewDay USA in celebrating the 75th anniversary of the G.I. Bill, which introduced the VA home loan program. The G.I. Bill made veterans’ home loans possible.

2019 marks an important milestone for veterans of the United States armed forces: the 75th anniversary of the G.I. Bill. Officially known as the “Servicemen’s Readjustment Act of 1944,” the law provided a range of benefits to returning World War II veterans. Those benefits include college tuition, job training programs, and medical care.

The G.I. Bill’s benefits also include the VA home loan program, which has helped thousands of Americans achieve the dream of homeownership. Whether you call it a VA home loan, a veterans’ mortgage, a VA mortgage, or a GI loan, this program is one of the most important benefits available to American veterans. 

History of the G.I. Bill

The G.I. Bill came about through a grassroots effort to provide better opportunities to returning World War II veterans, commonly called “G.I.s”. It was well known that veterans sometimes had difficulty readjusting to civilian life. Through college education, vocational training, and home and business loans, the G.I. Bill was intended to make the transition from military service to civilian life smoother. President Franklin D. Roosevelt signed the G.I. Bill into law on June 22, 1944.

One of the most groundbreaking provisions of the G.I. Bill was the VA home loan program. The bill gave veterans access to mortgages with 0% down payment requirements, which were much more favorable terms than were generally available. Using this benefit, thousands of WWII G.I.s purchased their first homes. The G.I. Bill has been amended many times since it was first passed, but the 100% financing option has endured as a powerful home loan benefit for veterans.

VA Loan Quick Facts


Who is eligible to apply?

Veterans and active-duty servicemembers are eligible to apply. More Details

What is the maximum for a refinance?

VA loans allow you to finance 100% of your home’s value.

What is the down payment requirement?

VA loans don’t require any down payment out of your pocket. That’s 0% and $0.

What property types are eligible?

VA loans are only available on your primary residence.

What loan types are available?

 

There are many different VA home loan programs. NewDay USA currently offers 30-year, 25-year, and 15-year fixed-rate VA mortgages. Loan Comparison

Is mortgage insurance required?

Mortgage insurance is never required on a VA loan.


How Can Veterans Use a VA Home Loan?

If you’re considering a VA loan, it’s important for you to understand your priorities. If you’re tired of spending thousands of dollars every year on rent, you could consider buying a home with no money down. After your service to our country, you deserve to own a home of your own.

If you already have a mortgage, there are VA refinance programs available to you. If you’d like to lower your monthly debt payments, you could consider consolidating some of your high-interest credit card debt.* If you’d like to turn your home’s equity into cash, your cash-out funds are yours to keep. With your cash-out proceeds, you can make repairs, upgrade your home, or pay for a child’s wedding or college tuition. The G.I. Bill makes all of these options possible.

Take Advantage of Your Valuable G.I. Bill Benefit Today

To learn more about your options and find the best VA mortgage loan to fit your needs, don’t hesitate to get in touch with us. Call us at 800-995-0374 or get started online right now. 

* Consolidating debts may increase repayment time and total finance charges may be higher over life of loan.