The benefit that one-quarter of active military still aren’t using

If you’re an active service member in the armed forces, you have a tough job and move around a lot. That’s why the Department of Veterans Affairs 70 years ago launched a home loan program to help you when it’s time to relocate.

That’s right. The VA backs mortgage loans to active and retired service members. But a recent survey of buyers and sellers by the National Association of Realtors revealed that 26 percent of active-service military did not use a VA loan to finance their home purchase.

Anyone familiar with the benefits of VA loans would wonder … why?

You can use any mortgage lender
Any lender who participates in the VA program can handle your loan, but the Department of Veterans Affairs guarantees the mortgage loan.

You don’t have to pay PMI
Unlike FHA loans, VA loans do not require private mortgage insurance, which saves borrowers a few hundred dollars per month.

You can use the program more than once
Not only can you use this earned benefit more than once, you can in certain cases have more than one VA loan at the same time.

The loans do not require excellent credit
VA loans are typically less stringent about credit scores than are conventional loans.

You can get one if you’re overseas
If you grant power of attorney to your spouse or family member, you can use a VA loan to buy a home. Your spouse is the only person who can satisfy the occupancy rule, but if you’re serving overseas, you could get an extension to occupy the home.

If you’re eligible for a Department of Veterans Affairs mortgage loan, find a qualified lender. These products have been helping veterans and active-duty service members borrow funds for homes since the 1940s. Make sure you’re getting the your full, earned benefit.