VA LOAN GUARANTEE PROGRAM

VA Loan Guarantee

The VA Loan Guarantee program was first introduced in 1944 as part of America’s G.I. Bill. This was originally launched to support the homeownership needs of active military returning to their families post-wartime. Today, the VA Loan Guarantee program is no longer just exclusive to combat veterans; in fact, there are many other military borrowers that are potentially eligible.  National Guard members and reservists and Coast Guard Academy cadets are just two of many examples. Mortgage Investors Corp (MIC) wants to help all qualified military veterans achieve a reduced VA mortgage rate.

Via the above-mentioned Loan Guarantee program, the Department of Veterans Affairs promises to stand behind VA home loans, guaranteeing that lenders will receive repayment of at least a portion of the loan amount should the borrower fall behind or face foreclosure. This offers a nice buffer zone that makes for a more relaxed situation for the both the lender and the borrower. The guarantee also limits the lending risk, which then allows the lender to offer more competitive mortgage rates than would otherwise be available. Because VA home loans are available for refinance as well as original purchase, military veterans will likely find that the VA Loan Guarantee program is very advantageous.

Mortgage Investors Corp is a VA authorized direct lender. They have funded 350,000 VA refinance loans and have proudly served veterans with reduced mortgage rates since their founding year of 1938.  If you have a current VA home loan and are looking to reduce your mortgage rate, give MIC a call today at 866-659-2477.

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