What Is A Veteran Loan

There are many benefits and privileges of being a United States veteran. One such benefit is the Veteran Loan. The Veteran Loan or VA, as it is sometimes known, was constructed under the Servicemen’s Readjustment Act, 1944 in order to help out in the day to day expenses such as housing, education, medical etc after retiring from the United States Armed Forces. This loan can also be obtained by a widow or widower of a veteran, provided that she/he hasn’t remarried.

Its is also applicable to those war heroes who have gone missing for more than 90 days and to those who have been held as prisoners during/after the war.

There are different kinds of veteran loan. One of them being the Educational loan.  This can be availed by the veterans themselves or by their spouses and/or children. It’s also obtainable to the widow/widower of veterans. Even though it covers all expenditures from tuition, books, boarding and lodging etc, the loan is applicable to the spouses for 10 years only and to the children only if they are between 18 years and 26 years of age.

It’s very easy to apply for such a loan. Just hand over the proper documentation which includes the   Certificate of Discharge or Death Certificate (incase of death) or any other document showing the veteran’s status i.e. whether missing in action or prisoner of war.

Any individual currently belonging to the United States Armed Forces can also benefit of this kind of loan as well as apply for a number of various scholarships.

Now say you’re a retired veteran who wants to either buy a new house or who wants to make repairs to the present house. You can take full advantage of the Housing Loan, on the basis that the discharge from the military was not on the dishonorable basis. This can be proven with the help of The Certificate of Eligibility which can be obtained from the Veteran Affairs office.

Another is the Business loans for Veterans which was created under the Veterans Entrepreneurship and Small Business Development Act of 1999. Although this kind of loan is not very easily available but it helps those veterans who wish to set up their own business or invest in an organization, be it profit or non-profit.

If you are still unsure, its always a good idea to research even further and have a pretty good knowledge of things before going ahead and applying for such a loan

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