None of the things we enjoy as Americans – our families, careers, homes, health or happiness, would be possible without the dedication of the men and women of the Armed Forces.

Too often, veterans and active-duty military members aren't fully aware of benefits earned through their service. For many, homeownership is an elusive goal, especially upon returning to civilian life.

However, special U.S. government home loan programs make the American Dream more attainable. The most well-known are backed by the federal Department of Veterans Affairs (VA). VA home loans are available exclusively to veterans, active-duty military and reservists, and their spouses.

Since the program’s debut in 1944, the VA has backed more than 21 million home loans, but many eligible veterans still misunderstand the benefits.

At Bay Equity Home Loans, many of our loan officers specialize in VA loans and are focused on getting military borrowers home financing. Bay Equity’s VA loan specialists are well-educated and informed about the most up-to-date changes, rules, and regulations.

VA loans typically have lower interest rates than conventional loans and often require no down payment. About 8 in 10 veterans who use the benefit make no down payment. VA loans also come without mortgage insurance costs, which can limit buying power.

Generally, VA loans do require a one-time “funding fee,” though it may be waived depending on individual financial circumstances. The VA loan benefit can be used more than once throughout a veteran’s lifetime, though subsequent loans may require a higher funding fee.

Often as important as purchase loans is the ability to refinance an existing loan, or change an adjustable-rate mortgage (ARM) to a fixed rate mortgage. The VA Interest Rate Reduction Refinance Loan (IRRRL) is a VA loan to VA loan which may lower interest rates, monthly payments, or both.

Many states offer additional, non-VA programs tailored to veterans, often with specific restrictions and eligibility criteria. For personalized guidance and information on all these opportunities, reach out to your local Bay Equity Home Loans office.

Participating Bay Equity branches also offer the exclusive “Giving to Heroes” program for service-based professionals, including current and former military members.

The Giving to Heroes program credits 0.25% of the loan amount to a borrower’s closing costs. Those using an affiliated real estate agent may receive an additional Agent Credit from their earned commission.

Bay Equity salutes the Armed Forces and donates a portion of the proceeds from each FHA and VA loan funded to the Warrior Foundation Freedom Station, housing for injured service members transitioning from military to civilian life.