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The VA usually guarantees lenders 25% of the purchase price of a home, in case the borrower defaults. In other words, if a service member or vet buys a 0,000 home and defaults, the VA will guarantee the lender ,000 toward paying off the remaining balance of the loan.The money to do that comes from the VA Funding Fee, which is applied to every VA loan or refinance with rates ranging from 1.25% to as much as 3.3%, depending on the circumstances.You may be able to reduce your interest rates and monthly payment in a debt management program, without taking out an additional loan.There are some distinct advantages to being a service member or vet when you are considering a consolidation loan to take care of debt, but there are also some aspects to research and think through before deciding.Some of the factors determining the fee include whether there was a down payment and whether the borrower had a previous VA loan.Regular military pay slightly lower VA Funding Fees than those in military reserves.While it’s believed the VA makes home loans, this isn’t actually the case. The VA guarantees as much as 25% of the loan and puts some restrictions on what banks can charge for loans, but does not decide who gets a loan or how much they get. Still, the myth persists that a VA loan is made by the VA and it’s just one of many misunderstandings about finances among military members.
Depending on the circumstances and amount of debt you owe, there are some other avenues for military members to get relief.
When members of the military encounter a financial crisis, or even just hit a temporary wall, there are ways to rally — especially if you have a VA loan on your home.
Having a VA Loan qualifies you for a Military Debt Consolidation Loan (MDCL), also known as a VA Consolidation Loan that can help you overcome financial difficulties.
Members of the military run into unavoidable factors – constant relocation, financial inexperience and unemployment among spouses – that make them more vulnerable to falling into debt than civilian peers.
Get Financial Help for Veterans The misunderstanding of VA loans demonstrates the financial naiveté of some military members and their families.