Over the next few weeks, we will discuss VA loans. This is one of the largest group of residents on Guam.
It is always such a rewarding experience for me to help a veteran find a home to purchase. My youngest buyer ever was a VA buyer and he was only 24 years old. I helped my son, a veteran himself, purchase his first home just before he turned 25 years old. There are many benefits of a VA loan and we will explore these over time.
VA loans are made to eligible veterans. These loans are extended by private lenders – the banks. The VA acts as the borrowing veteran’s guarantee to protect the private lender should the loan not be paid. We will discuss who is an eligible veteran next.
VA loans must be for an eligible purpose. We will look into what a veteran can buy with his VA loan.
The veteran must occupy – or intend to occupy – the property as a home within a reasonable period of time.