Category: US Military

Army Basic Training, also known as Basic Combat Training (BCT), is the initial training program for new recruits in the United States Army. The length of Army Basic Training can vary depending on several factors, including the type of training and the individual’s Military Occupational Specialty (MOS). After completing Basic Training, recruits attend Advanced Individual Training (AIT) to learn the skills specific to their MOS. AIT can last from a few weeks to several months, depending on the complexity of the job.

The family of the deceased veteran is typically responsible for paying for the funeral and burial expenses upfront. However, they can then submit a claim to the VA and other organizations to receive reimbursement for eligible expenses. It’s essential to note that the VA does not pay for funeral expenses directly to the funeral home or cemetery. Instead, the family must pay for the services and then seek reimbursement from the VA and other organizations.

Housebound benefits, also known as Aid and Attendance (A&A), are a tax-free monetary benefit paid to eligible veterans who need the aid and attendance of another person to perform daily living tasks. To be eligible for housebound benefits, a single veteran must meet the following requirements:
– Be 65 years or older
– Have a disability rating of 100% permanent and total
– Need the aid and attendance of another person to perform daily living tasks such as:
– Bathing
– Dressing
– Eating
– Toileting
– Transferring (e.g., from bed to chair)
– Be in a nursing home or require care in their home due to a disability

A protected veteran is a veteran who is entitled to the rights and benefits provided under the Vietnam Era Veterans’ Readjustment Assistance Act (VEVRAA) of 1974. This act is a federal law that requires government contractors and subcontractors to take affirmative action to employ and advance in employment-qualified protected veterans.

Shopping for a new home is an exciting yet often stressful process for anyone. However, as a veteran or active-duty service member, you have a distinct advantage when it comes to homeownership – the VA loan. Finding the best VA home mortgage lenders is important so you get the best deal. These loans, guaranteed by the Department of Veterans Affairs, offer incredibly favorable terms, potentially saving you thousands of dollars over the life of your loan. One of the most alluring features of VA loans? Zero down payment. That’s right, you can potentially skip the daunting task of saving up for a large down payment, which holds many aspiring homeowners back. Plus, VA loans typically have more lenient credit requirements than conventional ones. But with so many lenders offering VA loans, where do you start? Picking the right lender can make a huge difference.

Credit Score Factors:
Payment history: Late payments, collections, and bankruptcies can negatively impact your credit score.
Credit utilization: High credit card balances and low available credit can lower your score.
Credit age: A longer credit history can positively impact your score.
Credit mix: A diverse mix of credit types, such as credit cards, loans, and a mortgage, can help your score.
New credit: Applying for too many credit accounts in a short period can lower your score.

The VA home loan program helps make homeownership more accessible and affordable for veterans. Here’s how: Zero Down Payment. The most significant advantage is that many VA borrowers don’t have to pay anything upfront. No down payment is a major perk of using the VA loan benefit, as highlighted in this overview of the VA Purchase loan. Compare this to a conventional loan, where you’d usually need at least 3%, possibly even 20% down. Considering the average home sale price in the second quarter of 2023 hit $503,000, a conventional borrower might be shelling out $25,150 or more just for a down payment. No Private Mortgage Insurance (PMI). Another win for VA loans is that you can avoid the added expense of private mortgage insurance. This is normally tacked onto conventional loans if your down payment is less than 20%. While not required for VA loans, most VA lenders require a minimum credit score of at least 620, the same standard for a conventional mortgage. According to Fannie Mae’s Eligibility Matrix, this score assesses a borrower’s ability to repay debts.

The VA loan program doesn’t have set loan limits in the traditional sense. Instead, they work with a system of “entitlement.” This system means the VA guarantees a certain amount of your loan. This guarantee gives lenders the confidence to offer favorable terms to eligible borrowers. Your available entitlement can affect the size of the loan you can obtain without requiring a down payment. The amount of entitlement you have available is based on factors such as your length of service and your duty status. It’s important to understand your entitlement to determine how much you can borrow without a down payment. Navigating the Appraisal and Underwriting Process for VA Home Loans: Once your offer is accepted, a VA-certified appraiser assesses the property’s value. They want to make sure it aligns with the loan amount. The underwriter reviews your finances, credit history, and appraisal for final approval. Be prepared to address any concerns that may arise during these processes potentially. The appraisal process ensures the property is valued appropriately and meets the VA’s minimum property requirements. The underwriting process evaluates your financial situation to confirm your ability to repay the loan. Transparency and clear communication are your allies here. Remember, this is the home stretch. Your lender will be there every step of the way to answer questions, offer support, and help to demystify the jargon.