What loans are available for vets?


Quick Answer

Mortgage and small business loans are available for veterans, notes both Veterans United and the U.S. Small Business Administration. These loan types offer various interest rates and payment terms.

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Full Answer

Veterans have access to either a home purchase loan or a home refinance loan, notes the Veterans United website. The federal government guarantees these loan types, and the loans offer advantages over traditional mortgages. Some of the advantages include no down payment and no private mortgage insurance requirement. As of 2015, the loans also offer interest rates that can be up to 1 percentage lower than conventional interest rates. Veterans are also not subject to a pre-payment penalty with these loans. Certain loans are available to current service members and military families as well as veterans.

The U.S. Small Business Administration also offers loans through its Express Loan Program, which offers veterans accelerated turnaround for the application review process. Some of the loans fall under the 7(a) loan type category and aim to assist small businesses in meeting short-term and cyclical working capital needs. Moreover, other loan types target those operating rural businesses or entrepreneurs specializing in export activities. The U.S. Small Business Administration aims to provide a response to veterans regarding their loan application status within 36 hours.

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