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VA Home Loans: Giving Back to Our Veterans


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VA Home Loans: Giving Back to Our Veterans

March 12, 2018

In this video, Richard M. Bettencourt, Jr., loan officer for Mortgage Network, gives great information about the government guarantee loan known as a Veteran Loan (V.A. Loan). Created near the end of World War II, the United States Government created a program that give World War II vets help in realizing the dream of home ownership. Applying the government logic for the program, it would allow vets to transition from wartime activity to the dream of purchasing a home. According to Mr. Bettencourt, it was a brilliant idea to provide our vets with this type of opportunity.



At various points in history, there has been a negative stigma associated with the V.A. loan (especially after the Vietnam War). Mr. Bettencourt suggests that the program was not effectively managed to answer the demands of the veterans returning from Vietnam.

As far as qualifications to get into the program, there is an obvious requirement that you must serve in the military. The length of service requirements varies depending on whether the United States is in a state of wartime status or peacetime status. During wartime, a veteran needs only to serve ninety consecutive days. If the United States is not in a wartime state, the veteran has to serve six months. If you are a member of the Army National Guard, you need to serve six years in order to be entitled to housing benefits thru the V.A. loan.

Here in Massachusetts, we have just under five hundred thousand veterans who are eligible for V.A. benefits, but only twelve thousand active veteran loans. The Commonwealth of Massachusetts ranks last in veteran utilization.

Funding of the V.A. program is centered upon a fee that is collected as a premium to protect risk of loss or default on a loan. These premiums are pooled together similar to the way life insurance works. Interestingly enough, Mr. Bettencourt goes on to say that the V. A. loan has the lowest default rate of any loan. The V.A. fund for first time use is 2.15% of the amount of the loan. If you’re a veteran who suffered injury in war, the V.A. funding fee is waived.

In short, all veterans should strongly consider getting a V.A. loan, no matter which state in this country you reside in. The veteran home loan is a federal mortgage product, so it is available to any veteran provided they meet the service level requirements. Mr. Bettencourt has dedicated most of his business to veterans, educating and counseling them on the various programs they can access.


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