SAN DIEGO —The Department of Veterans Affairs was among the last of the federal government organizations to extend benefits to same-sex couples, but now gay spouses are eligible to receive VA-back home loans, in states where their marriages are legally recognized. The VA Home Loan Centers, which operates as a privately held government loan specialist group will be the first lender to provide guaranteed mortgage financing to married same-sex couples.
The announcement comes after several key court rulings. The first, a ruling by the U.S. Supreme Court, struck down the federal Defense of Marriage Act as discriminatory against same-sex couples. The second important ruling, following that monumental decision, occurred when a federal judge in California extended spousal benefits to a married same-sex couple. The benefits had previously been reserved for veterans in opposite-sex marriages. In July, House Republicans made the announcement they would no longer work to defend a statute preventing veterans’ benefits from applying to same-sex spouses.
“We’re pleased to lead to the way and lay the groundwork for providing equal benefits to same-sex married couples, in the form of highly-sought after VA home loans,” said Timothy Nash, Head Counsel of VA Home Loan Centers. “We work tirelessly to provide veterans and servicemembers with access to affordable housing opportunities, and now we’re extremely proud to be the first military mortgage provider to offer financing to these veterans who are part of a same-sex married couple. This is an important step in terms of civil rights and equality, and we owe it to our nation’s heroes to provide them with equal treatment, regardless of their sexual orientation.”
Before the recent decisions by both the California court, and the U.S. Supreme Court, only the veteran or active-duty servicemember could submit an application for a VA-guaranteed home loan. The only option for same-sex couples to apply for a VA home loan was if both members of the couple were in the military, or both had eligibility for the benefit. The new ruling is only applicable to married same-sex couples — those veterans or active-duty servicemembers who are currently in a domestic partnership do not qualify.
The VA-backed home loan guarantee is one of the most valuable and popular programs provided to U.S. veterans and servicemembers. The program gives veterans and active-duty personnel tremendous advantages when purchasing a home, as compared to traditional mortgages. Veterans are able to not only buy a single-family home, but also build a home, buy a condominium, make repairs and improvements to their existing home, refinance their current mortgage and make energy-efficient improvements to their current home, with the use of the VA home loan guarantee program. Additionally, veterans enjoy significantly lower interest rates, and a zero down payment requirement, up to the county maximum where they’re making a purchase.
VA Home Loan Centers is the premier lender of mortgage loans to veterans and active-duty members of the military. The company works with borrowers to obtain both 15 and 30-year fixed mortgages, and eligible borrowers may qualify for rebates of up to 2.75% of the amount of their loan, when they apply with the VA Home Loan Centers. In addition to mortgage financing, VA Home Loan Centers can provide help to veterans with handling of military short sales, the processing of loan applications and purchase assistance. In addition to no money down and no closing costs options, the VA Home Loan Centers provides higher debt ratios. VA-backed mortgages don’t require mortgage insurance premiums, offer low interest rates and borrowers aren’t subject to prepayment penalties.
Call 888-573-4496 to learn more about the program.
Although it is hard to accept allow such things to happen especially in the military, these gay people are still human beings that have rights. They are qualified for loans too. It is good that the government has started to recognize this.