# VA home loans



## Smitty901 (Nov 16, 2012)

For many of you this is old news you know better for others you may need to hear it.
There is a commercial on TV a company non stop offers refinance to veterans. They are misleading and it is a duty to call them out. 
The VA does not now nor has it ever made home loans. They guarantee loans. Big difference. A lender that complies with the VA requirements makes the loan and the VA guarantees it.
In theory that should allow veterans to acquire a loan easier and in some case at a lower rate . But that is not always the case.
If you are a veteran with a VA home Loan guarantee, and your find yourself in financial trouble listen up. Never borrow against / refinance your home to pay unsecured debt or debt of any kind. I will say this again Never. 
If you are still on active duty your current command has free help for you to deal with financial counseling seek it out. Other wise your local VA rep can direct you to free help.
In most cases your home can not be touched to cover unsecured debt . The second you refinance you now stand a chance of losing it and or any equity in it. Your home is not a piggy bank. The commercials they run make it seems so. You home is not a debit card!. If you have debt that you can no longer keep up with , there are ways to deal with it without, using your home. Making use of them will cost you far less in the end.
They make money no madder what , lose the home they make out, dig yourself deeper in debt doing a refinance with them they get rich. The VA home loan guarantee like many things started out as a good thing. It did not take long for many to use it as a money making scam.
I may not be a financial counselor but I sure dealt with a long list of service members that faced issues. There is always light at the end of the tunnel . But that light is not from companies like this one.
An offer for a newday can become a nightmare.


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## Medic33 (Mar 29, 2015)

hey thanks for putting this out smitty.


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## bigwheel (Sep 22, 2014)

Great advice.


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