To all those who have served, and those who continue to serve… Happy Veterans Day! As a real estate team, we can’t help but be thankful for what your sacrifice has meant to securing the land of the free and home of the brave.
In so doing, we offer some things to consider when a veteran seeks to buy a home. Upon research, we discovered it isn’t an easy path. Not only, facing the obvious difficulties serving in war, but the obstacles upon returning home.
For examples, there are 4 major obstacles that veterans currently face when buying a home. They are as follows:
- Rising Home Prices
- Rising Interest Rates
- Low Inventory
- The Pandemic
On the other hand, with the help of VA loans many veterans are able to surpass the challenges of buying a home. To illustrate, read the story of Eddie Valdivia, 34 and his wife, Vanessa, 36, workers at the Red Cross, who bought their first house right in the middle of the pandemic. Thanks to a VA purchase loan, the couple were able to buy the house without a down payment.
Below are the main pillars of VA Home loans.
VA home loan benefit
- No down payment required
(*Note: Lenders may require down payments for some borrowers using the VA home loan guaranty, but VA does not require a downpayment) - Competitively low interest rates
- Limited closing costs
- No need for Private Mortgage Insurance (PMI)
- The VA home loan is a lifetime benefit: you can use the guaranty multiple times
11 Ways to Support Veterans this Veterans Day
To learn more about how to show your support for veterans click here.