Tell a Veteran About Their Homebuying Benefits
Richard Kuri had a beacon guiding him along the homebuying journey. Consider it one of the benefits of buying down the road from a lighthouse. The 81-year-old Army veteran closed this summer on his dream home, just three blocks from the Lake Michigan shoreline. Two years removed from a bankruptcy discharge, Kuri was able to land a loan using his VA mortgage benefit.
The Michigan resident worked hard to repair his credit following the bankruptcy. He also had something too many veterans and military members still lack: Awareness of the homebuying benefits
A whopping 1 in 3 aren’t even aware they have a home loan benefit….
earned by his service to our country.
VA loan volume has skyrocketed since the housing crash. Veterans and military families have flocked in record numbers to this $0 down mortgage in a time of tight credit. But millions upon millions of veterans are still missing out.
About 10 percent of the country’s 22 million veterans currently have a VA-backed loan. A whopping 1 in 3 homebuying veterans aren’t even aware they have a home loan benefit, according to survey data from the Department of Veterans Affairs. To be sure, VA loans aren’t the best fit for every military buyer. But they should at least know it’s an option. Scores of veterans and service members have an incomplete home financing picture.
Simply making sure they’re aware of the home loan benefits earned by their service can help ensure veterans get the best deal possible.
Big-Time Benefits: The government created the VA loan program as part of the original GI Bill. Envisioned as a short-term benefit, the program aimed to boost the postwar economy and broaden access to homeownership for returning veterans.
Seventy years later, VA loans are still fulfilling that original mission. Rather than make home loans, the VA basically insures a portion on behalf of eligible veterans and service members. That fiscal guaranty helps gives lenders the flexibility to extend financing with some significant benefits, chiefly the ability to purchase with $0 down.