VA Loans: Helping Veterans Achieve Their Homeownership Dreams
The motivation behind Veterans Affairs (VA) home advances is to give a pathway to homeownership to the individuals who have forfeited such a great amount by serving our country. As the Veterans Administration says of the program:
"The goal of the VA Home Loan Guaranty program is to help qualified Veterans, deployment ready staff, enduring mates, and individuals from the Reserves and National Guard buy, hold, and adjust homes in acknowledgment of their administration. . . ."
For more than 75 years, VA home advances have given huge number of veterans and their families the chance to buy their own homes.
2020 Data on VA Home Loans
- 1,246,817 home loans are guaranteed by the Veterans Administration
- The average VA loan amount totals $301,044
- 178,171 of those using a VA Loan are first-time homebuyers
Top Benefits of the VA Home Loan Program
As we reflect on their sacrifice and honor our nation’s veterans, it’s important to ensure all veterans know the full extent of benefits VA home loans offer. As Jeff London, Director of the VA Home Loan Program, says:
“VA loans offer an extraordinary opportunity for veterans because of lower interest rates, lower monthly payments, no or low-down payments, and no private mortgage insurance.”
Those who qualify for a VA home loan are eligible for the following:
- Borrowers can often purchase a home with no down payment. In 2020, 350,094 individuals using a VA Loan were able to purchase their homes without putting money down.
- Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
- Finally, VA-Backed Loans often offer the most competitive terms and interest rates.
Bottom Line
One way we can respect and thank our veterans this year is to guarantee they have the best data about the advantages of VA home advances. Homeownership is the American Dream. Our veterans penance such a great amount in support of our country and have the right to accomplish their homeownership objectives. Much thanks to you for your administration.
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