Today, on Veterans Day, we honor those who have served our country and thank them for their continued dedication to our nation. In the United States, there are many valuable benefits available to Veterans, including VA home loans. For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes.
As we consider the full impact of VA home loans, it’s important to both understand these great options for Veterans and to share them with those we know who may be able to benefit most. For a variety of different reasons, many Veterans don’t use their VA home loan options, so being knowledgeable about what’s available and how they work may be a game-changer for many. Single-family homes are a great option but in some areas, a condo is a more affordable option and is oftentimes overlooked by Veterans who may not know that they can buy a condo using a VA loan. Not all condo communities are VA approved, but you can check using the Approved VA Condo Lookup Tool.
Facts about 2019 VA Home Loans (most current data):
- 624,546 home loans were guaranteed by the Veterans Administration.
- 306,879 VA home loans were made without a down payment.
- 2,055 grants totaling $118 million were provided to help seriously disabled Veterans purchase, modify, or construct a home to meet their needs.
VA Home Loans Often Offer:
- No down payment options as long as the sales price isn’t higher than the home’s appraised value.
- Better terms and interest rates than loans from other lenders.
- Fewer closing costs, which may be paid by the seller.
The best thing you can do today to celebrate Veterans Day is to share this information with those who can potentially benefit from these loan options. Let’s connect today to discuss your questions about VA home loan benefits. Thank you for your service.