Military veterans have access to low-interest home loans through the U.S. Department of Veterans Affairs (VA). The VA has said it backed a record-breaking 1.2 million loans in 2020, and a new study suggests it’s already on pace to break that record again in 2021.
Average consumers and military veterans alike have been able to take advantage of home buying and mortgage refinancing while rates are low. VA refinancing loans were up 76% in the first half of 2021 compared to this time last year, and the demand for VA purchase loans increased by 10% during this same time period, according to a new study by Veterans United Home Loans. The study also analyzed the top cities for VA homebuyers to find out where veterans are moving.
Keep reading to learn more about the housing market trends among veteran homebuyers, and learn how to take out a VA loan for refinancing or buying a home. And if you’re unsure about your loan eligibility, you can visit Credible to get in touch with experienced loan officers and have your mortgage questions answered.
Veterans are tapping into VA home loan benefits across the country
Military veterans are entitled to a number of benefits, including VA home loans. These loans don’t require a down payment or private mortgage insurance (PMI), which is typically required if you don’t put money down. VA loans are also lenient when it comes to debt-to-income ratio (DTI) and minimum credit score requirements, so they may be an option if you have fair credit or bad credit.
After their military service, installment loans no credit check many veterans are taking advantage of these VA home loan benefits by settling down in sunny climates, according to the study. The No. 1 metro area for VA loan growth is Honolulu, Hawaii, where loan activity nearly doubled year-over-year. Retired service members are also seeking the warmth of the South, flocking to states like Texas and Alabama.
Additionally, the study showed that veterans are taking out more VA loans in our nation’s capital and the surrounding areas. (mehr …)