At this time of year, our thoughts and prayers go out to the men and women of our military and the sacrifices they make. As way of recognizing their sacrifice, the VA loan was established. After almost 70 years, VA mortgages are still providing loans to members of the military. In fact, this year, loan volume was up 80%.
However, more needs to be done when it comes to making our veterans aware of this program. Only a fraction of the nation’s 24 million veterans have used their VA entitlement to buy a home. What’s worse, studies have shown that about 20 percent of veterans don’t even know there’s a program dedicated to helping them purchase or refinance a home.
Right now, millions of veterans and active-duty members can qualify for this program. VA loans come with some significant benefits, including no down payments on homes worth up to $417,000 (and even more in costlier parts of the country) and no private monthly mortgage insurance.
The VA Loan Guaranty Program has guaranteed more than 18 million home mortgages since World War II. These loans are a lifeline for a group of people who can struggle to build a solid financial profile because of frequent moves and deployments overseas.
Please take a moment this week to make sure the service members in your life are at least aware of the VA’s lending and refinance programs. If you are showing a home to potential buyer, ask if they are a veteran. After all, this program was established as a small way to thank those who have given so much.