In Grand Traverse, Leelanau, Kalkaska, Benzie & Antrim Counties of Michigan, military veterans are utilizing their earned VA Home Loan entitlements. In the last 5-years, the use of VA guaranteed loans has steadily increased. According to the US Census Report of 2016, over 13,000 veterans living in the region; these numbers are expected to continue to climb in the foreseeable future.
The VA guaranteed loan is a no-money down payment entitlement earned by military veterans and active duty service personnel. With a no-money down system, veterans and active duty members are able to purchase homes that normally would be unavailable. Lenders write the loan with a guarantee from the VA regarding the security of the loan. In the last 5-years, veterans and active duty personnel using the VA loan in this area increased by 7%.
The Northern Great Lakes REALTORS Multiple Listing Service (MLS) shows an average sales price for a VA guaranteed loan in 2014 was $182,057. Today, the average sales price for a VA home loan is $217,184, an 8% increase. The main reasons for veterans using the VA loan, is not only the no-down payment option, but also the Private Mortgage Insurance (PMI) does not apply, competitive interest rates, ease of refinancing and the ability to use the loan entitlement more than once – according to Military.com.
In the last 5-years – August 27, 2014 thru August 27, 2018, this region has enjoyed the benefits of a housing marketing improving year after year. Also, the Grand Traverse and surrounding counties have a significant Veteran population as well as local lenders, eager to assist veterans in using their hard-earned benefits.
Veterans and active duty are seeing the results of the ease of use, knowledgeable lenders, Realtors, and Title companies. Understanding the VA loan and erasing the historic misconceptions, would open up the door for a new home in your future and less worry, strain and stress.
To learn more about me and my team, visit our website, www.lakeliferealestate.com