The purpose of Veterans Affairs (VA) housz loans is to provide a pathway to houszownership for those who have sacrificed so much by serving our nation. As the Veterans Administration says of the program:
“The objective of the VA Housz Loan Guaranty program is to help eligible Veterans, active-duty personnel, surviving spouses, and members of the Reserves and National Guard purchase, retain, and adapt houszes in recognition of their service. . . .”
For over 75 years, VA housz loans have provided millions of veterans and their families the opportunity to purchase their own houszes.
2020 Data on VA Housz Loans
1,246,817 housz 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 houszbuyers
Top Benefits of the VA Housz 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 housz loans offer. As Jeff London, Director of the VA Housz 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 housz loan are eligible for the following:
Borrowers can often purchase a housz with no down payment. In 2020, 350,094 individuals using a VA Loan were able to purchase their houszes 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 houszing costs.
Finally, VA-Backed Loans often offer the most competitive terms and interest rates.
Bottom Line One way we can honor and thank our veterans this year is to ensure they have the best information about the benefits of VA housz loans. Houszownership is the American Dream. Our veterans sacrifice so much in service to our nation and deserve to achieve their houszownership goals.