Vets who qualify for a VA Loan program have a home buying trump card that those who do not have access to this mortgage program when it comes to buying a home and being a first time home buyer.
According to a recent survey conducted by BBVA Compass, first time home buyers who have purchased a home within the past 12 months reported the following:
- 51% indicated that the monthly expense of owning a home was more than they anticipated,
- 87% indicated that they changed their lifestyle due to the increased unexpected expenditures, and
- nearly 33% of those who experienced unexpected expenditures used a combination of cash or credit as payment.
With these three characteristics coming out of this study regarding first time home buyers, it seems to make sense that more Vets should look to take advantage of the VA loan than ever before.
Just about any seasoned loan officer can offer that the three of the top home buying hurdles in the current home buying market are:
- I want my credit to improve,
- I want to pay off some debt, and/or
- I need to save some money for my down payment.
If you are Vet and having these conversations about home buying it is time for you to get in front of a VA Loan Specialist. A VA Loan Specialist who knows what they are doing will let you know about the VA Loan Benefits combat these three hurdles to make the VA Loan one of the best mortgage programs going today.
Benefits of a VA Loan:
- 100% financing – the only loan program in the US that still does not require any down payment.
- You can get a VA loan if you have FICO scores down to around 620 as long as your last 12 months of credit history is good and you have satisfactory explanations for any problems you may have had.
- VA loans allow a seller to contribute to the Vet buyer in a way that the contributed funds can be used to pay down some of the Vets debt at settlement.
With these three benefits, among many others, Vets who qualify for a VA Loan should consider buying a home. While the number of folks eligible for VA Loans isn’t likely going to change the real estate market any time soon, the VA Loan can sure help a Vet move into a home that they deserve.