VA Loans: Helping Veterans Achieve Their Homeownership Dreams

by Marsha Bell 11/11/2021

VA Loans: Helping Veterans Achieve Their Homeownership Dreams

VA Loans: Helping Veterans Achieve Their Homeownership Dreams | MyKCM

The purpose of Veterans Affairs (VA) home loans is to provide a pathway to homeownership for those who have sacrificed so much by serving our nation. As the Veterans Administration says of the program:

“The objective of the VA Home 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 homes in recognition of their service. . . .”

For over 75 years, VA home loans have provided millions of veterans and their families the opportunity to purchase their own homes.

2020 Data on VA Home Loans

  • 1,246,817 home 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 homebuyers

Top Benefits of the VA Home 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 home loans offer. As Jeff London, Director of the VA Home Loan Programsays:

“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 home loan are eligible for the following:

  • Borrowers can often purchase a home with no down payment. In 2020, 350,094 individuals using a VA Loan were able to purchase their homes 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 housing 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 home loans. Homeownership is the American Dream. Our veterans sacrifice so much in service to our nation and deserve to achieve their homeownership goals. Thank you for your service.

About the Author
Author

Marsha Bell

Real Estate is a relationship business. Although we negotiate and market homes, we are in the business of helping people through transitions in their lives and for someone to invite us into that process is an honor and requires trust in us and our skill set.

I have been a resident of Marin for over 35 years. I raised my family, devoted time to volunteering at my children’s schools, kept an eye on local politics as they affected education and the quality of life in the region, and acquired an understanding of the cities and neighborhoods of the county. Whether you’re looking to buy or sell in the Bay Area, I will assist you with every phase of the process. I listen and focus on what my client’s real estate needs are and make certain I exceed their expectations. I have a passion for my real estate career and I love what I do. My success is because of determination, professionalism, and attention to details. I look forward to assisting you through your transitions.