Despite the challenges of COVID-19, veteran home buying had a big year in 2020. The VA loan program backed a record of 1.2 million loans. The good news is that VA loans offer plenty of advantages for veterans looking to purchase or refinance this year, too.
Here's a closer look at three big ones.
1. $0 Down Amid Rising Home Prices
During the early stages of the pandemic, the housing market retrenched a bit before skyrocketing. A combination of low mortgage rates and low housing inventory caused home prices to soar but qualified VA buyers can purchase a home with $0 down.
Regardless of the home price, if you have your full entitlement, you will not need to pay a down payment. No down payment gives you flexibility as a homebuyer since you won't need to worry about draining your bank account amid rising home prices.
2. Low-Interest Rates
The average rate on a 30-year mortgage last year was 3.11%, according to Freddie Mac. VA loans have had the lowest average fixed rate on the market for six years running. Veterans using the VA loan benefit have access to the lowest average rates available.
3. Expanded Eligibility for National Guard
This year, even more veterans will be able to take advantage of this hard-earned benefit. National Guard members activated under Title 32 orders become eligible for a VA loan after serving 90 days, 30 of which must be consecutive.
This retroactive change could help countless Guard members suddenly become eligible for what is arguably the most powerful mortgage product on the market today.
Take the Next Step
The Ana and Melissa Team can help you become homeowners with VA loans. We make sure that each buyer is provided with expert advice and assistance when it comes to the home buying process.
Give us a call at 703.772.3526.
Email us at AnaandMelissa@gmail.com.
Visit our website at www.anaandmelissa.com
No comments:
Post a Comment