Majority of Veterans Leave VA Benefits Unclaimed
Kacey M. Isley | April 19, 2017 | USAVA
U.S. veterans, especially Post-9/11 Wounded Warriors, have left millions
of dollars worth of benefits unclaimed.
The Servicemen’s Readjustment Act of 1944, usually known as the GI Bill of Rights, has developed over the years to offer financial and educational support to our veterans and active duty military. One of the most important aspects of this GI Bill is to make it easier for U.S. servicemen and women to afford housing using VA home loans. However – American Financing, a national mortgage banker, claims only a fraction of eligible veterans tap into this VA benefit.
For more on GI Bill, click HERE
Unclaimed Benefits
As of 2014, the National Center for Veterans Analysis and Statistics reports that merely 16.8% of Post-9/11 veterans have taken out a VA home loan. Of over 1,500 Post-9/11 veterans surveyed in a 2015 study by the Iraq and Afghanistan Veterans of America, 51% claimed they had not used their VA home loan benefits.
Wounded Warriors
From American Financing Mortgage Analyst, Tim Beyers:
“…It’s striking to see the extent to which [VA loans are] so vastly underutilized by those who need them most: our wounded warriors.”
On top of the usual VA home loan benefits, wounded warriors aren’t required to pay a funding fee for their loans, there is no minimum requirement for time served, and they may be eligible for Special Adapted Housing grants, which help fund special accessibility adjustments to their home.
According to American Financing, Post-9/11 vets are significantly more likely to report service-connected disabilities than other U.S. veterans. For this reason, the number of wounded warriors and other service members who don’t use their VA home loan benefits is troubling.
Greg Vogel, American Financing Manager and Disabled Veteran:
“Wounded warriors deserve every benefit we can give them. Too few take advantage of the thousands they can save with VA loans, especially when you eliminate the cost just to fund a VA loan… It’s like failing to cash in a winning lottery ticket.”
Full American Financing Report, click HERE
Don’t leave your benefits unclaimed:
Contact one of our government loan advisors today about your VA benefits.
You can reach us 24/7 at 888-842-0490 for more information. Or please visit our site at www.usava.com
SOURCES
American Financing: https://www.americanfinancing.net/home, National Center for Veterans Analysis and Statistics: https://www.va.gov/vetdata/, Iraq and Afghanistan Veterans of America: https://iava.org
