VA Loans Remain Steady in an Unpredictable Year for Mortgages
Kacey M. Isley | May 4, 2017
VA home loan program has its best year thus far: 2016.
The mortgage industry is in for an uncertain year, with rising and falling rates already seen in these first few months. In fact, the U.S. Census Bureau’s First Quarter Report of 2017 has shown that national homeownership has dropped to under 63%, the lowest in the last fifty years.
VA homeownership, on the other hand, tells a different story. The VA estimates the rate of homeownership among veterans to be closer to 82%, way higher than the national average. Although many veterans have yet to take advantage of their VA benefits, 2016 shows promise in that the VA backed more than 707,000 loans, according to a US Finance Post. This is all thanks to the VA Home Loan Program, where the number of veterans taking advantage of their benefits is steadily increasing.
Click the link to take advantage of YOUR VA benefits at www.usava.com
James Pickett’s VA Home Loan Success: 24 Years After Service
Gail MarksJarvis, a reporter for the Chicago Tribune, tells the story of a 50 year-old veteran, James Pickett, who was still able to obtain a VA loan – almost 25 years after his service:
“If James Pickett had to come up with thousands of dollars for a down payment to buy a house, he’d still be renting. But at age 50, Pickett was able to purchase his first home in December without any down payment. His family is now enjoying four bedrooms and a nice yard for the same monthly payment he previously paid for rent.
‘I look back at the house, and the dog running around in the yard, and I think, this is a beautiful house. This is where I’ll be long-term,’ says Pickett.
Between 1985 and 1993 he served in the Marine Corps Reserve so he qualified for a loan backed by the Department of Veterans Affairs, a low-interest mortgage whose popularity continues to grow.”
For MarksJarvis’ full Chicago Tribune article, click HERE.
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
U.S. Census Bureau
https://www.census.gov/housing/hvs/files/currenthvspress.pdf
US Finance Post
http://usfinancepost.com/va-loan-program-to-offer-some-stability-27786.html
Chicago Tribune
http://www.chicagotribune.com/business/ct-va-loans-growth-0312-biz-20170310-story.html
