July 14, 2017 | Bob Myers
A home loan program steeped in history continues to make it. The  United States Department of Veterans Affairs, known as the VA, backed an  all-time record 631,151 loans in fiscal year 2015, eclipsing the  previous high-water mark set just two years prior.

More and more veterans are using these flexible, $0 down  loans to crack the housing market during a time of tight credit and  limping wages.  A good year for the industry was a great one for military  buyers: VA purchase loans surged 19% year over year, according to  recently released figures.

The outlook for this 71-year-old benefit program is bright,  too. The population of younger veterans is expected to increase 36% over  the next five years, according to a recent Deutsche Bank analysis. To  be sure, VA loans aren’t the right fit for every veteran. But they’re also no longer on the sidelines. In fact, in many ways, these  government-backed loans are arguably the most powerful residential loan product on the market.

Greater awareness of the benefits—and the surprising  safety—of VA loans has propelled market share in recent years. Credit  guidelines for VA loans are generally more forgiving compared with  conventional loans, and VA buyers don’t have to spend years scraping up a  down payment. That one-two punch helps make homeownership possible for scores of veterans and military families who might otherwise miss out.  The average VA buyer has about $7,000 to $8,000 in assets, according to  the VA. These loans also carry no mortgage insurance and limit what  buyers can pay in closing costs.
Source: Realtor.com

Please  consider The Myers Team your resource for all things real estate.   We  have over 30 years of real estate experience, specializing in the  Montgomery County area.  If you are refinancing, want a recommendation,  need a service provider or just have a home related question, please  give me a call at  301-910-9910 or email me at bobmyersteam@gmail.com.


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