Veteran homeownership is on the rise, with 80 percent of all US veterans reported to be the owner of their current home, compared to only 65 percent for the nation as a whole, according to Veterans United. Thanks to the cumulative efforts of veteran welfare organizations and intensifying support from the VA, it’s becoming easier than ever for veterans to become homeowners. Even amid all manner of housing issues and calamities, veteran homeownership has stood strong, and with all of the strides being made in veteran welfare, it will stand even stronger.
Veteran and Mother of Two Finds New Home Thanks to VA Home Loan
Despite housing market instability that has persisted since 2020, VA loan programs have only increased their capacity to give out loans to veterans looking to purchase or refinance their homes. The total loans given out per year has doubled compared to the annual counts in the previous decade, all within the span of a single year. And support has only ramped up since.
That’s exactly why 39-year-old Natasha Harmon immediately sought out a VA loan program to mortgage her new home. After getting forced to move out by her landlord in 2021, the US Army vet decided that she wasn’t going to let herself or her family experience such a thing again. Thanks to VA home loans, she and her family never will. The marked advantage veterans have over non-veterans when purchasing homes is one of most powerful tools in combating veteran homelessness. For black veterans like Natasha Harmon, VA home loans have been the key to bridging the gap between black homeownership and white homeownership in the US.
You Too Can Afford the Home You Deserve With the Right Lender
If you’re a veteran and have been looking for a way to get the best VA loan, all you really need is to find a lender that caters specifically to your needs. Once you’ve proven your eligibility, seek out a lender that specializes in VA loans. Some lenders’ services are geared towards veterans with bad credit. These lenders can enroll you into credit programs that can raise your credit, which was one of the reasons Natasha Harmon was able to get such a good deal on her home. Otherwise they can help you get bad credit loans and better deals in general. Meanwhile other lenders, according to Hero Loan, focus on maximum convenience and speedy closing, helping displaced vets find a permanent home fast. It also helps to work with a real estate agent who has a lot of experience working with military families, as they tend to know the best way around VA loan programs.
Veteran Homeownership Continues to Grow
Although the whole world is experiencing housing difficulties even through 2022, veterans have remarkably persevered through it all. Veteran homelessness has been on a steady decline since 2009, and that progress hasn’t slowed down at all through the 2020s. The VA reports that over 40,000 veterans obtained permanent housing in 2021. Thanks to veteran housing cooperatives, lack of inventory has become less of a problem. Flourishing military cities allow veterans to raise their families in a prosperous and racially integrated environment. All of that, coupled with the strengthening of VA loan programs as a whole, has made it much easier for veterans of every color and stripe to gain the homeownership benefits they deserve.
Historically plagued with housing difficulties such as homelessness, veterans are now gaining the benefits they should have had from the beginning. If you’re a veteran and are having trouble securing a home for yourself and your family, now is the best time to take out a VA loan and eliminate those troubles once and for all.
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