Realtors and VA Loans: A Realtor's Guide to Empowering Veteran Clients
- Fred Gallegos
- Jun 26, 2023
- 2 min read
Hello Realtors, Fred Gallegos here, one of the nation's leading experts in VA lending. Today, let's take a deep dive into the housing landscape of a unique homebuyer demographic – our active-duty service members and veterans. This is based on a recent snapshot released by Freddie Mac.
Affordability – A Key Concern
Let's start with an undeniable reality – affordability is the critical concern for active-duty service members transitioning to civilian life. A significant 64% foresee that finding an affordable place to live will be challenging. As realtors, your insights can make a world of difference.
Our clients aren’t just looking for houses. They’re in search of homes, a place to plant roots after years of base-to-base relocations. Understanding this perspective will elevate your service. After all, a substantial 91% of active-duty members hold a strong desire to own a home, and that's where VA loans come into play.
Knowledge Gap in Homebuying Process
However, there’s a catch. Not everyone is fully informed about the homebuying process. More than half of active-duty households felt they needed more information while applying for a mortgage. That’s where you, alongside a VA loan expert, can step in and smooth out the process.
Popularity of VA Loans
Around 87% of active-duty members are aware of the VA home loan benefit, with a remarkable 81% being extremely or somewhat familiar with it. The even better news? 44% of these households have purchased their homes using VA loans. When it comes to renters planning to buy a home, 90% are likely to opt for a VA loan.
So, what’s driving the popularity of VA loans among service members? Simple. No down payments, low closing costs, and no addition of private mortgage insurance (PMI). In essence, VA loans are designed to turn the dream of homeownership into reality for our heroes.
Bridging the Gap
However, there's a gap to be bridged. Despite being aware, only 57% of current homeowners have used VA loans in the past. This is a golden opportunity for you, as Realtors, to step up and guide these heroes home.
Realtors and VA Loans
Armed with these insights into VA loans and the housing landscape of our veterans and active-duty members, it’s time to put this knowledge into action. Get comfortable with VA loans, join hands with a VA loan expert, and help our heroes find their dream homes. After all, serving those who've served us is one of the most rewarding parts of our job. Let's make it happen.
In service,
Fred Gallegos
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