Over twenty-million military veterans have used a loan through the Veterans Administration to purchase a home, resulting in the highest homeownership rate for members of the armed forces in recent history.
Former and active members of the United Stated military and their families can benefit from the versatile VA loan program in a variety of ways, including low interest rates, no minimum credit score requirements and the ability to purchase a home without any cash down. Typically, low down payment mortgages require the borrower to obtain mortgage insurance, but VA loans waive this requirement.
The combination of all these benefits ease the burden on the wallet and free up cash for the other expenses that come along with buying and owning a home. According to Trulia, the perks of a VA loan is why the homeownership rate for veterans is near 80 percent.
Today, conforming no-point 30-year fixed mortgage rates averaging 4.375 percent, 15-year rates near 3.875 percent and the 5-year ARM averaging 4 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.