July is often a month of patriotism. From the fireworks on the fourth of the month to the open houses and air shows at some bases around the country, the time for recognizing those who serve our country can be front and center. This is not always the case, however, throughout the year. Fortunately, a veterans loan program operates year round, not just during the patriotic month of July.
VA Loan Rates Make Home Purchases Possible for Many Who Serve Our Country
In order to qualify for the VA loan program, applicants must have served for 181 days during peace time, 90 days during war time, or six years in the National Guard or Reserves. In some cases, the spouse of a service member who was killed in service may also qualify. These applicants have access to a program that is meant to reward people for their service to the country and enables many individuals and families to access affordable financing options for not only their first home, but in some cases their next home as well. Consider these facts and figures about the VA loan rates and the numbers of people who make use of this empowering program:
- 707,107 home loans were guaranteed by the VA nationwide in the year 2016.
- More than 22 million veterans have achieved home ownership through the VA Home Loan program.
- 134,808 home loans went to veterans who were first time homebuyers in the calendar year 2015.
- 187,307 home loans went to veterans who were previous homebuyers. in the calendar year 2015.
- One of the main advantages of the VA home loan process is access to more better rates. For instance, VA mortgage rates are currently as much as 50 basis points lower than conventional mortgage loan rates.
- Another advantage is that VA home loans allow for 100% financing and they do not require mortgage insurance.
- Numbers vary from state to state, but in Texas alone there are over 1.5 million veterans, many of whom might qualify for VA home loans.
- $40,226 is the median income for veterans in the state of Texas.
- Texas veterans Veterans received a total of 58,774 home loans in the calendar year 2016.