Competitive Home Lending Offering Wholesale Rates To Veterans
Veterans in Texas are being offered extended homebuying benefits from Competitive Home Lending, the company announced.
Buyers applying for a VA loan through CHL can qualify for a wholesale VA mortgage rate.
Wholesale rates are typically between 25 and 50 basis points lower than retail rates. This gives veterans the opportunity to buy a more expensive home without increasing their purchase price.
CHL has lowered its credit score requirements for veterans to as low as 500, offering 100% financing.
“Competitive Home Lending recognizes the sacrifice and service of our Veterans and wants to do everything possible to make homeownership more accessible for them,” said Raul Hernandez, Mortgage Broker of Competitive Home Lending.
CHL is also offering VA one-time close construction loans, which can pay for custom home builds and land purchases. CHL says builders benefit as well, reducing their financial risk during construction.
Veterans have particularly suffered as housing affordability dipped to record lows.
A Freddie Mac survey found that 64% of active-duty servicemembers transitioning to civilian life expect their search for affordable housing to be extremely or somewhat challenging.
The military offers a Basic Housing Allowance for active members, while veterans receive a monthly housing allowance. But soaring home price appreciation and record-setting rents have made homebuying difficult for both active military and veterans.
“With the stipend that we’re getting — it’s helpful, but it still doesn’t cover what my mortgage is,” Devon Hicks, a former Navy member, told KPBS News. “That’s where you use your paycheck, or you get a side job or you do Uber or you do Lyft.”