By KIMBERLEY HAAS
Veterans are encouraged to learn more about their home loan benefits after a national survey found that a majority of former service members do not know they are eligible for a zero-down payment plan.
According to information from Realtor.com, just three out of 10 veterans know they can use their VA benefits to buy a home with no money down. That statistic comes from a survey conducted last month.
“VA home loans offer many benefits, especially at times like this when affordability is such a major factor in home purchase decisions. Yet only a small portion of eligible veterans are tapping into the financial benefits they deserve for their service,” Damian Eales, CEO at Realtor.com, said in a statement.
Realtor.com is joining forces with real estate, media, mortgage, and veteran service organizations to support the #MissionZero campaign. The goal is to make sure every veteran and service member is aware of their home loan benefits.
“The #MissionZero campaign was born out of the belief that nothing should stand in the way of homeownership, especially a down payment. We owe it to our veterans to ensure they have the information they need to make informed housing decisions. It’s a small way to give back to those who have given so much, and we appreciate our partners for joining us in the cause,” Eales said.
VA benefits don’t help just first-time homebuyers. Veteran Darren Zajdel is featured in a Realtor.com article about how VA loans helped him buy his first house, and then after having a family, his forever home.
Zajdel even became a landlord in the process. His VA benefit was substantial enough that he could put his first house up for rent and live in a bigger house with his wife and four children, according to the article.
Spreading awareness to industry professionals is just as important.
David Smith is the Vice President of National VA Lending at loanDepot and is a former U.S. Army sergeant. He says both veterans and real estate professionals could benefit from learning more about VA loans.
“Unfortunately, too many veterans, as well as too many real estate professionals, don’t have the understanding they need to successfully utilize VA loans. Our mission is to inform and empower so that more of our country’s servicemembers — who have sacrificed so much on behalf of our country — can take advantage of the powerful benefits of the VA mortgage program,” Smith said in a statement.
Veterans Day is on Saturday.
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