We have not seen a more enticing combination of factors for veteran home buyers in decades...veterans can now buy at historical low rates while taking advantage of the no down payment option through the VA loan
(PRWEB) January 03, 2013
US home sales are up 15.3% as compared to one year ago, according to MarketWatch.com. This comes at a time when Mortgage rates are at historical lows. US military troops returning from Afghanistan and Iraq can leverage this housing recovery; there has never been a better time to buy a home using a VA Loan.
The US Composite Housing Affordability Index recently hit 187.2, according to Ycharts.com. A number of 100 or higher implies that an average income family can afford to purchase a median priced home. With a number of 187.2 this means that a large majority of income earners can easily afford an average priced home. According to one of the largest mortgage buyers, Freddie Mac, as of December 27th the average rate on a 30 year loan has dropped to 3.35%, making this a record low not seen since 1971.
What does this mean for the thousands of troops returning from Afghanistan? As the US presence overseas has declined, returning service members and their families have market conditions in their favor with regards to buying a home of their own.
“We have not seen a more enticing combination of factors for veteran home buyers in decades”, says Grant Moon, President of VA Loan Captain. “When combined with the VA loan program which is put in place by the Department of Veteran Affairs, veterans can now buy at historical low rates while taking advantage of the no down payment option through the VA loan.”
The Department of Veteran Affairs guarantees loan amounts for up to $417,000 for qualified veterans. In certain high cost counties these amounts can be much higher. According to Reuters, the building permit growth hit 3.6% which is a 4.5 year record high. “These savvy builders sense the opportunity and are quickly putting housing product on the market to absorb the current and anticipated demand” says Grant. “Veterans can take advantage of these factors to buy a home. Opportunities in the marketplace that combine historically low housing prices and interest rates are typically just what people have been waiting for.”
About VA Loan Captain
VA Loan Captain, Inc. assists veterans and service members obtain competitive interest rates and fees on their VA loans through a platform of approved lenders. The company is a service disabled veteran owned small business registered in New Jersey and verified by the US Department of Veterans Affairs. VA Loan Captain, Inc. is listed and searchable within the Department of Veterans Affairs Vendor Information Pages.