Active Duty Servicemembers Concerned About Housing: VA Loans Bring Opportunity

Survey: seventy-three percent of service members are homeowners vs 66% of the general population.

Sixty-four percent of active-duty servicemembers moving into civilian life believe their search for a new home will be “extremely or somewhat challenging,” according to a new Freddie Mac survey, as reported in the “Active-Duty and Veteran Housing Landscape Snapshot.”

Freddie Mac conducted the survey with a goal of better understanding housing issues and concerns for veterans and those in active duty.

Survey results showed that this population needs additional information “to feel confident in the homebuying process,” although many are familiar with VA loans.  In fact, VA loans are most chosen type of loan for service members on active duty.

Forty-six percent of active-duty servicemembers are extremely familiar with VA loans, 35% are somewhat familiar, and 13% are not very familiar with this loan opportunity.

 Other interesting survey findings include:

·        Eighty percent of those taking a VA loan reported favorable experiences—perhaps due to their low closing costs and no-downpayment requirements.

·        Nine of ten active duty survey participants plan to use a VA loan when they purchase a home.

·        Only 57% of those surveyed who already own a home previously used a VA loan and had awareness of the benefits.

·        Of homeowners surveyed, 41% used a VA loan in the purchase of their current home.

Might a VA loan help you find a successful route to homeownership?

Post authored by Lora Bray.

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