As America celebrates its veteran hero's this year, members of the armed forces are enjoying homeownership at a greater rate than in years. The increasing rate of homeownership among military personnel is in part due to the versatile loan process available through the Veterans Administration. For many in the armed forces, a VA loan is their ticket to homeownership.
VA loans offer exclusive advantages that a conventional loan cannot. These loans don’t require a minimum down payment or mortgage insurance and they are often offered with lower interest rates and waived origination fees.
In addition to all these benefits, the VA offers borrowers the opportunity to buy a home without the need for an appraisal or credit check.
Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.