Active Military and Veterans have some awesome benefits when it comes to purchasing a home and we love working with them! In honor of Memorial Day coming up, we wanted to thank them for their service and share some information about VA Guaranteed loans.
Active military members and veterans are often eligible for VA-guaranteed loans. These loans are made by private lenders to eligible candidates. If they want to purchase a home or condominium, the VA will guarantee up to $417,000 of their total loan. This is far more than anyone can get with most conventional home loans! Eligible candidates include veterans of all wars, and many peace times, as well as active military members who have served for 181 days. Reserves and National Guard members are also eligible if they have served for at least six years. Those who have been dishonorably discharged are not eligible for military benefits.
The following infographic, provided by the National Association of Realtors, provides some very interesting statistical information about veteran and active military home buyers and sellers.