Realtor.com® and an
alliance of organizations launches the #MissionZero campaign to
educate Veterans and servicemembers about their hard-earned home
loan benefit
SANTA
CLARA, Calif., Nov. 8, 2023
/PRNewswire/ -- While many Veterans are aware they have access to
Veterans Affairs home loan benefits, which honor their service by
making homeownership more accessible, just 3 in 10 know they can
use that benefit to buy a home with a zero down payment, according
to a new national survey of Veterans and active duty service
members.
A unique alliance of real estate, media, mortgage and Veteran
service organizations are joining forces to change that. The
#MissionZero campaign aims to make sure every Veteran and service
member knows their hard-earned VA loan benefit helps them buy with
0% down. Joining Realtor.com® in the effort are some of
News Corp's most popular media properties, such as the New York
Post and the Wall Street Journal, along with the Tunnel to Towers
Foundation, the Veterans of Foreign Wars and Veterans United Home
Loans.
The #MissionZero campaign aims to provide essential information
and support to those who are serving or have served our nation,
helping them achieve their dreams of buying a home. The campaign
aims not to end until every Veteran and service member knows the
power of what they've earned.
"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," said Damian Eales, CEO at
Realtor.com®. "At Realtor.com®, 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."
VA home loans help boost savings and homeownership among
Veteran households
VA home loans typically offer qualified
borrowers zero down payment, more flexible credit terms, and lower
interest rates, making it easier to access homeownership,
especially for first-time buyers who do not have home equity to
draw on. These advantages place Veterans in a more favorable
position than non-Veterans in today's housing market, according to
a new Realtor.com® report.
Realtor.com®'s report found the homeownership rate
for Veteran households, according to the latest available data, was
79.7%, significantly surpassing that of non-Veterans, 63.5%.
Additionally, data shows homeownership rates for Veterans are
higher than non-Veterans in all of the top 100 metros, and with
greater awareness, VA loans could help even more Veterans overcome
current market challenges.
"After nearly eight decades of helping Veterans and military
families buy homes and build generational wealth, the VA loan
benefit is more important than ever," said Nathan Long, CEO of Veterans United. "The
#MissionZero campaign helps highlight how VA loans are built to
eliminate obstacles and make homeownership more accessible for
those who serve. At the same time, they also offer Veterans the
freedom to choose how and where they invest their savings."
VA loans empower Veteran homeownership by allowing lower down
payments and credit scores, along with lower interest rates
- The hallmark advantage of VA loans is the ability to purchase a
home without the burden of a down payment, a game-changer in
today's market. Realtor.com® found that over the
last year, while 3 in 4 (75.2%) VA loans had a 0% down payment,
some borrowers do put money down to reduce their loan's principal
balance, and the average down payment percentage for VA loans was
2.7% – significantly less than the average 19.1% down payment
percent for conforming loans.
- Data on VA loans shows a greater share of issuance to those
with less than perfect credit compared to other loans, making
homeownership possible to a wider net of borrowers. In the past
year, about 24.8% of home buyers with VA loans fell into the Fair
credit score category (580-669) compared to 4.7% among conforming
loan borrowers.
- VA loans also typically have lower mortgage interest rates,
which reduces monthly costs. Between October
2022 and September 2023, the
average mortgage rate for 30-year fixed-rate VA loans was 6.27%,
whereas it was 6.67% for conforming loans.
- All of these loan advantages stack up, and VA loans place
Veteran households in a more favorable position than non-Veterans
in today's housing market, saving borrowers hundreds monthly.
Veterans and military personnel interested in learning more
about VA home loans and the #MissionZero campaign, can visit
www.realtor.com/veterans.
Methodology
See the full Realtor.com® report for the
methodology and additional findings. The 3 in 10 statistic is based
on a national survey of 300 respondents, split evenly between
active duty service members and Veterans, conducted in October 2023 by data and analytics firm
Sparketing.
About Realtor.com®
Realtor.com®
is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
Media Contact
press@realtor.com
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SOURCE Realtor.com