Lenders Step Up to Help Vets Buy Homes

With zero down payments, flexible underwriting, and competitive interest rates, VA loans are a great way for returning Vets to buy homes.

Big banks and mortgage companies are stepping up efforts to help returning vets get affordable (even free!) housing. 

There are an estimated 22 million vets nationwide, and many of them are eligible for VA loan benefits.  “In an era of extremely tight credit and underwriting in most segments of the marketplace, the VA program looks like an extended hand for creditworthy vets who don’t have large amounts of money to put down on a home purchase or are transitioning into regular employment in the mainstream economy", say lenders.

Several lenders are also partnering with nonprofit groups to help vets break into home ownership. For example, Operation Homefront, the Military Warriors Support Foundation, HomeStrong USA, and Purple Heart Homes have been donating hundreds of homes acquired through donations from lending giants like Bank of America, JPMorgan Chase, Wells Fargo, U.S. Bank, and SunTrust Mortgage, among others. Bank of America alone has donated more than 1,500 homes to nonprofits that serve veterans.

Builders are also joining in the mortgage-free donations, such as Pulte Group, which has committed to build at least 20 homes that will be donated to wounded vets this year, mortgage-free.

Source: “VA, Lenders, and Nonprofits Mobilize to Help Veterans on the Home Front,” Oct. 26, 2014