Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
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VA Loan – Benefit for Veterans

Veterans Deserve The Benefits They Are Offered

Veterans Deserve The Benefits They Are Offered

Orange County, CA – When a veteran of the US armed services returns home from active duty, one of the rarest things for them to come home to is a house of their own. Less than one in five veterans are homeowners, and less than one in three even begins looking for a home within a year of their homecoming.

Why? According to a survey by Century 21, it’s because many veterans are financially unable to become homeowners. Of the respondents to the poll (who were all military veterans), more than 9 out of 10 said that they felt it was important to own their own home. But nearly two-thirds felt ‘shut out’ of the real estate market due to the price of homes, the expectation of a significant down payment, and/or a lack of personal savings.

Even discounting the possibility of owning a home, many veterans are returning home to a sluggish economy and are often burdened with health problems that make it challenging to find employment — especially skilled employment. Project Jericho’s analysts believe that fully a quarter of the nation’s homeless are veterans.

One of the major hurdles to veterans’ home ownership is the lack of understanding of the government programs out there designed to help veterans. One of those programs is the VA’s mortgage insurance program. The VA doesn’t give out mortgages, but they insure loans given out by other lenders. This gives a level of comfort to mortgage investors providing these types of loans.

You’ll still need to meet all of your lender’s qualifications and you’ll need to meet the qualifications for the VA mortgage. This means you must fall under one of the following three categories:

  • You served 181 days on active duty during peacetime;
  • You served 90 days on active duty during wartime;
  • You served six years in the Reserves or National Guard, or
  • Your spouse died in the line of duty or from a service-connected disability.

There’s no need for anyone who falls into any of those categories to feel ‘shut out’ of the housing market — because with a VA-secured mortgage, you can get a home with no down payment. You’ll have to verify your qualifications with your lender. They’ll want to know details like your FICO score, your income, employment and so forth. 

The Federal government has set itself a goal — end veteran homelessness by 2015. It’s a noble sentiment. But if we want to get it done, it’s going to take more than a mandate from the Oval Office. It’s going to take the friends and family members of our veterans educating themselves on how they can help their loved ones take advantage of all of the benefits that come with having served our country. Help us out — tell your favorite vet all about the VA mortgage program today.

If you have questins about this program, please give me a call. As the son and brother of vets, I have a special affinity to give back to all that serve and have served.

Scott Storace

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