Future Military Homeowners
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There’s little doubt that VA benefits have great value. But in the case of a VA home loans you can’t get financing without sufficient income regardless of your military training or experience. For the bulk of military borrowers, that means steady employment that’s likely to continue.
The jobs issue has become enormously important because young vets — those aged 20 to 24 — have a 30-percent unemployment rate. This compares with a 12 percent unemployment rate for vets in general versus about 9 percent for the population at large.
Alas, no income, no mortgage.
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The latest numbers from Freddie Mac should greatly interest military borrowers: Fixed-rate mortgages hit their lowest level since such numbers have been tracked, just 3.84 percent for a 30-year loan.
This is a number that should cause VA loan borrowers to take a look at their current financing. What’s the rate you’re now paying? If you refinanced your current loan how much could you save per month?
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Cash is a wonderful thing. It may be true that it can’t buy love or happiness, but it sure is useful when it comes to groceries, gasoline and mortgage payments.
Real median household income, says the Census Bureau, reached $49,777 in 2009. That’s 5 percent less than households earned a decade earlier, in 1999, when they typically took in $52,388.
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