Reasons 2020 Is the Perfect Time for Buying a Home with a VA Loan
Buying a home is a big part of the American dream and for active-duty military members and veterans, buying a home with a VA loan is almost always the best option. The loans give you more flexible terms, lower interest rates, and an easier closing process. If you’ve been waiting for the right time to start looking for a house, now is the time. Here’s what makes 2020 the best time to start looking for a home and applying for a VA loan.
It’s Harder to Qualify for Traditional Mortgages
With interest rates at near-historic lows, more people are starting to look for traditional mortgages than in previous years. The increase in applicants means lenders are starting to get pickier and more of them are imposing more stringent qualification requirements for prospective borrowers. The same isn’t true of VA home loans. The requirements are still much easier to satisfy and you’ll find it easier to qualify for a VA loan in the first place.
Fewer Borrowers Means Better Pricing
With more prospective home buyers getting their loan applications denied, sellers are finding it harder to sell their homes. This means they’re more likely to be open to negotiations on the sale price. This means you’re able to get more house for the money without taking on more debt than is absolutely necessary. Sellers won’t care if you’re buying a home with a VA loan or a traditional mortgage as long as they’re able to get out of the house they no longer want.
More Lenders Are Issuing VA Loans
It’s starting to get easier to find lenders that understand and issue VA loans to qualified borrowers. More lenders means it’s easier for you to find loans with fair terms and larger principal amounts.
Finances Are Tight Nationwide
Buying a home with a VA loan allows you to buy a house without using a down payment to qualify for the loan in the first place. With a conventional mortgage and even some other government-backed loans, you’ll need to provide a down payment to secure the loan. With unemployment rates on the rise, the more money you can keep in your bank account, the better off you’ll be.
If you’ve been thinking of buying a home with a VA loan, don’t put it off for another year. Take advantage of everything 2020 has to offer. Apply online today to get started.