By the Kent Redding Group
AUSTIN, TX. – Over the last five years one of the biggest factors leading the recovery of the Real Estate market in Austin Texas, and nationwide, has been the use of VA loans.
VA Loans are guaranteed mortgage loans by the United States Department of Veterans Affairs and can be used by American Veterans, including their surviving spouses, for the purpose of buying Real Estate.
What’s great about VA Loans is that they’ve been especially popular among Millennials who have used them to purchase homes nationwide, even in Austin Texas, where home prices have been increasing steadily.
Reasons Why Millennials Love VA Loans
No Down Payment – This is obviously the top reason why Millennials love VA Loans; they can become homeowners without having to come up with the money for a down payment and in this day and age that’s HUGE considering that most home buyers are faced with having to come up with a down payment of $25,000 or more.
No Mortgage Insurance – Another HUGE reason Millennials love VA Loans is Veterans don’t have to pay any type of mortgage insurance with the VA Loan and this can easily save a Millennial an average of hundreds of dollars per month.
Flexible Credit Guidelines – Last of all, but most important, another great reason why Millennials love VA loans are the flexible credit guidelines that come with VA Loans. This is an awesome advantage because it means that a Millennial can still become a homeowner even if they have a FICO score that’s 50 points lower than the conventional FICO score.
Use Your VA Loan in Austin Texas
Planning on using your VA Loan to buy a home in Austin Texas? If so, let the Kent Redding Group help you find the perfect home. Contact us today by calling (512) 306-1001 or click here to connect with us online.