The Veteran Affairs (VA) loan seeks to help Veterans, Service members and their eligible surviving spouses achieve homeownership. Because VA loans allow 0% down payments, waived private mortgage insurance and more, they’re one of the most robust mortgage tools on the market — and one specific sector of eligible homebuyers may want to take full advantage of this powerful program.
Women Veterans
Women across the nation have proudly served their country since the Revolutionary War, reaching the same ranks, commanding the same authority and making the same sacrifices as their male counterparts.* Unlike men veterans, however, women began enlisting in large numbers more recently. In 2019, there were an estimated 1,920,965 brave servicewomen across the United States, with the majority concentrated in Texas, Florida and California.* Today, approximately 9% of vets identify as women.*
Accordingly, active servicewomen and women vets are now considered the fastest-growing demographic across military branches. It’s projected that they will comprise approximately 16% of veterans within 20 years. Until the early 1980s, however, women were largely unaware of the existence of their comprehensive VA benefits.* In 2020 alone, nearly 5,000 women veterans sought out events specifically aimed at demystifying their VA benefits.* Understanding benefits, particularly the VA loan, could bolster homeownership rates for women veterans, and help millions achieve an integral piece of the American Dream.
VA Benefits for Women Veterans
Women veterans may be eligible for the same benefits as their male counterparts, including pension, health care and, perhaps most notably, the VA loan.* This powerful program has changed the lives of thousands of former servicewomen, and should be closely considered by all eligible women veterans.
Between 2011 and 2016, more than 270,000 women veterans opted into a VA home loan.* What’s more, in 2015 alone, the total loan amount awarded to the 66,000 women veterans receiving a VA loan that year neared $16 billion. Unfortunately, this figure comprises only approximately 10% of total VA home loan applications. If they choose to pursue other loan types, or continue renting in the long term, women veterans could be leaving money on the table.
Why Women Veterans Should Utilize the VA Loan
The VA loan differs from nearly every other mortgage tool on the market. Benefits include lower interest rates and closing costs, no down payment, no private mortgage insurance (PMI) exceptions and more. In the event of missed payments, VA Loan Technicians are also available to explore all options. For example, in 2015 alone, servicers assisted nearly 100,000 VA loan recipients in avoiding foreclosure.
Apply for a VA Loan
To take advantage of this robust mortgage tool, you’ll first want to ensure that you’re eligible.* Then, apply a certificate of eligibility, online or by mail.* Your lender may then request additional documentation, an appraisal and credit and income information. If you have specific questions about the process, contact your lender or your VA regional loan center.*
* Source: U.S. Department of Veteran Affairs
Published on July 19, 2021
