June 22, 2022
COLUMBIA, Mo., June 22, 2022 /PRNewswire/ -- Nearly 80 years ago, the GI Bill promised to help economically disadvantaged Veterans become homeowners. Today, the same program is living up to its original promise by helping narrow the homeownership gap for female Veterans and Veterans of color.
For Veterans and service members, the VA home loan benefit is opening doors to homeownership like never before, according to Veterans United Home Loans' recent report. The Department of Veterans Affairs (VA) has backed more than 25 million home loans, which has expanded access to homeownership since 1944.
Demographics of the military have changed drastically since the program's inception. For perspective, in 1945, the population of the military was 7.4% African American and Black, 0.48% Asian American and Pacific Islanders, 0.42% Hispanic and Latino, and 3% women, according to the National WWII Museum.
Today, the military population is 13.4% African American and Black, 2.3% Asian American and Pacific Islanders, 8.02% Hispanic and Latino, and 10.9% women, according to the VA.
"Military service and the VA home loan program are creating transformational and generational change for female Veterans and Veterans of color," said Chris Birk, vice president of mortgage insight at Veterans United Home Loans, the country's largest VA purchase lender. "In many ways, these Veterans and service members increasingly represent the future of this historic benefit."
Overall, the Veteran and service member homeownership outlook will shift by 2048 with the following changes:
The VA home loan benefit helps remove barriers such as down payments, no private mortgage insurance, access to the industry's lowest average rates, and flexible credit guidelines, especially for women and people of color. Although these key demographics remain the most impacted by these barriers, this program continues to level the playing field to achieve homeownership.
About Veterans United Home Loans
Based in Columbia, Missouri, the full-service national lender financed more than $29.9 billion in loans in 2021 and is the country's largest VA purchase lender according to the Department of Veterans Affairs Lender Statistics. The company's mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. The company's employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United Home Loans and its employees have donated more than $100 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com.
VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203 | NMLS ID #1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC.