CHARLOTTE, N.C. — Buying a home can be a challenge when facing rising inflation and higher mortgage rates, but a recent survey highlights promising data for veterans like Charles Drew
"There is not enough resources not, enough people talking about it," said Drew. "A lot of veterans don’t realize what's out there,"
Data from Veterans United shows that 54% of veterans feel more financially stable and capable of securing a home loan in comparison to 48% of civilians.
Chris Birk, the VP of mortgage insight at Veterans United Home Loans, explains the reasons behind the new data.
"One that always surprises people is when they find out veteran households, on average, have higher incomes and more assets than civilians," said Birk.
Birk said another reason more veterans are becoming homeowners is due to the perks that come with a VA loan.
"It helps veterans buy without a down payment without having great credit, gives them access to the lowest average interest rates on the market," said Birk. "There is a big difference between a monthly mortgage payment at 7% and 3% and it is pretty significant."
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Birk said the incentives are certainly having an impact on veterans and military members across the country.
Now vets like Drew are working with the American Legion to spread more awareness and help more families gain long-term financial security.
"We have been doing good outreach from our post to let veterans know there are services for them," said Drew. "Let's get those tax breaks and money back in our pockets, let's be a part of the American dream."
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