While VA loans have historically been underutilized, it seems Millennials are looking to buck that trend
When it comes to mortgages, VA loans are about the best you can get. With no down payment, no mortgage insurance, and super-low interest rates, they save homebuyers significantly—both up-front and over the long haul.
VA loan activity jumped with Generation Z buyers, too, and combined, the two generations accounted for 45% of all VA purchase loans originated in the past year. According to the latest Millennial Tracker from mortgage technology provider Ellie Mae, the average Millennial VA borrower saw a 3.5% interest rate in September—significantly lower than the overall average of 3.93% across all loan types.
“The VA loan program helps younger buyers get into homes today, rather than have to wait years like so many Millennial and Generation Z civilians,” Birk said. “Plus, because of their education benefits, many younger veterans aren’t burdened with mountains of student loan debt.” According to Mario Negron, a real estate broker who specializes in helping veteran homebuyers, VA mortgages are “pretty much America’s best loan” and young buyers are smart to leverage it if they can.
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