September 17, 2021

MP Now News

Mortgage News

Younger veterans helping to drive record-breaking housing market

PHOENIX – As the property market continues to break records across the country, the number of veterans buying or refinancing loans through VA Services is also breaking records, particularly here in the Valley.

“It was me, the woman, two children, five dogs in a motor home,” said Army Veteran Bobby Price, chuckling.

The price is used to tight quarters. Between 2008 and 2012 he worked twice abroad. This time to win the bidding war for his new house.

“We were really lucky with the house, it was a very rare situation, the seller wanted to rent the property back from us after we bought it for a few months,” said Price.

He had recently sold his first house and had already lost three bids for a new one.

He agreed to the seller’s lease back conditions and won the house despite higher bids.

“They wanted three months and we told them no problem and it only took a month and a half because they left early,” Price said.

Price knows how lucky he is. Homeless as a child, it was his military service that made his dream home possible.

“Because of the veteran thing, we don’t need a deposit, so I can own a house,” Price said.

“You have served and sacrificed on our behalf, and part of that service and sacrifice may mean missing out on the chance to build credit and savings. Chris Birk, Vice President of Mortgage Insight, Veterans United Home Loans.

Birk says this is why veterans tend to outperform the general population when it comes to home ownership.

On average, 80% of vets own homes versus 63% for the rest of us. Millennial and Gen Z soldiers are now the next big force in the market to break records in 2021.

“Phoenix is ​​actually the country’s second largest market for overall VA loans and VA refinancing loans,” Birk said.

He says a recent survey of thousands of veterinarians across the country reflected the data.

“About one in three veterans said they would like to buy a home this year, and nearly two-thirds expected to buy a home in the next five years,” said Birk.

Now at his new home, Price ponders what it meant to serve and how it will continue to shape his future.

“It prepares you for things like this, it lets you plan things better, be more strategic, a lot of veterans don’t use the programs and stuff we have, they have to,” Price said sternly.