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When people serve in the military, they do so out of commitment. In return, the military provides for all their needs and also provides benefits. Those benefits include educational support, rights for preference in hiring afterwards, disability support if needed, and advantages in veteran status when homebuying, among other aspects. However, in today’s hyper-competitive real estate market, veterans are finding it’s a hard time to be a home buyer, even with access to Veteran’s Administration (VA) home loans practically guaranteed for financing. The market in Denver and other areas is so competitive in 2023 and expected in 2024, that veteran status simply isn’t much of an advantage anymore.
Constant Denials are the Norm
Many military vets in the homebuying market right now are finding themselves going through dozens of homes and either being out-priced, out-bid or simply unable to even be considered. It’s not from a lack of trying. Veterans are putting in viable bids left and right, with rejections coming back just as fast. The market is simply outpricing the average buyer, veteran or not.
VA Loans Were a Gold Standard Until Now
From a buyer perspective the VA loan program was ideal with no or minimal down payment, effective financing, and reliable payment sellers found very attractive. That said, the program has always suffered a bit of lower priority as the paperwork tends to be more burdensome than typical home sales and that workload ends up on agents and brokers versus the VA. Now, that difference in treatment matters even more when sales are moving so fast, nobody wants to bother being delayed by administrative government requirements. As a result, a repeat story continues to happen: a veteran gets traction, their bid looks favorable, and then they lose the sale to a cash purchase.
Many VA-Specific Agents Try to Help
Real estate agents work regularly at trying to help banks understand the value of VA applicants and buyers, but the reception in traditional channels tends to be tepid. Despite the statistics showing a clear consistency of VA loan applicants following through on sales, the reputation of VA loans being troublesome continues to linger like a bad gossip rumor handed down from one lender to another in traditional banking. It’s in these kinds of cases that a mortgage broker in Denver can provide a lot of help. Already effectively working to match buyers with viable lenders in a wider market than a handful of big banks, mortgage brokers have a far greater reach. The result produces a better success rate for sales and gives veterans a far better chance of finding a home in today’s Denver market.