The VA Home Loan Is A PRICELESS Benefit That Makes Buying A Home Cheaper Than Renting. It's Financially Irresponsible For A Veteran Or Service Member Not To Use It.

I joined the Army in October 1989 and served in Operation Desert Storm. When I was considering enlisting my mom said it would be a smart move because, “They can help you buy a house.” That’s the first time I became aware of the VA Home Loan.

I took the early out after Desert Storm and started going to college full-time. The GI Bill helped me pay for that. Then, it came time to buy my first place in 1998, a condo on Capitol Hill in Washington, D.C. Because of the VA Home Loan, it was the easiest financial transaction of my life. I received my qualification letter. Got pre-approved with a VA approved lender. Found a real estate agent. Found a place I liked. It  was already VA approved. Entered into a contract. Had it inspected. And, went to closing to sign the paperwork. I rolled all of the buyer costs into the loan increasing the loan from $119K to $124K. And, I also received seller concessions, so I didn’t have to pay my agent. $0 out of pocket and 4 years of mortgage interest tax write offs later, which totaled more than the $5K I rolled into the loan, I sold the place for $249K in 2002. Sweeet.

So, I naturally thought every veteran used their VA Mortgage benefit. However, over the last 20+ years, I”ve surveyed childhood friends, relatives and acquaintances who are veterans and homeowners and asked them if they used their VA Loan. Surprisingly, more than 99% have said, “No.” 🤯 WHAT?!?!  Many have never even purchased a home. They’ve always rented. Again, 🤯 WHAT?!?!

In a nutshell, renting requires the first month’s rent and a security deposit upfront and it provides no tax benefits. You simply pay your landlord’s mortgage for them, building equity in their investmen. Buying with a VA Mortgage requires $0 out of pocket, provides significant tax advantages and probably builds equity in the investment. That alone makes it superior to renting and renting the financially irresponsible option between the two. 

So, I’ve been meaning to write this blog post for quite awhile, over two years. Then, a couple days ago, strictly out of curiosity, I attended the From Military-to-Millionaire web seminar. Because, it doesn’t hurt to hear what people have to say. What I found out is that the VA Home Loan can be a legitimate path to millionaire 🤯 And, for many, that makes it priceless. Publish ASAP. 

I highly recommend that every veteran attend the From Military-to-Millionaire seminar. It provides comprehensive coverage of the VA Home Loan: strengths, weaknesses, common misconceptions, etc. It’s definitely information that I wish I knew back then.

I also recommend purchasing and reading 100 Questions Every First-Time Home Buyer Should Ask. 

**FYI, I am in no way affiliated with Military-to-Millionaire and not compensated in anyway for this endorsement.