COLUMBIA, Mo., June 22, 2022 /PRNewswire/ — Nearly 80 years ago, the GI Bill promised to help economically disadvantaged veterans become homeowners. Today, the same program is delivering on its original promise of helping close the homeownership gap for female veterans and veterans of color.
For veterans and service members, the VA home loan benefit opens the doors to homeownership like never before, according to the recent Veterans United Home Loans report. The Department of Veterans Affairs (VA) has backed over 25 million home loans, expanding home ownership since 1944.
The Army’s demographics have changed dramatically since the program’s inception. For perspective, in 1945 the Army population was 7.4% African American and Black, 0.48% Asian American and Pacific Islander, 0.42 % Hispanics and Latinos and 3% women, according to the National WWII Museum.
Today, the military population is 13.4% African American and Black, 2.3% Asian American and Pacific Islander, 8.02% Hispanic and Latinos and 10.9 percent women, according to the VA.
“Military Service and the VA Home Loan Program are creating transformational and generational change for female veterans and veterans of color,” said Chris BirkVice President of Mortgage Insights at Veterans United Home Loans, the nation’s largest VA purchase lender. “In many ways, these veterans and service members increasingly represent the future of this historic advantage.”
Overall, the prospects for veteran and military homeownership will change by 2048 with the following changes:
- The Hispanic and Latino population is expected to make up more than 16% of the total veteran population.
A study by the Urban Institute predicted that 70% of new homeowners between 2020 and 2040 will be Hispanic and Latino. The homeownership rate is more than 18 percentage points higher for Hispanic and Latino veterans than their civilian counterparts.
- The African American and Black population is expected to make up approximately 15% of the total veteran population.
African Americans own homes about 17 percentage points more than their civilian counterparts. VA loan usage for this demographic increased 23% from 2018 to 2021.
- By 2048, Asian Americans and Pacific Islanders (AAPI) are expected to make up 5% of the veteran population, up from 0.42%.
AAPI veterans have higher ownership rates than their civilian counterparts at around 13 percentage points. Education and household income contribute significantly to the growth of the AAPI population. By 2048, their veteran population is expected to increase by 45%.
- Female Veterans will represent approximately 18% of the total Veteran population.
Over the past decade, female veterans made up about 11% of veterans and military members who use their VA home loan. It is expected that more female veterans will be homeowners as the population is expected to increase.
The VA Home Loan Advantage helps break down barriers such as down payments, lack of private mortgage insurance, access to the lowest average rates in the industry, and flexible credit guidelines, especially for women and people of color. While these key demographics remain the most impacted by these barriers, this program continues to level the playing field for homeownership.
About Veterans United Home Loans
Situated at Columbia, Missourithe national full-service lender has funded more than $29.9 billion in loans in 2021 and is the nation’s largest VA purchase lender according to Department of Veterans Affairs Lender Statistics. The company’s mission is to help veterans and service members enjoy the home loan benefits earned through their service. The company’s employee-led charitable arm, the Veterans United Foundation, is committed to improving the lives of veterans and military families nationwide by focusing on supporting military families and organizations. nonprofits that strengthen local communities. Veterans United Home Loans and its employees have donated more than $100 million to the Foundation since its creation in November 2011. Learn more at EnhanceLives.com.
VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, Missouri 65203 | NMLS ID #1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Department of Veterans Affairs or any other government agency. Equal Opportunity Lender. Mortgage Research Center, LLC.
SOURCE United Veterans Home Loans