The latest One Cool Thing has some great info for members of the military!
The Lawhead Team would like to share the latest One Cool Thing about “Military Members On A Home Buying Mission”.
Did you know active-service military members and veterans make up the smallest group of homebuyers?
Of all home buyers, 2% are active-service military, 17% are veterans and 81% are non-military. Check out what they are purchasing and how:
Active-Service Military Buyers –
- 50% are first time home buyers
- 68% are first time sellers
- 56% completely financed their home with no down payment
- 77% of active-service military buyers use a VA loan to buy their home
- 15% used a conventional loan to buy their home
The average home for active-military home buyers are a 4 bedroom, 2 bath house approximately 2,050 square feet.
Military Veteran Buyers –
- 19% are first time home buyers
- 26% are first time home sellers
- 41% military veterans completely financed their home with no down payment
- 58% used a VA loan to buy their home
- 66% of military veterans use a conventional loan
For military veteran buyers, the average home they bought was a 3 bedroom, 2 bath house with approximately 1,960 square feet.
- 35% are first time home buyers and 39% are first time home sellers.
- 39% non military buyers are first time sellers.
- 7% completely financed their home with no down payment
- 66% used a conventional loan to purchase their home.
The average home for a non military home buyer is a 3 bedroom, 2 bath house with 1,870 square feet.
Source: National Association of Realtors.