Veterans cite homeownership as top priority

November 15, 2013

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According to a recent report by Century 21, homeownership is among the most important things for veterans returning from duty and is also the biggest issue they face. Three quarters of military families in the survey said homeownership is very meaningful to servicemen and women. The reasons homeownership was so important varied, but 73 percent said the significance is from the desire to have their own home. Establishing a household was important for 43 percent of families and 36 percent cited financial security.

"Home ownership is a top priority for many, but is especially significant to those returning from a tour of duty," said Century 21 President and CEO Rick Davidson.  "Veterans have done so much to serve our country."

While it is clearly on the forefront of the minds of veterans, homeownership is also elusive for many of them. According to the report, only 33 percent of military families have looked for a residence to purchase.

"As military service members return from duty and transition to civilian life, one significant hurdle is securing a place to call home," said James Williams, president and CEO of Century 21's Easter Seals services.

Most families stated that service-members faced many obstacles upon returning home that have prevented them from purchasing property. Despite VA home loan options, rising prices was a problem for 36 percent of veterans. Coming up with the upfront amount for a down payment was an issue for 31 percent and 28 percent cited personal savings as the reason they couldn't buy a home.

For veterans, not being able to make a new home purchase after active duty can be a distressing reality. With mortgage rates remaining low, there are several mortgage options available for new homebuyers.

Contact the Federal Savings Bank, a veteran owned bank, to explore VA home loan options for eligible veterans.