FORT WAYNE, Ind. (WFFT) -- The housing market has been on a hot streak for several months now, and homes in Fort Wayne have sold within hours of hitting the market.
However, a market like this significantly impacts veterans.
Chris Birk with Veterans United Home Loans says since sellers have a large pool of interested parties, they will immediately turn away offers from people with Veterans Affairs benefits.
“Not even being willing to let a veteran or service member compete with the benefit they’ve earned feels like a disservice. And, again, I think a lot of that is rooted in myth and misconception," Birk said.
They get turned away because they are not required to make a down payment on their home, which sellers see as a financial risk for themselves.
This is despite the fact that Birk says V.A. loans have had a higher closing success rate over the last six years compared to conventional loans.
His advice to veterans is to connect with a lender and real estate agent who are knowledgeable about V.A. benefits and will speak up on your behalf to the seller.