Archive for the ‘VA Home Loan’ Category

Military Base Cities Booming

Thursday, September 2nd, 2010

Nationwide, metropolitan areas that include or have nearby , according to an analysis by USA Today.
Based on the newspaper’s findings, 80 percent of metro areas that are climbing the per-capita income rankings the fastest are near or include a military base. More than any other part of the economy, military pay and benefits increased the most since 2000.
USA Today reported that on average, a military member earned almost $122,300 in 2009. That figure is more than double the average in 2000. Military members’ relatively high earnings in cheaper housing markets pose opportunities to real estate agents and lenders. Service members have a higher rate of homeownership than civilians, and thousands of active-duty service members are expected to return from their oversea duties in the near future.
Home buying benefits are widespread for those who come home. Eligible military personnel can capitalize on the first- and repeat-homebuyer tax credit. The program gives them until April 30, 2011 to buy a home and until June 30, 2011 to close the deal. These extended deadlines do not apply to civilians.

Couple the with the , and military homebuyers find it more affordable to purchase their dream house in a booming metro area. Among these growing metropolitan areas, military borrowers are more likely to fulfill terms of conventional and government-backed loans.
Targeting these communities and cooperating with VA loan borrowers is certain to give real estate agents an edge. Investors may see prospects in developments off the military base or temporary housing.
As the military continues to grow, and service members return home, these flourishing communities will further boom. At this rate, these metros won’t have a demand shortage in the housing market for years to come.

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