LOS ANGELES, May 30, 2019 /PRNewswire-PRWeb/ -- Los Angeles Veterans Housing Summit - Helping Veterans and Active Duty Members Buy Homes
Huge Overlooked Market
Home sellers in Los Angeles are missing out on a huge market because of their misconceptions of veterans and active duty members.
Los Angeles county has one of the largest veteran populations in the US – roughly 381 thousand veterans not including active-duty members, retirees, and their families – yet most home sellers are overlooking them, missing out on this massive market.
Civilian home sellers aren't marketing their homes to this large consumer audience because they believe incorrectly that it's more difficult to get approved for a VA Loan. They also wrongly believe the VA appraisal process is more difficult than conventional home appraisal process.
However, the VA appraisal process – specifically the Minimum Property Requirements that sellers must meet – are much more lenient for VA mortgages than conventional mortgages. In addition, VA loans close in only 30 to 45 days, which is typically three days sooner than a standard FHA loan.
Service Members Missing Out
But it's not just home sellers that are missing out. Veteran and active duty members right here in Los Angeles are also missing out on government assisted financial programs that can help them buy a home for less than they're paying in rent.
For example, the state of California offers several assistance programs that help veterans, active duty members and lower income families – but the public rarely hears about them.
The Golden State Finance Authority Platinum Program (GSFA Platinum) is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. VA home buyers can receive up to 4.00% of the homes purchase price for down payment and closing cost assistance. This loan program is a forgivable second that matures in only three years.
In addition, the VA loan can provide even more assistance through lower interest rates and smaller down payments for active and retired military but too often veterans and active duty members aren't educated on these financial programs that they earned through their honorable service.
Los Angeles VA home loans max out at $726,525 for one unit and $1,397,400 for four units –more than most other counties in the US.
Free Veterans Housing Summit in Los Angeles County
The Veterans Association of Real Estate Professionals (VAREP.net), a non-pro?t organization that educates veterans and active service members about homeownership, will be hosting a free Veterans Housing Summit in Los Angeles on Saturday, June 29, 2019 from 9:30 AM to 3:00 PM at the Consolidated Board of Realist, 3725 Don Felipe Dr., Los Angeles, CA 90008
Veterans and active duty members will learn about the various local and national housing programs that can help them get into their own home. The summit is intended to educate all service members, both current and retired, on the ins-and-outs of each of the programs that they are entitled to. Service members will learn on-the-spot how much they qualify for; they will walk away with their Certificate of Eligibility, which is necessary for financing with a VA loan.
Pre-register for the event at http://www.veteranshousingsummit.com or call VAREP LA Chapter at 818-933-1756
DATE: June 29, 2019
TIME: Check-In 8:00 AM; EVENT 9:30 AM to 3:00 PM
LOCATION: Consolidated Board of Realist
Carl DeSanis Building, Knight Auditorium
3725 Don Felipe Dr., Los Angeles, CA 90008
CONTACT: Bridgette Martinez, President, Veterans Association of Real Estate Professionals Los Angeles
SOURCE Los Angeles Veterans Housing Summit