This Misconception Is Keeping Many Veterans From Buying a Home

Maurie Backman, The Motley Fool
·3 min read
This Misconception Is Keeping Many Veterans From Buying a Home

Home prices have risen on a national level as low mortgage rates and housing inventory have fueled buyer demand. According to Veterans United Home Loans' 2021 Veteran Homebuyer Report, 41% of veterans think they need to put down more than 20% of a home's purchase price when they close on a mortgage. With a conventional mortgage, not putting down 20% of a home's purchase price means signing up to pay private mortgage insurance, a costly premium that makes homeownership more expensive.

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