VA teams up with National Association of REALTORS® to promote homeownership
Buying a home can be a major step toward stability after military service—and, for some Veterans, a foundation for building a business. The Department of Veterans Affairs is working with the National Association of REALTORS® (NAR) to increase awareness of the VA home loan benefit and help eligible Veterans, service members and surviving spouses understand how it works.
In a conversation with NAR leader Jarrod Lowe, VA Deputy Secretary Paul R. Lawrence discussed the program’s history and its continuing role in helping Veterans pursue homeownership. Created through the Servicemen’s Readjustment Act of 1944, better known as the G.I. Bill, the VA Home Loan Guaranty program was designed to support returning service members as they established civilian lives. It remains a potentially valuable resource more than 80 years later.
What makes the benefit different? Depending on eligibility and the lender’s requirements, VA-backed home loans may allow qualified buyers to purchase with no down payment. They generally do not require private mortgage insurance, and may offer competitive interest rates. These features can reduce the cash needed at closing and some ongoing borrowing costs. Terms, fees and borrower qualifications still matter, so compare loan estimates and review the details before choosing a mortgage.
For entrepreneurs, that flexibility can have practical consequences. Keeping more cash available may help a Veteran preserve working capital for equipment, inventory, marketing or early operating expenses. A predictable housing plan can also make it easier to manage household finances while a new venture finds customers and revenue. Homeownership is not a business loan, however, and using savings for a company should never come at the expense of mortgage payments, repairs or emergency reserves.
Over time, paying down a mortgage and changes in a home’s value may build equity. That equity can strengthen a household’s financial position, but it is neither guaranteed nor immediately accessible. Home values can fall, and borrowing against a home adds risk. Veterans should consider professional financial advice before treating home equity as business capital.
Owning a home may offer something less measurable, too: a stable place to return to after deployments, relocations or the transition to civilian life. A home can help a family feel connected to a community, while a local network can introduce an entrepreneur to customers, mentors and potential collaborators. These benefits depend on individual circumstances; buying is not automatically better than renting, particularly for people expecting to move soon.
Misunderstandings about VA loans can discourage eligible buyers. Some assume the process is unusually slow, complicated or unattractive to sellers, or that it carries substantial hidden costs. Lawrence said many concerns reflect outdated information. VA offers resources for buyers and housing professionals, and informed communication among the borrower, lender and real estate agent can help keep a transaction on track. Ask questions early, confirm timelines and compare the full costs of available financing.
Preparation still matters. A zero-down option does not mean zero responsibility. Budget for property taxes, homeowners insurance, utilities, routine maintenance and surprise repairs. Review your credit, calculate a comfortable monthly payment and consider how self-employment income may affect mortgage qualification. If you are launching a business, keep personal and business finances organized and avoid assuming future revenue will cover today’s housing costs.
REALTORS® can help Veterans explore properties and financing choices. VA’s Real Estate Professionals VA Home Loan Toolkit provides eligibility guidance, buyer resources and answers to common questions. A simple question from an agent—“Are you a Veteran?”—may prompt a useful conversation about benefits the buyer has earned. The toolkit is educational; VA does not endorse one private company or professional over another, and participation by outside organizations in related materials is not a government endorsement.
Veterans should also check eligibility and learn about benefits offered by VA and their state. Some people mistakenly believe benefits are only for combat Veterans or do not recognize their own Veteran status. If you served honorably, explore what you may qualify for rather than relying on assumptions. For details about VA home loans, eligibility and buying resources, visit VA’s housing assistance website. The right information can help you make a thoughtful housing decision—and, if entrepreneurship is part of your plan, protect the financial footing your business needs.
👁️ READ MORE: VA and REALTORS® Join Forces to Help Veterans Find a Path to Homeownership
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