PHOENIX (3 On Your Side) - Tech-based real estate company, Homie, wants to help veterans find a home sweet home.
"As we’ve seen in Arizona, the median home price continues to skyrocket, and so, as a result, a lot of families are being priced out of home ownership and we’re seeing a similar effect in the rental market as well," said Elias Benjelloun, the social impact manager at Homie.
On Thursday, Homie is teaming up with several nonprofits to make sure veterans are armed with information to start a house hunt and learn about benefits they may be eligible to receive. Anyone can join the United for Veterans Homeownership webinar, which is scheduled for 10 a.m.-11:30 a.m. Arizona time. Benjelloun says there is there is a critical need for information for veterans who are facing questions about foreclosure assistance, homelessness prevention, and home ownership.
"Veterans have the opportunity to participate in the VA loan, which is a special lending program that makes it a lot easier for veterans to purchase a home," Benjelloun said. "But not all veterans know about this resource and there are quite a few veterans that still have issues with housing."
According to data from the U.S. Department of Veterans Affairs, there were were nearly 59,000 VA home loans in Arizona this year. The average amount on those loans in the state is about $295,000, which is slightly below the national average VA loan amount of $310,000.
Benefits of VA home loans include no down payment requirement, competitive low interest rates, limited closing costs, and no need for private mortgage insurance, also known as PMI, according to the Department of Veterans Affairs.