Young military families tap veteran loans to buy in a hot real-estate market
Eddie Valdivia and his wife Vanessa pose in front of their first house, which they purchased in October 2020 with the help of a VA loan.
Eddie Valdivia, 34 and his wife, Vanessa, 36, workers at the Red Cross, bought their first house last October, right in the middle of the pandemic.
It’s a three-bedroom, three-bathroom house on a half-acre in Palmdale, California, about 90 minutes outside Los Angeles. Because Eddie is a veteran who served in the Navy for eight years, the couple was able to get a VA purchase loan, which allowed them to buy the house without a down payment.
“That was a big thing,” said Valdivia, who also noted that the interest rates on VA loans — which are offered by private lenders and partially backed against default by the Department of Veterans Affairs — were better than standard ones, and that being able to forgo a 20% down payment opened doors for the…