Military Enlists the Help of Las Vegas Realtors of Prudential Americana
The number of Las Vegas homes bought by military personnel using VA loans funded
by USAA increased by 360% this year and refinancing are up by 250%, as reported
by the San Antonio -based financial company.
According to USAA financial planner Joseph
Montanaro, active-duty military, retirees and reservists are taking advantage
of a perceived buyer’s market, with some becoming first-time homeowners.
Throughout the country, home purchases backed by the U.S. Department of Veteran
Affairs increased by more than 100%. Also according to him, some parts of the
country such as Nevada, Northern Virginia, and San Diego are seeing noticeably
higher increases than others.
This is a good time to buy homes, according
to Montanaro, since the interest rates are lower than ever and the home prices
have taken a beating. Another incentive is the $8,000 buyer tax credit for
first-time home buyers.
Las
Vegas homes are preferred by many retirees,
including some from Nellis Air Force Base, because of the warm climate and its
relatively cheap price.
The USAA was founded in 1922 by a group of
U.S. Army officers to self-insure them. It has reported assets of $68.3 billion
in 2008 and a net worth of $14.6 billion. The Fortune 500 Company earned $423
million in net income during a year when most financial services posted record
losses.
Mark Stark, Owner and Broker of Prudential
Americana, said that he is absolutely seeing an increase in home buyers from
the military. Purchasing Las Vegas
homes is a great opportunity for military personnel to use their VA loans.
Most of the times they can get the first-time home buyer credit, with no money
down and the lowest prices once in a while and a low interest rate, it doesn’t
take much to convince them. He also commented that the government needs to do
more to help all home buyers, not just first-time buyers.