Will rising interest rates impact VA loans for first-time homebuyers?
The VA loan is an important financing tool for VA-eligible borrowers to achieve their homeownership dream. In 2021 one in two VA borrowers was a first-time homebuyer (FTHB). Last year, mortgage interest rates reached record lows. The average VA FTHB’s interest rate was 2.90% and the quarterly FTHB VA purchase loan volume stayed elevated. In Q3 2021, it reached a record level of over $19 billion for that quarter, $174 million higher than Q3 2020. And since […]