VA loans assist veterans in purchasing homes; Tax assessments increase in Black and Latino neighborhoods

Air Force veteran Diamond Jones found stability in South Jersey when she bought her first home this year. Using a loan backed by the U.S. Department of Veterans Affairs, she was able to achieve this milestone without draining her savings. VA loans are designed to help former and current members of the military afford to buy homes, ultimately shrinking home ownership gaps. However, many veterans, service members, real estate agents, and mortgage lenders are not familiar with these loans, leading to both perks and stigmas associated with them.

The VA home loan program has been in existence for 80 years and offers a range of benefits, including no down payment required, lower mortgage interest rates, no private mortgage insurance, and limited closing costs. Despite these advantages, some home sellers may be hesitant to work with buyers using VA loans due to similar concerns they have with other government-backed loans. Discrimination against VA-backed buyers is not uncommon, as highlighted by a veteran and real estate agent based in Moorestown who has witnessed this firsthand.

In a recent newsletter, it was mentioned that low-income neighborhoods near gentrified areas of Philadelphia are experiencing significant spikes in property assessments. This pattern of assessment spikes in Black and Latino neighborhoods is attributed to redlining, gentrification, and subjective data used in the assessment process. City officials are working to improve the fairness and accuracy of property assessments to address systemic biases.

The latest news highlights the experiences of homeowners Natalie Pompilio and Jordan Barnett, who discovered both pros and cons after purchasing their Queen Village home. Despite facing challenges such as a sinking kitchen with no foundation and inadequate insulation, the couple undertook major renovations to make the house their own. Their story serves as a reminder of the importance of thorough inspections and due diligence when buying a home.

Construction is set to begin on FloatLab, a $6 million project on the Schuylkill River that will serve as both an art installation and an environmental center. The project is expected to offer prime views of the river once completed. Readers are invited to participate in a trivia quiz to guess when FloatLab is scheduled to be up and running.

In a photo quiz segment, readers are encouraged to identify the location shown in a provided photo. Additionally, a heartwarming story shared by a reader recounts the multi-generational journey of a raspberry plant, highlighting the joy of sharing plants and the memories associated with them.

Overall, the article provides valuable insights into the benefits and challenges associated with VA loans, the complexities of property assessments in Philadelphia, and the personal experiences of homeowners navigating the real estate market. Through engaging storytelling and informative content, readers are offered a comprehensive view of the housing landscape in South Jersey and beyond.