CORONA, Calif., June 01, 2016 (GLOBE NEWSWIRE) — The Veterans Association of Real Estate Professionals (VAREP) today unveiled Military Financial Readiness, a new financial literacy curriculum developed to help service members and veterans become financially fit so they can achieve their financial goals and dreams, including the American dream of homeownership. Military Financial Readiness was developed with support from Freddie Mac (OTCQB:FMCC), one of the nation’s largest sources of residential mortgage credit.
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“Insufficient knowledge of VA home loan benefits and a general lack of financial literacy are key barriers to financial stability and homeownership for service members and veterans,” said Son Nguyen, Navy veteran and president of VAREP. “We believe many of the issues that challenge these borrowers can be overcome through education. We applaud Freddie Mac for joining with us to develop Military Financial Readiness to meet this challenge and make homeownership possible for more Americans on active duty and veterans.”
“We are proud to join forces with VAREP to help our country’s veterans and active duty personnel break down some of the most common barriers to homeownership. Military Financial Readiness provides sound information about building savings, credit and the financial savvy to own a home. Today’s announcement will give our military families a new way to prepare themselves for homeownership and long-term financial stability,” said Danny Gardner, vice president of Affordable Lending and Access to Credit at Freddie Mac.
Nguyen says Military Financial Readiness was developed by veterans for veterans to fill this need and customize lessons on wise financial management for members of America’s unique military and veteran cultures. Freddie Mac sponsored the development of Military Financial Readiness as part of its mission to help more Americans become successful long-term homeowners.
Nguyen cited a 2013 study from the American Journal of Public Health that determined limited financial knowledge among veterans was a contributor to a cycle of generally poor personal financial management and stability after military service.
“When I left the service, I wanted to own a home, but was unable to qualify for a mortgage due to poor credit. After I rebuilt my credit and was ready for a home, I didn’t know about my VA home loan benefit and ended up with a more expensive loan product. If a program like Military Financial Readiness had been available, I think I would have known how to spend my paycheck more appropriately, start a savings account, and know about my VA home loan benefit.”
Military Financial Readiness is modeled after Freddie Mac’s CreditSmart curriculum, which has been used by millions of consumers across the country. CreditSmart includes 12 financial education modules featuring information on credit, money management, homeownership, foreclosure avoidance, and more.
Established in 2011, the USA Homeownership Foundation, Inc. DBA Veterans Association of Real Estate Professionals (VAREP), is a non-profit 501(c)(3) organization dedicated to increasing sustainable homeownership, financial-literacy education, VA loan awareness, and economic opportunity for the active-military and veteran communities. VAREP and its 5000 members represent and work within all sectors of the real estate, housing, and financial-services industries. Its goal is to preserve the American Dream of homeownership for US service members and veterans of all eras.
SON NGUYENVETERANS ASSOCIATION OF REAL ESTATE PROFESSIONALS951-870-0369