World War II Veteran Saluting (Photo by David Turnley/Corbis/VCG via Getty Images)
Corbis/VCG via Getty Images
One of the signatures of American culture is our respect for the people that fight for our freedom. This has been the case throughout many generations of American history. This is why the statistics on veteran homelessness are rather disturbing.
Recent statistics show that veteran homelessness increased by about 4% in 2020, aggravating an already bad situation. The US government and the VA have created very accommodating measures to enable Veterans to become homeowners. Still, the problem persists.
A 2016 survey conducted by Veterans First Mortgage focused on the VA home loans program. The survey covered hundreds of hopeful veteran homebuyers. Almost half of them had not yet used their benefits to buy a home, and on an investigation, there were five main reasons why they had not;
- They felt unprepared because of the presumed financial implications
- They didn’t know how to go about it
- They didn’t think their credit was good enough
- They didn’t think they were eligible.
- They assumed that VA loans take longer than they actually do.
The survey suggests that Vets have two significant problems with accessing home loans; knowledge and accessibility. This is where AI comes in.
Jason Sharon is the author of VA Mortgages Declassified, a comprehensive guide for Vets on “not getting screwed by lenders.” Sharon is a veteran of the US Navy who served for 20 years before starting his own Independent Mortgage Lending Company, Home Loans Inc.
According to Jason Sharon, “Veterans need all the help they can get understanding the different opportunities available to them and dispelling the various misconceptions that keep many veterans and families not owning homes of their own.”.
As a veteran, Sharon’s mission is personal; protecting veterans against misleading claims and unnecessary expenses. Sharon is a firm believer in the power of AI to aid Vets to become homeowners. In this article, Sharon shares his views on how AI has been helpful in this fight.
AI Is Simplifying The Finding Process
Studies show that veterans are nearly 5% less likely to afford their housing costs than comparable non-veterans. When juxtaposed with the stats for Gulf War and Vietnam veterans, which puts them at 25% more likely to afford housing costs, this stat reveals a serious problem that has become pervasive for the last 20 years.
Artificial Intelligence and its data analysis capabilities are being used to scan for affordable homes, especially those that have gone into foreclosure, to assess their value. This information is usually deployed to help vets get the best deals available.
Sharon explains how the process works, “The data from the AI-empowered searches are often sent to local nonprofits who cater to vets, so they can offer these houses at discounted rates to veterans who cannot afford them otherwise.”
These nonprofits also provide the necessary support services needed by first-time homeowners, such as financial literacy courses or emotional counseling.
One such company that has utilized this AI strategy is Homelight, which relies on AI and machine learning to improve its pricing algorithms. The system leverages historical data and input obtained from homeowners, brokers, and agents to develop accurate home estimates, further simplifying the finding process for home buyers.
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