The remaining gap between Latinos and Hispanics in terms of homeownership is narrowing, according to a new report from Veterans United Home Loans, and much of the reason is because of the Department of Veterans Affairs loan program.

There has been a 35% increase in Latino and Hispanic households since 2000. Additionally, there has been an increase in the number of households that own their homes every year since 2015.

Veterans United Home Loans Fair Lending Officer Tracy Pevehouse-Pfeiffer says there are also benefits to being set up for success, along with the benefit of using the loan program from the Department of Veterans Affairs.

Pevehouse-Pfeiffer emphasized the advantages of the VA loan program; first-time homebuyers will enjoy some significant benefits with the VA loan program once we get to it, she said.

Veterans, service members and surviving spouses can apply for a VA loan through the lender of their choice. In this program, qualified borrowers receive low down payments, no-prepayment penalties and no private mortgage insurance (PMI). There are no strict credit requirements for VA loans, so applicants with less-than-perfect credit can qualify.

Latino and Hispanic veterans become homeowners for many reasons aside from being eligible for VA loans, Pevehouse-Pfeiffer added. Military experience comes in handy when it comes to maintaining and affording a house.

According to Veterans United Home Loan data, veteran households with Hispanic or Latino ancestry have a homeownership rate of 65.3%. The price disparity between Hispanic military and civilian buyers has been 20 points since 2015.

Homeownership supports generational wealth, according to Pevehouse-Pfeiffer. Those who've earned the opportunity to own a home can overcome these barriers and start building generational wealth rather than just throwing money at rent each month.