should i buy a home after leaving the military
TRANSCRIPT
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SHOULD I BUY A HOME AFTER LEAVING
THE MILITARY?
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The transition to civilian life can often be a confusing time for individuals in the military.
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The freedom of making life choices after years of being told
what to do and where to live
may seem overwhelming for both the individual and the family.
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Many individuals leaving the military may wonder whether it is a good idea to purchase a home.
The Veterans Administration has guaranteed home loans for veterans for many decades
that have helped many service members purchase homes at affordable rates.
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RENT OR BUY?
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The mortgage crisis of 2007 to 2011 caused a great deal of uncertainty about owning a home.
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Although home prices fell from their heights in 2008, owning a home is still a significant investment for growing families.
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The new reality of home ownership requires that individuals that are considering purchasing a home do considerable research on:
Properties Neighborhoods Lending institutions
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To ensure that they are making a good purchase, at a good interest rate and under good terms.
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Financial experts suggest you consider how long you plan to be in an area before making the commitment to home ownership.
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If you plan on staying five years or longer, home purchase will allow you to build equity while paying for your housing.
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If you plan to stay less than five years, renting may be the better option for you.
Buyers must also consider the cost of repairs on a home you own.
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Also, employment considerations should be taken into account when considering the purchase of a home.
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UTILIZING YOUR VA BENEFITS
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The VA guaranteed home loan program can help ex-military members to finance a home at an affordable rate, often with no down payment.
The program does not guarantee that you will qualify for a loan.
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The VA loan merely guarantees that the lender will receive payment if you cannot pay off the loan.
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This guarantee is an attractive feature for lenders, and many lending institutions participate in the program.
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QUALIFYING FOR A VA HOME LOAN
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Applying for a home loan through the VA guaranteed loan program is slightly different than what would be done through conventional financing.
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However, participating lenders have trained personnel that can help you to navigate the requirements, which include:
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Providing A Certification Of Eligibility
This document can be obtained through military channels by filing a DD Form 214 or other document, depending on your military service.
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Lenders can often help you to acquire the appropriate form for your needs.
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Credit Record
Generally, the VA guaranteed loan program requires a credit score of 620.
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A good record of payment of your bills will help you to obtain a loan.
However, if you have had credit problems in the past, you may still be able to acquire a loan, under certain conditions.
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Purchase Agreement
You must have a signed copy of the purchase agreement detailing the price and terms of the sale.
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Home Appraisal
The VA requires that the home be appraised to ensure that the property is worth the purchase price.
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The appraisal is not the same as a home inspection, as the home inspection will detail the conditions of important home systems and construction.
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Employment Information
You must provide W-2 forms indicating your income.
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If you are self-employed, two years of past income tax statements are required to verify your income.
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Although purchasing a home is a big step in an individual’s life,
the process can be one of the most important steps in securing your family’s future.
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Va Loans for Vets provides and assists all veterans and
active duty military with ALL of their VA Home Loan Financing Needs.
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Be a proud homeowner today.
For more details call us at 480-351-5904 or visit our site www.valoansforvets.com
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VA Loans for Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]