Should i buy a home after leaving the military
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Transcript of Should i buy a home after leaving the military
SHOULD I BUY A HOME AFTER LEAVING
THE MILITARY?
The transition to civilian life can
often be a confusing time for
individuals in the military.
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.
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.
RENT OR BUY?
The mortgage crisis of 2007
to 2011 caused a great deal
of uncertainty about owning
a home.
Although home prices fell from
their heights in 2008, owning a
home is still a significant
investment for growing families.
The new reality of home ownership
requires that individuals that are
considering purchasing a home do
considerable research on:
Properties
Neighborhoods
Lending institutions
To ensure that they are making a
good purchase, at a good interest
rate and under good terms.
Financial experts suggest you
consider how long you plan to be
in an area before making the
commitment to home ownership.
If you plan on staying five years
or longer, home purchase will
allow you to build equity while
paying for your housing.
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.
Also, employment
considerations should be taken
into account when considering
the purchase of a home.
UTILIZING YOUR VA BENEFITS
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.
The VA loan merely guarantees
that the lender will receive
payment if you cannot pay off
the loan.
This guarantee is an attractive
feature for lenders, and many
lending institutions participate
in the program.
QUALIFYING FOR A VA HOME LOAN
Applying for a home loan
through the VA guaranteed loan
program is slightly different
than what would be done
through conventional financing.
However, participating lenders
have trained personnel that can
help you to navigate the
requirements, which include:
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.
Lenders can often help you to
acquire the appropriate form for
your needs.
Credit Record
Generally, the VA guaranteed
loan program requires a credit
score of 620.
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.
Purchase Agreement
You must have a signed copy of
the purchase agreement
detailing the price and terms of
the sale.
Home Appraisal
The VA requires that the home be
appraised to ensure that the
property is worth the purchase
price.
The appraisal is not the
same as a home inspection,
as the home inspection will
detail the conditions of
important home systems
and construction.
Employment Information
You must provide W-2 forms
indicating your income.
If you are self-employed,
two years of past income tax
statements are required to
verify your income.
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.
Va Loans for Vets provides
and assists all veterans and
active duty military with ALL
of their VA Home Loan
Financing Needs.
Be a proud homeowner today.
For more details call us at
480-351-5904 or visit our site
www.valoansforvets.com
VA Loans for Vets
7702 E. Doubletree Ranch
Road, Suite 220
Scottsdale, AZ 85258
Phone: (480) 351-5904
Email: [email protected]