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 Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: jimmyv@fcbmtg.com