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: jimmyv@fcbmtg.com