Are you thinking about buying a house while in the military?
There are fantastic perks that come from owning a home. But purchasing a home when in the military comes with some unique difficulties that one might not expect.
Whether you are a first-time home buyer or a veteran in the buying and selling market, buying a house in the military can be a challenging process.
But let’s get you sorted out. From obtaining a VA Loan to finding a realtor, this guide will take you step-by-step through the home buying process.
Do You Already Qualify for a Loan?
You need to determine if you already qualify for a home loan. This can be done by meeting with a lender and providing proof of income and credit history. If you do not already qualify for a loan, you may be able to get one through the Department of Veterans Affairs (VA).
The VA provides loans to eligible veterans and their spouses with favorable terms and conditions. Once you have determined that you are eligible for a loan, you will need to find a real estate agent that specializes in helping military families buy homes. They will be able to help you find a home that meets your needs and is in your price range.
How Long Will You Be Assigned to That Base?
When you are looking at purchasing a home, you need to evaluate how long you will be stationed at that base. If you think there is a possibility of being transferred within the next few years, then you may want to reconsider. You don’t want to be saddled with a mortgage and a house you can’t sell.
Purchasing a home is a big decision and you need to be sure you are doing it for the right reasons. If you are only going to be stationed at that base for a few years, it may not make sense to purchase a home. You may be better off renting while you are on active duty.
Are You Close to Retirement?
If you are close to retirement and thinking about buying a house in the military, there are a few things you need to know. You will need to have your military retirement papers in order. Make sure you also have a good credit score and a steady income.
Be prepared for a higher interest rate on your mortgage. Be aware of the many scams that target military families, especially retirees. If you are prepared for these things, you will be able to find a great house and enjoy your retirement.
Do You Know Any Military Realtors?
It’s a good idea to enlist the help of a military realtor who can guide you through the process and help you find the perfect home. With a little preparation and research, buying a house on active duty can be a smooth and rewarding experience.
Military realtors have a list of military realty properties which are suitable for individuals like you.
Be Ready When Buying a House in the Military
When buying a house in the military, be ready to act fast and have your paperwork in order. You’ll also want to be aware of the different rules and regulations that apply to military members when buying a home.
With a little preparation, you can be ready to take advantage of the many great benefits of owning a home while serving your country.
For more real estate articles or other general topics, check out the rest of our blog.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.