Future Military Homeowners
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When you research the steps to buying a home, undoubtedly the first and most important step is to check your credit.
Checking your credit before the process of searching and purchasing a home begins allows you to get an understanding of your own financial situation and what to expect when it comes to lending and rates.
Another important reason to check your credit before you start looking for a home is to correct any mistakes. Discovering a mistake on your credit score too late can cost you a better rate or even the home of your dreams.
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Veterans benefits have been around for decades, but there’s no promise that everyone with military service can actually get VA loans.
This may seem fairly odd given that VA loans are one of the most important benefits offered to whose who serve. However, it is a fact that access to VA home financing is neither guaranteed nor automatic.
Many service members and veterans are looking to take advantage of their VA loan benefit but aren’t quite ready to take the leap into homeownership.
A condo may have amenities and benefits that better fit your lifestyle. The VA offers the same guaranty on condominium purchases as they do for traditional home loans. Veterans are offered a less vigorous application process and lenient credit requirements helping more veterans own property with no money down and lower monthly payments with a VA loan.
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The government has new mortgage information and guess what? It turns out that the use of VA mortgages has more than doubled since the financial crisis began — and that those who use VA loans have fewer foreclosures than any other group of borrowers.
This is a very big deal because the foreclosure crisis would be far worse had it not been for the use of FHA and VA mortgages. Now, for the first time, we can begin to see how government-insured home loans have prevented the fall of the housing market from being much worse.
There’s a big mortgage debate in Washington and vets are very much in the middle. The question is whether home loans should require at least 20 percent down.
Under new Wall Street Reform rules enacted last year in Washington borrowers in some cases will need 20 percent down.
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While the VA loan process consists of multiple steps, the appraisal process can prove the most frustrating for some service members.
The VA utilizes a set of Minimum Property Requirements that must be addressed before a loan can receive the agency’s guarantee. Those MPRs cover a range of important things and are in place to ensure the safety and health of military home buyers.
The VA wants homes to be “move-in ready” with minimal repairs or work necessary. In fact, major repairs or health and safety issues have to be resolved before a loan can close.
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Banks are on pace to sell around 500,000 real estate owned homes, or REOs, this year alone, a great opportunity for a homebuyer looking to score a great deal in the struggle housing market. Most bargains will be around 5-10 percent below market value, but some could be as much as 30% below.
Still, buying a foreclosed home, and especially one that’s gone as long without a buyer as an REO, is a process not for the faint of heart. But if you have a taste for adventure and bargain-hunting, here are 5 things you should know before buying an REO.
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