Future Military Homeowners
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Buying a home is one of the biggest financial ventures an individual or family will take on in their lifetime.
For some, it can seem like a process riddled with obstacles and delays that makes it seem like homeownership is unattainable. But the reality is many of those roadblocks can be overcome.
Here’s a look at a few of the major issues that can complicate a home purchase and some of the solutions to help deserving military members achieve their goal:
It can seem like a process riddled with obstacles and delays that makes it seem like homeownership is unattainable.
The number one reason people feel they can’t buy a home is their credit. Military members are especially vulnerable to credit problems given the unique strain and sacrifices of their service.
Something as simple as a credit card bill getting lost amid a PCS can really hurt your score and possibly even jeopardize your chances of qualifying for a loan.
The first step to fixing your credit is figuring out how it is measured.
Another important step in getting your credit in tip-top shape for house hunting is talking with the experts. Even if you’ve worked with credit counselors in the past, chatting with a team like Veterans United’s Department of Secondary Approval can really help veterans and active duty personnel get on the right track to homeownership.
Being faced with constant moving can make settling down very difficult. When you aren’t sure where you’ll be living in a year, the prospect of buying your own home can seem impractical.
If you’re wanting to buy a home but are still in the thick of constant moving, make sure you don’t miss out on the excellent learning experiences you’ll gain from living in a number of different places. You’ll experience life in different towns of varying locations, sizes and climates.
Take this opportunity to figure out where you want to live long term. You’ll have the experience to back up a long-term home purchase that will make you happy. One of the advantages of VA loans is that qualified homeowners may be able to rent out their home in one part of the country and purchase a second home with a VA loan near their new duty station to accommodate a military move.
Many people are under the impression that there is no way to afford a home as a single parent or on a single income. While it is true that buying a house as a multi-income family is easier, buying a home on a single income is still doable.
Interest rates are incredibly low and buying a home now is an excellent long-term investment opportunity. Regardless of what your plans are for marriage or children, run the numbers and consider whether homeownership makes sense as a long-term investment.
If you’re curious about your financial ability to own a home, talk to a lender today to find out how much your payments would be. You may be surprised by how reasonable a mortgage payment can be compared to rent, especially in today’s market.
Another common setback to owning your home is the inability to sell your current condo or home. If your place has been on the market for longer than you planned and you haven’t had any luck with buyers, the best idea is to reevaluate your price.
Many sellers price their home in preparation to take the earnings and purchase an upgrade. Talk with a real estate agent or check out similar home prices in your area to make sure the price is consistent with the neighborhood and priced to sell.
If you feel that your home is priced correctly, try some simple Do-It-Yourself home fixes to make sure buyers are enticed. Everything from decluttering to peeling off that old wallpaper can help buyers visualize themselves living in your old place so you can get to the reality of living in your new place.
If you have any tips to help your fellow future military homeowners achieve their goals, leave us a comment!
Photo courtesy hulikal
16 Comments
I have talked to you guys about my credit and my husbands but it was no help. We really could use a house because moving every 6 months is getting very old. We would like something we can call our own!
Michelle- did you talk to our DSA department? They specialize in helping military members work tob bring up their credit scores.
Live in Ga, going thru jury divorce one day…. Been over 15 months already, no court date in site. Own 1 house with ex-to be. Been pre approved already but lawyer says NO….. With no explanation . So my pre approval sits due to expire 12-01-11. What now?? I hate burning money in rent…….
hello, my name is blake. I was medically discharged May of 2010. i still haven’t gotten back what my disability is going to be. i want to buy a house but the bank says that since i have a car loan that i won’t be able to get approved for a va home loan until i pay off the car loan. i owe about $6000 on the car. i’m ahead on the payments. i pay more than the amount due on the payment every month. my credit is average due to a hickup when i was younger. the stress of paying rent every month and not paying towards something that one day would be my own is coming to a T. i need some help please. i’ve been trying to take care of things myself but i think its time to swallow my pride and ask for help. thank you for your time.
Blake-
Please contact our loan specialists at 888-212-1958 to talk more about your specific situation and see what we can do to help.
Do you help Widows? My husband died 6 years ago do to Agent Orange. I can use his VA Home Loan, But now being alone raising our son shure can make it tough. Please e-mail me and let me know if we even have a chance please. Thank you for your time.
Valerie Kay Morey
Valerie-
Spouses of a service member who died in the line of duty or who died from a service-connected disability may qualify. You can contact a loan specialist at 888-212-1958 to talk about your specific situation.
Is it a bad idea to try to buy a home when your in your early 60′s??? Will financing make you go 15 years instead of 30?
Mcapps13-
I think it probably depends on your individual circumstances. Plenty of veterans purchase homes in their 60s.
I like all this and all, but what about the Veteran who wants to build their home? There is no contractor alive that will take the financial burden to build a home and in the end hope that the VA construction loan will pay up. This portion of the VA home loans need to be fixed. And until that time comes, I will look elsewhere to try and get a construction loan the ol’ fashioned way.
Edwin-
I am sorry to hear about your frustration. Here is a blog post with more information on how to build a home with a VA loan that may have more helpful answers. http://www.veteransunited.com/valoans/how-to-build-a-home-with-a-va-loan/
I have found a home in the 25,000 – 29000 range
most applications minimum limit to 70000 or higher.
must i give up searching for a 29000 mortgage
John- You would probably want to focus on local banks and community lenders. National lenders are often going to have certain fees structures and rate adjustments for loans of that size.
Best,
Brittny
My problems are I have a bankrupcty on my credit do to a xwife. I was medically retired. I have a 3 bed room house but need a 4 do to the kids. I have tried and has had no luck if you can help me let me know please.
William- if you’re looking to work on your credit, there’s no better place to go than the DSA department of our friends at VA Mortgage Center.com. You can give them a call at 888-392-7421 if you’d like to get started. Good luck!