Should I Buy A Home After Leaving The Military

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Should I Buy A Home After Leaving the Military?
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The transition to civilian life can often be a
confusing time for individuals in the military.
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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.
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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.
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RENT OR BUY?
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The mortgage crisis of 2007 to 2011 caused a
great deal of uncertainty about owning a home.
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Although home prices fell from their heights in
2008, owning a home is still a significant
investment for growing families.
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• The new reality of home ownership requires that
  individuals that are considering purchasing a
  home do considerable research on
• Properties
• Neighborhoods
• Lending institutions

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To ensure that they are making a good purchase,
at a good interest rate and under good terms.
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Financial experts suggest you consider how long
you plan to be in an area before making the
commitment to home ownership.
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If you plan on staying five years or longer, home
purchase will allow you to build equity while
paying for your housing.
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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.
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Also, employment considerations should be taken
into account when considering the purchase of a
home.
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UTILIZING YOUR VA BENEFITS
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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.
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The VA loan merely guarantees that the lender
will receive payment if you cannot pay off the
loan.
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This guarantee is an attractive feature for
lenders, and many lending institutions
participate in the program.
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QUALIFYING FOR A VA HOME LOAN
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Applying for a home loan through the VA
guaranteed loan program is slightly different
than what would be done through conventional
financing.
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However, participating lenders have trained
personnel that can help you to navigate the
requirements, which include
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• 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.
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Lenders can often help you to acquire the
appropriate form for your needs.
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• Credit Record

Generally, the VA guaranteed loan program
requires a credit score of 620.
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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.
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• Purchase Agreement

You must have a signed copy of the purchase
agreement detailing the price and terms of the
sale.
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• Home Appraisal

The VA requires that the home be appraised to
ensure that the property is worth the purchase
price.
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The appraisal is not the same as a home
inspection, as the home inspection will detail
the conditions of important home systems and
construction.
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• Employment Information

You must provide W-2 forms indicating your income.
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If you are self-employed, two years of past
income tax statements are required to verify your
income.
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Although purchasing a home is a big step in an
individuals life, the process can be one of
the most important steps in securing your
familys future.
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Va Loans for Vets provides and assists all
veterans and active duty military with ALL of
their VA Home Loan Financing Needs.
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Be a proud homeowner today. For more details
call us at 480-351-5904 or visit our site
www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com