Home Buying Advice For Veterans
Our nation’s veterans receive some specific financial benefits upon their discharge from the military. It's crucial they recognize and receive the advice needed to take full advantage of these offers. Veterans can receive benefits ranging from social security to home buying perks. Below are a few important tools and strategies veteran homebuyers can familiarize themselves with to make homeownership easier.
Utilize a VA Loan
When looking to purchase a home as a veteran, accessing Veteran Affairs (VA) loan is a great place to start the process. VA loans are filled with wonderful benefits that you can take advantage of. Purchasing a home with no down payment, lower credit score requirements to be eligible for a loan, and the access to lifetime benefits are just a few of the multiple great benefits you can receive from a VA Loan.
To qualify for a VA loan from a mortgage lender, you must be a veteran, an active duty service member, or a military spouse. But those are not the only eligibility requirements to determine if you will receive a VA loan or not.
If you’re hoping to acquire a loan, some other requirements include serving 90 consecutive days during wartime or 181 days during peacetime as an active duty service member, you have served in the National Guard or Reserves for six years, or you’re the spouse of a service member who suffered a service-related disability or has died in the line of duty.
There is more than one type of VA loan that you can choose from if you meet the eligibility requirements to qualify for one. Each different type of loan depends on certain criteria including credit score, income, and other factors. Bringing in a VA loan savvy real estate agent and completing a Certificate of Eligibility (COE) online are great ways to help you determine what loan type you should go for.
Get the Proper Paperwork in Order
There is plenty of information needed to get your VA loan process underway. The previously mentioned COE, form DD-214, and other general information will be needed during the loan acquisition process.
The COE is a document created by veteran affairs that provides information that proves that you are eligible for a VA loan. It is important to complete this certificate early on in your process as it will help move everything as long as smoothly as possible. A COE can be obtained through eBenefits online.
Form DD-214 is another required document you will need to obtain in the process of acquiring a VA loan if you are currently a military veteran. It shows proof of your discharge from the military. Acquiring your DD-214 form is a straightforward process that you can do yourself or have someone else do for you.
Other common documents needed during the process include a government-issued ID, your W-2 and tax returns from the previous two years, and most recent bank statements and pay stubs. Getting all of these documents together ahead of time will help reduce the stress of the process. To further reduce any financial anxieties and streamline your search, we suggest getting pre-approval on your mortgage. The sooner the paperwork and logistics are taken care of, the sooner you can begin your search for the perfect home.
Searching for Your Home
Once you create your budget, get your loan and mortgage approved, and have all your paperwork in order, you can finally begin the house-hunting process. It’s important to take care of all of the logistical aspects of the process before beginning to look at homes to ensure that you do not fall in love with any homes that you may prove to not be a realistic purchase for you later in the process.
You must consider things such as the school district if you have kids and any taxes that come along with the school district you are located in. Depending on what state you’re looking to live in, there are some different veteran housing benefits in each state. So make sure you familiarize yourself with any potential benefits the state you are looking to live in may offer to you.
Homebuying is a very exciting process, but could also be stressful. It’s important for veterans, active military members, and their families to be informed of the benefits they may be eligible for so they can utilize them to the fullest. Purchasing a home is a huge undertaking and accomplishment, and should be treated as such.
