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.
Giving Thanks for Freedom this Thanksgiving
Thanksgiving is a time to look back on the year gone by and reflect what you are thankful for. Thankfulness can come in many forms–having a new job, being able to provide for your family, or keeping friendships alive. For Americans, we have an extra reason to be thankful. Men and women in uniform working overseas and domestically make it possible for us to live in a free country.
For those who are overseas during the Thanksgiving holiday, the feeling can be bittersweet. Some are in war-torn areas fighting the enemy and most are away from the comforts of home and their families. There have been 152 recognized Thanksgiving holidays since its inception and despite being in unfamiliar territory, the armed forces have tried to make Thanksgiving as normal as possible for those deployed.
Even though the first nationally recognized Thanksgiving was not observed by the military because of a shortage of resources, over the years, there has been a push to have a Thanksgiving meal, regardless of where a service member is stationed. This food is usually gathered starting in May and sent out with the temperature-controlled food taking up to three months to reach its destination.
According to the Department of Defense, this is how much food was shipped out to various military bases across the world to prepare for a Thanksgiving feast last year:
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51,699 pounds of turkey
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25,970 pounds of beef
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17,130 pounds of ham
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706 gallons of eggnog
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3,360 pounds of marshmallows
That is the equivalent to:
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17 adult female hippos
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14 1/2 Smart cars
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24 male zebras
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45 1/2 full kegs of beer
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122 gold bars
The gathering of food doesn’t just stop at traditional holiday fare either. The Oak Lawn Park district in Illinois held its 6th annual Treats for Troops drive to send leftover and extra Halloween candy to those serving overseas.
While having a hot dinner can help stave off the feeling of homesickness during the holiday season, physically being with family and friends can make the holidays that much better. Spencer Girard, a seaman stationed in Norfolk, VA won a “Happy ThanksGathering” lottery to be the only person out of all the sailors and Marines stationed to be reunited with his family for the holiday. Katherine Girard said she hadn’t seen her son in a year and a half and being with him for the holidays last November was extra special, “The way they did it was just … oh my goodness. I didn’t know Norfolk was the world’s largest naval station, but you see when you get there. They spent a huge amount of money to treat everyone to a great Thanksgiving.”
On November 5, 2016, in the Albuquerque Convention Center while being welcomed back with the 126th Military Police Company from the Middle East, Specialist Rene Lopez held her daughter Amaya as her husband Specialist Jassen Lopez looked on. The couple were deployed to Kuwait together and left their four children, ages 3 to 8, in the care of family.
“Thanksgiving has come early to the people of the state of New Mexico,” Brigadier General Andy Salas, the state Guard’s adjutant general, told the crowd. The 120 soldiers who performed custom inspections-type work in maritime ports and airports across different parts of the Middle East wasn’t due back to the United States until January.
Kristen Smith, an Army wife, understands the changing nature of spending the holidays with someone in the military. Last year, she recalled how different the past 11 Thanksgivings have been with, and without, her husband. Thanksgiving celebrations varied greatly from sitting on the couch with her son watching movies to finally having her husband home last year for a “shockingly normal holiday.” For Smith, having such different variations of celebrating the Thanksgiving holiday has helped her be grateful in a way that she “could never have understood 12 years ago.”
During this holiday season, and every season, we are thankful for the work our troops do overseas so we can enjoy the freedom we have today. The Purple Heart Foundation is committed to assisting veterans in all aspects of their lives, including helping those who are in need of assistance while transitioning home from the battlefield. You can show your support for these brave men and women who have sacrificed so much for our country by making a one-time or monthly pledge to ensure veterans continue to get the support and benefits they deserve by clicking here.