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Military Homebuying Assistance

 

Military Relocation Assistance for Homebuyers

 

Being a Charlotte NC area military home buyer is overwhelming, but being a first-time military home buyer adds a whole new twist.  Not only are you going through the emotional process of choosing the right home for your family and your finances, you’re also thinking through the layers of other circumstances that may impact your purchase such as...

What if you buy and have to move again in two years?
 
What if you pick the wrong neighborhood?
 
How are you supposed to choose a neighborhood in a place you’ve never been to?

How do you get a VA loan? Is a VA loan a good idea?

There are so many questions and considerations to take into account when buying a home and below are a few homebuyer tips to help guide you in the right direction.

Military Homebuying Tips
 

First-time home purchasers often are typically younger couples who are just starting their families.  Most do not have a massive quantity of money to place down on a house purchase.  With a Veterans-guaranteed home loan, qualified borrowers could get into an excellent starter house with no cash down.  Many additional mortgage programs require in between 3.5% and 20% in money down – even for first-timers.   Zero-down VA loans could save you thousands up front.

Less Stringent Qualifications

Many first time homebuyers often lack a strong credit history which can mean not qualifying completely or for an affordable interest rate. Since VA loans are government backed it is easier to qualify at competitive rates.

No Down Payment Option

VA loans are perfect for first-time homebuyers who do not have a enough for a down payment. Most mortgage programs require about 3% to 20% cash down. Borrowers can put a little as zero money down with VA-guaranteed mortgage.

Veterans Never Pay PMI (Private Mortgage Insurance) – Lower Monthly Payments

An additional huge cash saver for veterans includes the absence of private mortgage insurance premiums every month.  Many conventional mortgage programs will require borrowers to pay mortgage insurance if there’s less than twenty percent equity within the house.  PMI, or private mortgage insurance, isn’t allowed or needed in the Veteran home loan program due to the federal backing eliminating the requirement for PMI.  Thus, VA borrowers never are charged PMI.  For first-timers, savings of hundreds every month may be vital for setting up college funds and additional future monetary preparation.

For first-timers, setting up credit may take time.  Traditional and additional mortgage programs oftentimes possess pretty stringent eligibility guidelines as it’ll come to credit history.  The eligibility guidelines for Veteran loans could be less strict than the ones of traditional mortgages.  Thus, first-timers who have little credit history still may be eligible based upon VA guidelines.  The Veterans guidelines provide a lender flexibility to decide if a borrower is a good credit risk.  Residual income, debt-to-income ratio, and credit score are weighed with one another to decide if a military member is eligible for a Veteran-guaranteed mortgage. Typically, credit history alone won’t keep the borrower from obtaining a Veterans loan.

Veterans Loans have Lower Funding Charges for First Time Buyers

For many military mortgage borrowers, the Veteran funding fee includes a requirement.  The charge was set up to offset the government expenditures for the VA home loan program.  Just specific surviving disabled vets and surviving spouses are exempt from the charge.  For first-timers of the Veteran loans, the charge is less for subsequent users.  For standard military members upon first-time usage, the Veterans funding charge for purchase loans are 2.15%.  Subsequent users will pay 3.3%.

Purchasing a first house could be a milestone decision in your life.  Plus, homebuyers could utilize all of the assistance they can get as it’ll come to saving cash within the process.  For eligible military members, utilizing house loan benefits for the first time may be of assistance in making the experience simpler.

VA home loans provide active duty military members and veterans with the opportunity to purchase a home at competitive rates, and often with no money down. Most of the time a VA loan is the best way for military members and veterans to purchase a home, but it does come with conditions. Knowing the facts about VA home loans will help determine whether buying a house with a VA loan is the best option for your family.

Homeownership as well as a stable home environment is vital when men and women of the military are called away to serve their country.  That’s why working with a MRP Certified REALTOR® who understands your specific needs and timetable will help make the transfer easier, faster and less stressful.

 

HELPFUL LINKS:

Apply for VA Loan

Military Relocation Assistance

Military Buying Process

Military Seller Process

VA Home Loan Process

VA Loan Qualifications

Military Benefits

VA Homes For Sale


If you would like more information about Military Services we offer, please fill out the quick contact form below or call us at 704-965-3319.

You may also APPLY ONLINE for VA 100% Financing

 








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Top Charlotte Realtor Trena Miller
Premier Agent  Five Star Realtor
Trena Miller

Pruitt Miller Realty Group
Charlotte, NC 28262

704-965-3319
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Trena Miller | 704-965-3319 | Contact Us
10130 Mallard Creek Rd #300 - Charlotte, NC 28262
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