Being a military spouse can be rewarding and empowering. Military spouses understand that frequent moves are part of their future. Buying a home involves many factors to consider, such as understanding the benefits you receive from the Department of Veterans Affairs as a military spouse, the mortgage lender you are using, and what you are looking for in a home. To help you with this process, here are five things you should know before buying your first home:
1. As a military spouse, you are eligible for unique benefits.
Because you are a military spouse, you receive benefits when it comes to buying a house. The VA loan is designed specifically for military households. You can buy a new home or refinance your existing property when you use your VA loan.
There are specific eligibility conditions for obtaining a VA loan regarding seniority, eligibility certificate (COE) and your credit score.
2. Military spouses can buy a house on their own.
Buying a home can be stressful, especially if your partner isn’t nearby. The good news is that you can buy a home on your own, even if your military spouse is abroad.
You can eliminate delays by organizing your financial documents and information before you begin the home search and mortgage process. In most cases, you will need the following documents to get pre-approved for your home loan.
- Credit score information
- Bank statements
- Declaration of service
- DD-214 statements or reserve / custody point
- Driver’s license and / or government ID
3. Always compare mortgage lenders.
When you’ve decided to buy a home, it’s time to compare mortgage lenders. Find out which lender is right for you. When you compare lenders, be sure to carefully consider the following:
- Monthly payments
- Closing costs
4. Be prepared for the home search process.
When considering various properties, prioritize the issues that are most important to you.
- How does your budget and the size of the house you need correlate?
- Are you looking for a property ready to move in or something that you can renovate?
- Do you want to live in an urban city, suburb or rural area?
- Is there a particular style of house that you prefer?
- Does the house meet your specific needs?
5. Choose a real estate agent who understands military life.
Choose one Real estate agent who has worked with military families in the past and who will show you homes that meet your budget and specifications. A great real estate agent can simplify the process of exploring for properties available in the market, in your price range, and in an area you love.
Don’t be fooled by the prospect of buying a home. There are many advantages and options available to you. Take advantage and find a home you love. Check Your VA Loan Eligibility With Veterans United Today.
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