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by Virginia Cooper
As a veteran, you and your family might have relocated multiple times. Now, you and your spouse are finally in a position to settle down in an area you love and buy a home. But the home buying process can be confusing, and veterans have additional factors to consider as they apply for a mortgage and hunt for the perfect property. By turning to resources like Military Wives, you can find tips and recommendations from other veterans. Furthermore, here’s how to get your finances in order, connect with a veteran-friendly real estate agent, and assemble a persuasive offer.
Research Home Warranty Policies
When you eventually purchase a home, you’ll want to ensure that you can comfortably afford any necessary repairs or maintenance. You can avoid certain surprise repair bills by investing in a reputable home warranty policy.
While your homeowner’s insurance policy can grant you some security, this form of insurance will only provide coverage for structural damage to your home, theft of your belongings, or
injuries that happen to occur on your property. On the other hand, give this a try - a home warranty policy will cover the costs if your appliances or home systems break down. This renewable yearly plan will come in handy if you have any issues with your plumbing, HVAC, or electrical systems or if you need to repair your appliances.
Prepare Your Finances
Before you start browsing local real estate listings, go over your finances and make sure that you’re truly prepared to buy a home. MintLife states that you should focus on paying down debts to establish a reasonable debt-to-income ratio and boost your credit score. You should also try to set your mortgage budget anywhere from two to three times your annual income. Once you’ve assessed your financial situation, you can contact a lender to get pre-approved for a mortgage. After you’ve had an offer accepted on a home, your pre-approved status can speed up the closing process.
Explore Your Loan Options
You have loan options as a veteran that wouldn’t be available to civilians - most notably, you’re eligible for a VA loan. Military VA Loan states that with this type of loan, you will likely be able to secure a lower mortgage rate while avoiding private mortgage insurance, or PMI. Furthermore, you will not be required to offer a down payment.
Search for the Right Property
Get in touch with a real estate agent in your area who has helped veterans and their families previously. Next, determine exactly which features you need and want in your future home, and then narrow down neighborhoods that would suit your family. Work with your agent to schedule tours of homes that fit your needs and budget.
Submit a Strong Offer
Finally, you’re ready to submit an offer for a home that you’ve fallen in love with! Your agent will go over the sales prices for comparable homes in the same neighborhood so that you can estimate a fair offer, which might be below or above the current list price. Talk to your agent about opportunities to effectively negotiate for coverage of fees like closing costs.
Buying a house is a major financial and emotional decision, especially if you’re a veteran whose family has called so many places “home” throughout your career. But with the right strategy, you can get the keys to the home you’ve always dreamed about. By following these tips, you’ll be ready to take out a home warranty policy, tour houses with the features you want, and put in an offer on the perfect home.
Are you struggling to find your own community with your spouse in the military? Turn to Military Wives! Browse our resources today for guidance from people who have walked in your shoes.
Submitted by Virginia Cooper