What military benefits are there for first home buying?

2022-03-31T23:11:25-04:00

Looking at possible homes or even just buying land and maybe planting a trailer on it to build a house later.

Are there any benefits to be utilized or options to consider?

Response by SSG Private RallyPoint Member made Apr 1 at 2022 8:28 AM

2022-04-01T08:28:53-04:00

Are you an M-Day Guard member? If so have you completed 6 years of service yet or deployed on federal orders? If you have you can reach out to the VA and seek out a COE for the VA home loan. It is a pretty great benefit if you do not want to, or can't put money down. It will save you from additional insurances from lenders and it will help lock in a lower rate. However, be cautious of what company/lender you choose to go with as they all have their own fees they add to the loan. I used Fairway mortgage for my recent VA Home loan, they had the best rates and fees and it was a great experience.

Best place to start is the VA website and request and COE.

Response by SSG Carlos Madden made Apr 1 at 2022 10:26 AM

2022-04-01T10:26:24-04:00

What is your status in the VA as a veteran? Any disability? Have you been on title 10? This will help determine your options.

Response by MSgt Private RallyPoint Member made Apr 1 at 2022 9:44 PM

2022-04-01T21:44:23-04:00

VA loans are a great option and Veterans United Home Loans is very easy to work with.

Response by SGT Chris Padgett made Apr 3 at 2022 6:09 PM

2022-04-03T18:09:29-04:00

If you meet eligibility there are a few things you need to understand.
1. The VA doesn't make the loan, they guarantee the loan.
2. You will need to find a broker and qualify for a loan based on your credit and other factors.
3. There are restrictions on what you can and can't buy. In short, this must be your primary residence for a minimum of 5 years.
4. There are a ton of advantages to a VA loan such as no PMI, and no or low down payment. On the other side, is that no loan will be issued without a home inspection and almost never without appliances. there are exceptions, but those mostly apply to new home construction loans.
The best thing I can tell you is to find a mortgage broker, get yourself pre approved, and let them know that you intend to use your VA Home Loan benefit. This way you've been told how much you'll able to borrow and what restrictions you have to face.

Response by LTC Ray Buenteo made Apr 5 at 2022 7:50 PM

2022-04-05T19:50:00-04:00

Contact the VA

Response by CW4 Ken Grady made Apr 7 at 2022 1:07 PM

2022-04-07T13:07:00-04:00

Your best option would be a VA Loan and they don't require a down payment. However, you still need money for closing costs and that's for any mortgage. You don't HAVE to do VA but more than likely they're going to be your best option.