is a huge part of the American dream. Realizing that dream can be an
overwhelming experience for anyone. From prospecting to finding an agent to
getting your finances ready to planning for the move, it’s difficult to know
where to begin. For disabled veterans, the process is uniquely challenging.
Transitioning into civilian life is hard enough without the added hustle of
finding and financing a home.
there are mechanisms and resources put in place to make home buying easy and
painless for veterans. With the right information about veteran benefits like
down payment assistance, reduced interest rates, property-tax relief, and
discounted homeowners’ insurance, purchasing and owning a home can be a breeze.
This guide from the Job Openings for disABLED Veterans
highlights the important aspects of home buying for veterans to help you make
one of the biggest decisions of your life.
Considerations to Make When Buying a Home
are many considerations to mull over when buying a house. It’s easy
to get sidetracked by the nitty-gritty and forget to prioritize what is
important to you and your family. Following the four steps outlined below
should help you stay true to your priorities and make a sound investment:
your finances in order
a house is expensive. Costs include inspection, appraisal, down payment, and
closing fees. Before you even consider this commitment, you need to get your
finances in order. The first step is cleaning up your credit report. Qualifying
for a mortgage and getting a good deal on it hinges on your credit score. Lenders have different measures for what
they consider an acceptable credit score but paying your bills on time
the right home loan
have the advantage of qualifying for a VA loan. A VA loan is a mortgage issued
by private lenders with the backing of the Department of Veteran Affairs.
loans allow veterans to purchase a home with no down payment. Since the upfront
funding fee can be rolled into the loan, veterans could potentially finance
100% of their homes with a VA loan. Additional benefits of VA loans include:
Low interest rates
Ease of refinance
No private mortgage insurance requirement
Low closing cost
Low credit score is accepted
Higher debt-to-income ratio is accepted
for your dream home
the right home takes time. There are numerous factors to consider if you are to make an informed decision. Do
you want to live in a suburb, city, or remote location? What is the ideal home
size for you? Which amenities do you want nearby? What is the cost of living
for your preferred areas?
average homebuyer visits up to 15 different houses before choosing one. You should take your
time considering it is a huge life decision. Find a good real estate agent.
Take enough photographs of the houses you like and feel free to go back for a
is a key consideration when choosing your dream home. Make your calculations to
find out if you can afford a mortgage. Ideally, your mortgage should be 28
percent of your gross monthly income. Note that mortgage is inclusive of
homeowners insurance and property tax. Your total monthly debt payments should
also not exceed 36 percent of your pretax income.
is the final step when purchasing a house. It is at this stage that you receive
the keys to your new home after signing all the proper paperwork in the
presence of various legal representatives. Your lender should send you a
closing disclosure before the closing day. The disclosure features the loan
terms and outstanding closing costs.
costs include loan fees, commissions, title charges, and transfer fees. You can
negotiate these costs throughout the mortgage process with options ranging from
applying for assistance programs to rolling over the costs into your loan.
- Hire Movers
but certainly not least, make sure you connect with professional movers, who
can help make the transition from your old home to your new one a little
easier. Use sites like Angi to find “top movers
near me” to locate local movers with good reviews.
home is a huge part of transitioning smoothly back into civilian life. It
is also a major financial commitment. Take your time to find the right home
that you can afford and consider a favorable financing