How Can Military Families Buy A Home?

Military families have access to VA home mortgage loans for buying a new home. The mortgage loan programs provide military families with an opportunity to buy a home without paying a down payment. Reviewing details about how military families buy a new home helps prospective buyers discover what they can expect.

Providing Details about the Service Record

When applying for a VA home mortgage, military members must provide documentation about their service record. A certificate of eligibility from their commander or the VA can help the service member qualify for the mortgage home loans. Military personnel must complete a predetermined amount of peacetime and wartime duty to qualify for a certificate of eligibility and must have a steady service record with their branch of the military. A surviving spouse qualifies for a VA home mortgage if their spouse died due to service-related circumstances.

How Long Will the Family Be at the New Duty Station?

The length of time that the family will be stationed at their current duty station could play a role in whether they are approved for the VA home mortgage loan. Standard requirements indicate that active-duty members must be stationed in the area for at least three years. This guarantees three years of steady payments to the mortgage lender, and if the service member is transferred, the couple can sell the property without issues.

Is the Property an Existing Property or a New Construction?

To qualify for the VA home mortgage, the property must meet all guidelines of the VA home mortgage program. A VA inspector must review the property and ensure that it meets all requirements and doesn’t have any existing issues. The age of the property, existing structure damage, or any building code-related issues can disqualify for the property for the mortgage program. Most VA lenders prefer homes that were constructed within the last 10 years or new constructions. These properties are less likely to have damage that could depreciate the value of the home in the immediate future.

Does the Service Member Receive Housing Allowance?

Active-duty members can receive housing allowance according to their rank in their branch of the military. Housing allowance is considered an income source and can help the borrower qualify for the VA home mortgage loan. Providing documentation for the housing allowance is submitted to the VA lender.

Does the Military Member Have Enough Income?

The service member must provide income statements for all incoming sources including alimony and child support. Lenders evaluate all income streams and the total monthly earnings for the service member and their spouse. Each party must consent to a credit assessment. All borrowers applying for a VA home mortgage must have a qualifying credit score.

Military families receive financing for a home through the Veteran Affairs mortgage program. Qualifying military personnel receives a certificate of eligibility after they have completed the prerequisites for the program. The opportunity makes it more affordable for veterans and active-duty soldiers buy a home. Military families who want to learn more about the programs contact Dustin Dimisa for more details now.

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