When the Veteran Is Ready to Become a Homeowner
There are many benefits that come with being a veteran, but one of the biggest benefits is owning your own home.
The Kolena Foundation strives to help veterans educationally by bringing together services, along with housing, job training, soft skills education, employment accommodations, resume development, and job skills training programs. Here, we offer some helpful tips for veterans who are ready to purchase their homes.
The American Dream
Homeownership is an important part of the American Dream. It is a way to create stability and security for yourself and your family. It also gives you a sense of belonging and a sense of pride. It is well-known that owning your own home will help you save money and build wealth. People who own their own homes are less likely to be affected by economic downturns or job upheavals.
Veterans are often eligible for a VA loan, which is a great way to get into the housing market. The VA offers many different types of loans and grants to help veterans purchase their homes. They also created programs to help veterans build equity in their homes and get out of the burden of debt that often comes with buying a home.
Becoming Financially Ready
There are steps to take in order to make sure that your finances are in order and prepare yourself for home ownership.
The first step is to get a copy of your credit report. This will provide you with the information that you need to assess your current financial situation and prepare for home ownership. One of the best benefits of the VA loan program is its relaxed credit requirements. Veterans don’t have to have blemish-free credit reports and high credit scores to secure VA financing as they seek to accommodate as many military buyers as possible with a simple and accessible mortgage. However, the better your credit, the better the terms you can get, and the higher value of the home you can purchase.
Your Home Search
A home search should always start with a professional real estate agent. However, it helps to know the basics of what kind of homes are available in the area you wish to purchase, along with prices and neighborhood amenities. You’ll also want to research market trends in those areas to ensure your new home’s value will increase before reaching out in order to save time and resources. Market trends will also help inform you of when the best time is to buy a home. Prices tend to be lowest in January and highest in summer, but check with local market trends online first. Analysis shows that a home is less likely to sell at a full listing price each additional month it remains on the market. In those cases, waiting may pay off.
Closing the Deal
A good offer on a home is one that is comprehensive, fair, and allows both parties to walk away happy. Most sellers are willing to negotiate with buyers on who pays for the closing costs. Many times, those costs are split between the buyer and seller. Closing costs are the fees and charges that buyers pay when buying a home. They include such things as real estate commissions, loan origination fees, attorney’s fees, and other miscellaneous charges.
If you don’t have a truck and some friends with strong backs that you can rely on, start now to research moving companies in your area. Price is an important factor, but so are reliability and professionalism. Search online for reviews and ratings before paying anyone to move you.
Know the floor plan of your house before you go shopping for furniture and keep what you don’t need right away in a storage unit. That way, you can bring items in gradually as you settle in and figure out the best way to furnish and decorate. Search online for various storage options in your area to learn the best options for the size you need. You may also want to use that time to build shelves and cabinets for things you may have in boxes right now.
Your service to your country is a debt that can never be fully repaid. But with a VA-guaranteed home loan and a wealth of resources like market research and storage unit sites to credit reports and moving options, there is help to make your homeownership dream happen.