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Buying a home is a very big decision and we want you to be an educated buyer. We’re here to help you through every step in the process and ensure your path to homeownership is a smooth. Let’s get started!

 

Military families who want to buy a home have a number of home buying benefits available to them.

Veterans: Have you explored your options?

 

Step 1:

 

The first step on the path to homeownership is to secure financing.  As a Veteran, you and your family are entitled to many powerful home buying benefits, in addition to, traditional financing. With the attractive VA Home Loan benefit, you may qualify for a loan with lower payments and a no money down-payment.  Contact us and we can get you started. 

 

Advantages of the VA Loan for Military Home Buyers
 

NO DOWN PAYMENT

VA Home Loans don't require a down payment

LOWER PAYMENTS

VA Home Loans waive private mortgage insurance

EXCEEDS THE NEEDS OF MILITARY FAMILIES

VA Home Loans are one of the fastest to close

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Additional home financing options may also be available to military home buyers. These include USDA, FHA, and Conventional Loans. Contact a Market Properties Group real estate professional if you have any questions about your home buying options.

 

Step 2:

 

Get to Know Your Loan Options.

 

Qualified veterans and current military buyers can employ the most powerful home loan on the market. VA loans feature no down payment, no mortgage insurance, and more forgiving credit requirements than most other loan types.

 

Still, they’re not the best fit for every veteran. The key to successful homeownership is to find the right home loan for you.

 

Having a better understanding of all your home loan options can help you make the best financial decision.

 

Let’s take a closer look at VA home loans.

 

VA loans


• Who can use it: Eligible veterans, active-duty military members, and qualified surviving spouses. The VA does not set a credit score benchmark, but most lenders will have one. A 620 FICO score is a common minimum.


• As described: VA home loans are backed by the government but issued by private lenders. VA loans offer no down payment requirement, no mortgage insurance, and easier credit requirements. VA loan guidelines make up for borrowers whose finances may have been affected by their service. Credit score requirements are typically lower than those for conventional loans, and the program allows for more leeway when it comes to debt-to-income ratios, credit scores, and assets. They also tend to have lower average interest rates than other loan types.

• What you need to know: The VA loan program is designed to help veterans and military members purchase safe, structurally sound homes they’ll occupy as their primary residence. VA loans are not available for investment properties or vacation homes. A funding fee of no more than 3.3% of the loan amount helps keep the program going and can be paid upfront or rolled into your loan amount. Qualified buyers who receive compensation for a service-related disability do not have to pay this fee.

 

Additional home financing options may also be available to military home buyers. These include USDA, FHA, and Conventional Loans. Contact a Market Properties Group real estate professional if you have any questions about your home buying options.

 

Step 3:

 

Search and Find Your Dream Home!

 

Why all Veterans need a real estate agent who is Military-Friendly.

 

As we discussed, VA mortgages come with a army of benefits, including no down payment, low interest rates, and no private mortgage insurance. Along with these benefits come some unique loan requirements. Here are a couple key reasons why using a Market Properties Group military-friendly real estate agent is a must for VA home buyers.


1. We understand the unique needs of VA home buyers
Active-duty service members may relocate frequently. When receiving permanent change of station (PCS) orders, service members receive 10 days of leave to scope out the new duty station and complete a home search. Choosing an agent who understands this short time frame and can dedicate the time necessary to find a home during this compressed period of time is essential.


Due to potential relocations, it’s also important for a Realtor to understand the importance of a strong resale value. We understand that active-duty service members need to identify a home that not only fits the service member’s current needs, but make sure the home has the potential for a quick and profitable resale if the service member receives PCS orders again.


2. We are Passionate about serving those who served our Country
Our agents have either served themselves or may have close ties to someone who has. Others simply have a desire to help those who have given so much for our Country. We are also passionate about educating veterans and service members about VA home loan benefits.


Step 4:


Preparing Your Offer.


We’ve found your dream home, now what? The challenge is crafting an offer to purchase that is attractive to sellers, protects your interests, and maximizes your budget.


Veterans and military buyers should look to their Market Properties Group real estate agent for help with striking the right balance. We have the experience and are your best advocate and expert.


We will discuss what kind of contract contingencies you might need. We’ll insist on a home inspection contingency. this will allow you to get an in-depth look at the property through a professional home inspector and negotiate additional terms or repairs based on the results.


We’ll also safeguard your earnest money deposit in case the deal falls through because of a low appraised value or another issue beyond your control. It’s good to know that VA loans automatically protect a veteran’s earnest money in the event of a low appraisal. Speak with your agent if you are using a different type of financing.


Pay attention to closing costs


Many first-time buyers tend to focus on the sale price of the property and forget about closing cost.s Closing costs are the upfront funds the buyer pays at closing and is in addition to the purchase price. Thus requiring the buyer to come up with a lump sum. We advise Veterans and active-duty service buyers to ask the sellers to cover closing costs as a part of their offer.


As is the case in any mortgage transaction, how much a seller can pay depends, in part, on the type of financing she is using. This figure is typically anywhere from 3% to 6% of the purchase price.


In short, making an offer on a home purchase means being prepared and organized. Having an experienced and trusted professional at your side will help you evaluate your housing choices with clear eyes, make an attractive offer, and buy the home of your dreams.


Contact a Market Properties Group real estate professional today and we’ll guide you on the path to homeownership.

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Market Properties Group

166 Valley St., Suite 6M
Providence, RI 02909
Phone 888.401.4110
Email info@marketpropertiesgroup.com

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