Are you a military member or spouse who dreams of settling down? As a military family, buying a home gives you a chance to finally stay put in one place, become part of a community, and have a sense of stability. What’s more, VA mortgage loans make it possible to buy a home without putting money down, which can ease the financial burden on your family.
But is now the right time for you to purchase a home? Here are some important factors you may want to take into consideration.
What to Consider Before Buying a Home with a VA Mortgage Loan
Buying a home can be an incredibly rewarding experience. Truly, there’s nothing quite like having the perfect place to settle down and build your own nest. But it’s also not a decision to be taken lightly. After all, your financial future is on the line. Here are some things military families should consider before buying a home with a VA mortgage loan:
One of the benefits of taking out a VA loan is that you don’t have to save up money for a down payment. But that doesn’t mean you’re off the hook entirely when it comes to saving money. There are still other costs you have to save for like closing costs, inspections, and earnest money. Ask yourself, am I financially prepared to make this investment, or is it better for me to wait and save up some more money?
The Right Timing
Another important and perhaps more obvious consideration is whether it’s the right time in your or your spouse’s career for you to purchase a home. If you’re on a temporary duty assignment, waiting to buy and renting for a while may be your best option.
On the other hand, if you’ve recently been assigned a permanent change of station and expect to be in one place for a substantial amount of time, buying a home may be a good idea. Often, homeowners are surprised to find how much cheaper their monthly mortgage payment is than when they were renting.
Another option to consider is renting out your home if you must move. Some military families choose to buy even though they know they’ll be moving in a year or two because they plan to use their home as an investment property. However, if you choose to go this route, you may want to consider a different loan program since VA loans have strict occupancy requirements.
Keeping Up on Maintenance
Lastly, you need to consider whether you have the time (and money) to keep up on maintaining your home. Owning a home is a lot of work. If something breaks, it’s your job to fix it. There are also routine and seasonal maintenance tasks you’ll have to attend to, to keep your home in good shape. It’s important to consider whether you have room in your budget and lifestyle to attend to such tasks.
Ready to Buy?
We can walk you through your options! Call Mortgage Solutions Financial today to learn more about the benefits of VA mortgage loans and begin the application process.