Home Buying When Transitioning to Civilian Life

Transitioning from military service to civilian life can be tough, but finding a home is crucial during this change. Leaving the military or active duty to find civilian jobs is tough. Buying a home can be an overwhelming experience for the toughest of soldiers. This home buying guide helps military members buy homes and make informed decisions as they transition to civilian life.

Take Advantage of VA Loan Benefits

As a military member transitioning to civilian life, you may be eligible for a VA loan. The U.S. Department of Veterans Affairs backs VA loans. They typically have lower interest rates and more lenient eligibility requirements compared to regular mortgages. 

Getting pre-qualified for a VA home loan is the first step in buying a home. Call HomePromise at 800-720-0250 for a fast and easy way to prequalify. 

Consider Your Location and Lifestyle

When choosing a home, consider factors like location and lifestyle. Think about your proximity to job opportunities, family, and amenities. Consider factors like schools, healthcare facilities, and community services. Also consider your lifestyle preferences, like city or suburban living, and if the community matches your values and interests.

Knowing your location and lifestyle will make searching for your new home much easier once prequalified with HomePromise.

“We had a great experience applying for a VA loan with HomePromise.” – Martha W.

Plan for the Future

Military life means moving a lot, but when you leave the military, you might want more stability. Consider your long-term plans and choose a home that accommodates your future goals. Consider property value growth, resale potential, and the ability to modify your home as your needs change.

Take Advantage of Military-Friendly Lenders

Some VA lenders, like HomePromise support those having served in more ways than one. Many lenders offer VA mortgages but set restrictive limitations on your credit score – not HomePromise. In fact, HomePromise provides VA lending for veterans and military members with low to no credit scores and credit scores as low as 580.

Conclusion

Transitioning from the military to civilian life is a significant change. One crucial aspect of this process is getting prequalified, then finding the perfect home.

To confidently purchase a home, you should consider several factors. First, understand your finances and determine how much you can afford by calling HomePromise today 800-720-0250. Additionally, think about the location and lifestyle that best suits your needs.

Planning for the future and considering any potential changes in your circumstances is important. Working with a VA lender, like HomePromise, provides valuable guidance throughout the process.

How Veterans Are Fooled When Buying a Home with Their VA Loan Benefits

Veterans have earned the right to their VA loan benefits. The VA home loan program can help them buy a home with no down payment and competitive interest rates. However, some lenders may try to take advantage of veterans, especially when veterans or military members are first-time homebuyers.

How Some Veterans Are Fooled When Buying a Home

• High closing costs: Some lenders may try to charge veterans high closing costs on their VA loans. This can be done by adding unnecessary fees or by charging higher fees than what is allowed by the VA. Veterans should carefully review their loan estimates to make sure that they are not being overcharged.

• Predatory lending practices: Some lenders may try to engage in predatory lending practices when targeting veterans. This can include things like pressuring veterans to take on a loan that they cannot afford or tricking them into signing a loan agreement that contains unfavorable terms. Veterans should be wary of any lender who is pressuring them to make a quick decision or who is not being transparent about the terms of the loan.

“I am so happy that I chose HomePromise for my first time buying a home!” – Brittany W.

• Unfair appraisals: Some lenders may try to get away with unfair appraisals on homes that are being purchased with VA loans. This can be done by inflating the appraised value of the home, which can make it difficult for the veteran to qualify for the loan or can force them to pay more for the home than it is worth. Veterans should get a second opinion on the appraisal if they have any concerns.

• Deceptive advertising: Some lenders use deceptive advertising to lure veterans into taking out VA loans. This can include making false promises about the terms of the loan or the benefits of the VA loan program. Veterans should carefully research any lender before they apply for a VA loan and should be wary of any lender that is making promises that seem too good to be true.

4 Tips For Not Getting Fooled When Applying For A Va Loan

There are a number of things that veterans and active military members can do to protect themselves from being fooled when buying a home with their VA home loan benefits:

• Get pre-qualified: Veterans should get pre-qualified for a VA loan before they start shopping for a home. This will give them an idea of how much they can afford to borrow and will make them more competitive buyers. Call HomePromise today at 800-720-0250 to find out if you can be pre-qualified.

• Work with HomePromise: Veterans should work with a reputable lender, like HomePromise that has experience with VA loans. HomePromise loan experts will help you avoid falling victim to predatory lending practices.

• Get everything in writing: Veterans should get everything in writing before they sign any loan documents. This includes the terms of the loan, the closing costs, and any other fees.

• Ask questions: Veterans should not be afraid to ask questions about the loan process or about the terms of the loan. HomePromise will make sure that you understand everything before any documents are signed.

If you are a veteran who is considering buying a home with your VA home loan benefits, it is important to be aware of the potential for predatory lending practices. By taking the steps above with HomePromise, you can protect yourself from being taken advantage of and ensure that you get the best possible deal on your home loan.

HomePromise: The Best Choice for First-Time Homebuyers Seeking a VA Loan

Buying a home is a major life milestone, and it can be especially challenging for first-time homebuyers. If you are in the military or a veteran, you have a valuable benefit. This benefit can make buying a home easier for you.

If you’re considering buying a home with a VA loan, HomePromise is the ultimate choice for first-time homebuyers. HomePromise is a leading VA lender with over 15 years of experience helping veterans achieve their homeownership dreams.

Why HomePromise is the Best Choice for First-Time Homebuyers

HomePromise helps first-time homebuyers by making the home-buying process easy and stress-free. HomePromise is the top pick for first-time homebuyers looking for a VA loan. Here’s why:

• Experienced VA lenders: Our team of VA lenders is highly experienced and knowledgeable about the VA loan program. We can help you understand your eligibility, answer your questions, and guide you through the entire loan process.

“HomePromise isn’t just a mortgage lender but my extended family.” Jorden B.

• Competitive rates and terms: We offer competitive interest rates and flexible terms on VA loans. We’ll work with you to find the best loan for your needs and budget.
• Fast and easy prequalification: We can get you prequalified for a VA loan quickly and easily, so you can shop for a home with confidence.
• Personalized service: We’re committed to providing you with personalized service and support throughout the homebuying process. We’re here to answer your questions and help you every step of the way.

Tips for First-Time Homebuyers

Here are a few tips for first-time homebuyers who are considering using a VA loan:

• Start planning early: The earlier you start planning, the more time you’ll have to save for a down payment, improve your credit score, and shop for a home.
• Get prequalified: Getting prequalified with us for a VA loan will give you an idea of how much you can afford to spend on a home and make you a more competitive buyer. Home sellers usually prefer home buyers who include a pre-qualification letter with their offer.
• Don’t be afraid to ask for help: There are a lot of resources available to help first-time homebuyers. Don’t be afraid to give us a call at 800-720-0250 to ask for help from one of our VA loan experts.

HomePromise is a reputable VA lender often helping veterans and military members when other VA lenders cannot. We offer no down payment VA loans, fast and easy prequalification, and personalized service throughout your home-buying process. 

Additional Information for First-Time Homebuyers applying for VA Loans with HomePromise

Here is some additional information that may be helpful for first-time homebuyers who are considering using a VA loan:

• VA loan eligibility: To be eligible for a VA loan, you must be a current or former member of the U.S. military, a surviving spouse of a veteran, or a National Guard member or reservist. You must also have met certain service requirements. Call 800-720-0250 to get your VA Certificate of Eligibility.
• VA loan benefits: VA loans offer a number of benefits for borrowers, including no down payment required, competitive interest rates, no monthly mortgage insurance payment, and more flexible credit requirements.

Call today to speak with a VA loan expert at 800-720-0250!

VA Home Loans: Answering the Most-Googled Questions

VA home loans are a great benefit for those who have served in the military. Despite the numerous benefits, veterans, active military members, and surviving spouses still have questions regarding how VA loans work and other details. HomePromise made a list of popular questions on Google and gave clear answers to help explain this valuable program.

1. What is a VA Home Loan, and Who Qualifies for It?

The U.S. Department of Veterans Affairs guarantees the VA home loan program. This program design helps veterans, active-duty service members, National Guard members, and certain military surviving spouses to purchase homes with favorable terms. This type of loan is usually the best choice for people with a service-connected disability.

To qualify, you need to meet certain service requirements. You’ll generally need to have served for a certain period or meet specific eligibility criteria. Call HomePromise at 800-720-0250 to get your certificate of eligibility coe and determine if you qualify for a VA loan.

“HomePromise was one of very few lenders who did a VA Agriculture loan.” – Theresa A.

2. How do VA Home Loans Compare to Conventional Mortgages?

VA loans offer several advantages over conventional loans. These include no down payment requirements, competitive interest rates, no monthly private mortgage insurance (PMI), and more flexible credit requirements. Many people often consider VA loans as one of the most cost-effective ways to finance a home purchase.

3. Can I Use A VA Home Loan More Than One Time?

If you are eligible for a VA loan, you have the option to use it more than once. However, there are sometimes restrictions on borrowing without making a down payment. These limits vary by location and can change from year to year. If you have enough entitlement left, you can use a VA loan to buy another home. Call HomePromise to see if you qualify at 800-720-0250.

4. Are VA Loans Limited to Specific Types of Homes?

You can use VA loans to purchase various types of properties. These properties include houses, condos, buildings with multiple units (up to four), manufactured homes on approved foundations and farms. However, the property must meet specific VA appraisal and safety standards.

5. How Long Does It Take To Get Approved For a VA Loan?

Approval time for VA loans varies, but it’s usually faster than you might think. Lenders, like HomePromise, can give you a pre-qualification letter in 24-48 hours, and the whole approval process usually takes 30-45 days. The key is to have your financial documents in order and work with an experienced VA lender.

6. Are There Closing Costs Associated With VA Loans?

Yes, there are closing costs associated with VA loans, but they tend to be lower than those of conventional loans, especially for eligible disabled veterans. Certain fees are not allowed to be paid by VA borrowers. The seller has the option to cover some or all the remaining costs.

7. Can I Refinance My Existing Mortgage with a VA Loan?

Yes, VA loans offer various refinancing options. The most common is the VA Interest Rate Reduction Refinance Loan (IRRRL), also known as a VA “streamline” refinance. This type of VA loan aims to lower the interest rate on an existing VA loan. Another option is the VA Cash-Out Refinance, which allows borrowers to tap into their home’s equity even if you don’t have a VA loan right now..

8. What is The Funding Fee, and Who Pays For It?

The funding fee is a one-time fee paid to the VA at closing. It helps offset the cost of the VA loan program for all veterans who participate. Lenders require most borrowers to pay this fee, but they grant certain exemptions, such as for veterans with service-related disabilities.  Note that the VA funding fee can be different for each veteran depending on your down payment, previous VA loan use, and loan amount.

9. Can I Use a VA Loan for Investment Properties or Vacation Homes?

You cannot use a VA loan to purchase investment properties or vacation homes. The VA’s primary goal is to help veterans and active-duty service members achieve homeownership for their families. But, you can use your VA eligibility to buy a 2, 3 or 4 unit home as long as you occupy one of the units as your primary residence.  This gives you the ability to rent out the extra units in the home the same way you would rent out an investment property.

10. Is a Good credit Score Necessary to Qualify for a VA Loan?

Having a good credit score can increase your chances of approval and get you a lower interest rate. VA loans have more flexible credit requirements compared to conventional loans.

Many VA lenders consider scores as low as 640, but HomePromise has closed VA loans as low as 580. Working with a lender, like HomePromise, who has experience in VA loans is essential to understand your specific credit situation.

Understanding VA loans is the first step towards leveraging this valuable benefit for veterans and military personnel. For any questions or help, contact the HomePromise VA loan experts at 800-720-0250.

VA Loan Tips for First-Time Homebuyers

The VA loan program can help military members, veterans, and eligible surviving spouses become first-time homebuyers. Achieving homeownership is an exciting milestone in life. This article will focus on VA Loan Tips for First-Time Homebuyers.

VA loans have good terms and don’t require a down payment, or monthly private mortgage insurance (PMI). Because of these benefits, buying a home with a VA mortgage loan is usually the best option for eligible first-time homebuyers.

HomePromise will provide helpful tips for first-time homebuyers using VA loans. These tips will help you understand everything the VA home loan program offers. The goal is for first-time homebuyers to navigate their home purchase easily.

Basic VA Loan Tips for First-Time Homebuyers

Before diving into the home-buying process, it’s crucial to have a clear understanding of what a VA loan is. VA loans are a benefit offered to veterans and eligible service members by the U.S. Department of Veterans Affairs. Private mortgage lenders, like HomePromise, offer loans guaranteed by the VA, which means they usually have better terms than conventional loans.

“Truly a great, honest company who will work hard for you.” – Nicole C.

Check Your Eligibility

To take advantage of a VA loan in purchasing your primary residence, you must meet specific eligibility criteria. To qualify, you need to be in the military, a veteran, in the National Guard or Reserves, or a surviving spouse. To check if you qualify, get your COE from the VA or ask HomePromise for assistance.

Working with HomePromise as A First-Time Homebuyer

Choosing the right lender is crucial when applying for a VA loan. Look for a lender experienced in handling VA loans, as they can provide valuable guidance throughout the process. They’ll be familiar with the unique requirements and can help you navigate the paperwork effectively.

Get Pre-Approved

Before you start house hunting, get pre-approved for a VA loan with HomePromise 800-720-0250. Pre-approval shows how much you can afford and proves to sellers that you’re a serious buyer. It can also speed up the closing process when you find your dream home.

Budget Wisely

While VA loans offer many advantages, remember that homeownership comes with ongoing expenses beyond your monthly mortgage payment. Be sure to budget for property taxes, homeowners insurance, maintenance, and utilities. A well-thought-out budget will help you avoid financial stress down the road.

Research Local Housing Markets

The housing market can vary significantly from one location to another. Research the areas you’re interested in to understand price trends, school districts, and other factors that can impact your decision. Consider working with a local real estate agent who knows the market well.

Attend Homebuyer Education Programs

Many organizations offer homebuyer education programs, some specifically tailored to veterans. These programs provide valuable information about the home-buying process, budgeting, and homeownership responsibilities. Attend one to gain knowledge and confidence in your decision.

Be Prepared for the Appraisal

VA loans require a property appraisal to ensure the home’s value is in line with the loan amount. If the appraisal is less than the price, you might have to ask the seller to lower the sales price or you will be required to make a down payment. Be prepared for this possibility by having some savings.

Understand VA Funding Fees

While VA loans generally don’t require a down payment, they do come with a funding fee. The fee varies based on your military service and whether you’ve used a VA loan before. This fee helps sustain the VA loan program and can typically be rolled into your loan or paid upfront.

Conclusion

Becoming a first-time homebuyer with a VA loan is an achievable goal that can provide long-term financial stability. By following these tips and staying informed, you’ll be ready to take full advantage of this valuable benefit.

Every homebuying journey is unique. It is important to seek advice from the VA loan experts with HomePromise. Trust experienced lenders and real estate professionals. They can help you achieve your dream of owning a home.Call 800-720-0250 today for more information.