Buying a Home - Navy Veterans

Warfare Exam Results Site Map | Make Me Your Homepage!

News & Forum for Vets VA to Expedite Claims Decisions for Veterans Who Have Waited a Year or More Tue, 23 Apr 2013 23:07:21 +0000 DoD Program Helps Service Members Transition to Teaching Tue, 16 Apr 2013 01:29:31 +0000 Guitar for Vets - the healing power of music in the hands of heroes Sat, 23 Mar 2013 14:19:19 +0000 More News...

For Navy Veterans, buying a home is more than a dream come true; it’s an investment that gives them a permanent place to call home. If anyone knows what it feels like to move from place to place and ship to shore, one could understand how good it feels to have a residence. In addition, with homesteading more Sailors have a chance of keeping that home and making it an investment.

Buying a home is different for Navy veterans. For starters, vets can benefit from using a VA Home Loan. In addition, vets should be aware that if they have to move, the value of their property might be less than the purchase price. This may mean a loss on the sale of property when it’s time to move. It is strongly advised to look into this issue before purchasing a home. There have been instances where Navy members have had to declare bankruptcy and foreclose on a home due to change of duty station.

With homesteading, this becomes less likely and there have been situations where Sailors have sold their homes at a higher price because their property rose in value even when they have had to relocate. The recommendation is to look at it as a long-term investment and a place you want to call home. If you are retired or are about ready to retire, that’s not an issue.

To get started you may want to attend a home buying seminar from a reputable credit union or bank. There should be no obligation to attend and you’ll get some valuable information about home buying. Another thing you may want to do is start saving money if you haven’t done so. Cut down the expenses, find out where your money is going and assess your financial situation. Don’t wait for the bank or loan institute to do that for you (which they will). Know where you stand financially.

Many mortgage loan institutions these days will assist you with the VA loan process especially if they are Navy friendly so don’t let that be a major factor when picking your lender. Factors to consider include cost and fees of the loan and interest rates. When it is time, make sure you shop around. It’s preferable to get your loan company first before getting a real estate agent. That way you’ll know how much you can spend on a house and you’ll have the power of a pre-approved loan when you begin the buying process.

The next thing to do is get a reputable real estate agent or broker. Here again shop around. Ask your friends if they know of any good real estate agents and make sure you check them out. An agent that has military experience may be beneficial too. Avoid those who are searching for a quick sell and those that don’t have much experience. You want one who will guide and advise you when buying a home. The most important thing to remember is to do your research during every phase of the home buying process. That will ensure fewer hassles when you get your dream home.