For many people, getting your very own home is a milestone in life that deserves a lot of celebration. Still, things might be slightly different for military personnel who are about to be relocated due to a MilPCS order. A MilPCS order is a long-term relocation, so chances are that buying your first home as a military recruit will be a bit more complicated.
Some active-duty recruits might wonder whether getting their first home as a military soldier will be a burden or a benefit. This article will help to provide you with an answer.
The question of loans
Military recruits have a lot of apprehension about loans, especially whether they qualify for certain loans. However, you can put your mind at ease, as it has been proven through statistics that military recruits who have to relocate due to their PCS order are very likely to qualify for VA loans. It is estimated that the Department approves as much as 72% of all VA loan applications of Veteran Affairs, so there is a very high chance that you will be qualified.
Even if you are not qualified for a VA loan, it is still not the end of the world. Your lender will tell you the reasons why your application was denied, and you can try to address the issue with their assistance.
The question of your life savings
Life savings are also a major concern for recruits, who fear losing their life savings if they buy their first home. Because they do not have any previous piece of property to help with the purchase, they will have to use their own savings, which causes concerns. You will then be glad to know that many lenders will gladly lend you the amount you need for the purchase. VA loans require much less down payment than other loans, so you will not have to deduct a lot of money from your personal savings account.
The question of mortgage payments
Naturally, service members will be worried about whether they can pay off the monthly mortgage payments, which will take up a significant portion of their income. Fortunately, paying mortgage payments is considerably cheaper than paying the rent in many US cities. If you can afford to pay the rent, you should have no problem with the mortgage payments at all. Of course, you should still talk to your lender to develop a long-term payment plan, which will help you easily pay the mortgage payments.
There are a lot of things to worry about if you are a recruit who has to relocate due to your MilPCS order, but buying your first home should not feel like a burden. With the help of the right MRP real-estate agents, you can buy the house of your dream easily! For more information, contact us right away!