Military spouses don’t have it easy, as frequent relocations come with challenges. PCS is a part of military jobs, and it’s something that military spouses have to try and adapt to. Buying your first home as a military spouse can be somewhat complicated.
We’ve put together a few things to know before you buy a new home for your family. These aren’t all set in stone, but they are tips that can help make things easier for you.
Tips for Military Spouses Buying Their First Home
Military benefits aren’t just for military personnel. If you’re a military spouse, you can qualify for some benefits. VA loans are available to military spouses when refinancing their properties or buying new ones. The benefits of a VA loan include lower fees, a loan backed by Veteran Affairs, and zero down payment. You should check to see if you qualify for a VA loan, as they have certain requirements that must be fulfilled first. If you qualify, buying a new home will be much smoother.
Mortgage lenders will be involved when buying a home with VA benefits. You don’t have to go with the first lender you meet or run into. You can compare lenders regarding fees, monthly payments, and closing costs. Try to find the best lender possible, and don’t rush into choosing the first one you find.
As a military spouse, you don’t need your significant other to be around to purchase a home. Even if your spouse is overseas, you can make the purchase on your own. This can help save time since your spouse might be away for months or years. You can start the process and possibly finish it, so everything is done by the time they return. To get pre-approval for your loan, you’ll need bank statements, W-2s, a statement of service, credit score information, and other documents. Make sure you have all the required documents to speed up the process.
Narrow down your options by knowing what you’re looking for. Where do you want to live? What kind of house are you looking for? Do you want to move into something ready, or would you like to renovate? These questions should be answered to narrow down your search. The search for a new home can take weeks if you’re looking into everything you find instead of having a few ideas of your own.
After putting all your documents together and knowing what kind of home you want, you should look into a real estate agent with military experience or one with experience working with military personnel. The lives of military personnel and their spouses are different from civilians. A real estate agent with experience working for those in the military can make your life and choices simpler.
Everything seems difficult until it’s done. Don’t be overwhelmed by the process. Have all your paperwork in order and surround yourself with the right people for happy house-buying.