How To Qualify For A VA Loan With A Low Credit Score

A low credit score can make it difficult to qualify for a traditional home loan. But, you may be able to qualify for a VA loan with a bad credit history.

Veterans and active military members can take advantage of the VA Home Loan program when buying a home. This program is run by the US Department of Veterans Affairs. This program can help veterans and active service members purchase a home. It may even help those with a low credit score, poor credit, or a history of late payments.

The VA mortgage offers a great benefit. VA home loan benefits are designed to help veterans and active duty service members purchase a home with no down payment.

It also includes relaxed approval guidelines compared to other loan programs. If you qualify, you may have an easier time getting a VA home loan than a traditional home loan even when you have a lower credit score.

What are Credit Scoring Models?

Credit scores are based on a calculation or “model” of your credit history that gives a score typically from 300-850. A high score means the model considers your credit history good or excellent. A low score means the credit scoring model considers your credit fair or poor.

Credit scoring models are based on calculations of information in your credit history.

Some lenders, such as HomePromise, look at a comprehensive overview of your finances. This helps you qualify for a VA loan, even if other lenders have denied you. This may help those with a low credit score qualify for a VA loan.

What is a Low Credit Score?

A low credit score is generally considered to be any score below 640. VA Lenders typically use this number to determine whether an individual is eligible for a VA loan.

Credit scores are used for other kinds of loans or even credit cards. It is important to pay attention to your credit score and take steps to improve it, if possible.

You should know that the VA does not provide funds for loans, the VA only guarantees VA loans. Veterans will need to find a lender that participates in the VA home loan program.

Banks and other lenders participate in the VA loan program but many of them don’t allow credit scores under 640.

Can I Improve My Credit Score?

Yes! The key is knowing what to change. With the right advice, you can definitely improve your credit score. It’s always good to consult with a VA loan expert to understand your options and the best steps to take. The VA home loan experts at HomePromise may be able to help at 800-720-0250.

Is it Hard to Qualify with a Low Credit Score?

The VA home loan program offers many advantages. Credit requirements are more relaxed, making homeownership possible for veterans with low credit scores. Other benefits include lower closing costs and no down payment options. 

A low credit score may not be a barrier for all veterans who want to purchase a home. Some veterans and active duty service members may qualify for a VA loan even with a low credit score.

Note that there are usually additional documentation requirements for a low credit score VA loan that are used to strengthen your application.

What Documents Do I Need to Qualify for a Low Credit Score VA Loan?

One of the key requirements is a detailed explanation of the circumstances surrounding any late payments on your credit report. This letter should address all types of credit problems on your credit report.

Are VA Loans Always Better Than Conventional Loans for Veterans?

Most of the time, the VA loan program is better than conventional loans. The VA home loan program offers more flexible credit requirements over traditional conventional loan programs. Even veterans with a low credit score may be able to qualify.

One of the biggest advantages of the VA home loan program is that it does not require a minimum credit score. The VA evaluates your credit history as a whole. Other important factors they consider include assets, income, debt-to-income ratio, and employment history. 

In addition to more flexible credit requirements, the VA home loan program also offers a number of other benefits, including: 

• No monthly private mortgage insurance (PMI) required
• Competitive interest rates
• The ability to roll closing costs into the loan
• No prepayment penalty
• No down payment

The VA home loan program is a great option for veterans and active service members with low credit scores. It can be used to purchase or refinance a home.

While you will still need to meet certain requirements, the program can help you achieve your dream of homeownership.

Call 800-720-0250 now to talk to one of our VA lending experts and see if you qualify.

Why is Pre-Qualifying for a VA Loan Important?

Pre-qualifying for a VA loan depends on many factors that a VA loan expert will review with you. A full pre-qualification by a VA lender looks at your credit, income, assets, and characteristics of the home you want to buy. For example, VA lenders have to review your income to be sure it is stable and reliable.

VA applicants must also meet certain occupancy requirements. In other words, the home you are buying or refinancing with a VA loan must be your primary residence. 

The house you want to buy or refinance must meet VA minimum property standards. This will be checked by a VA appraiser during an inspection. 

The VA appraiser will look for the following kinds of defective conditions:

• Defective construction
• Poor workmanship
• Evidence of continuing settlement
• Excessive dampness
• Leakage
• Decay
• Termites

There are other potential problem areas of a home that the appraiser must note on the appraisal report. But, the best way to get a full review of any problems with a home is through a home inspection.

You also need to provide proof of military service in order to be eligible for your VA home loan benefits. You are eligible for a Certificate of Eligibility (COE) if you have served in the military for the required amount of time. This certificate proves that you can apply for a VA loan.

Call a HomePromise VA loan expert at 800-720-0250 and we will get your COE quickly through the VA lender portal.

Veterans may qualify for a HomePromise VA loan. With an expert’s help, a bit of work, and determination, you can achieve your dream of homeownership.

How To Get Pre-Qualified for a VA Loan with HomePromise?

Pre-qualifying for a VA loan with HomePromise requires some basic steps. 

First, you should gather all the necessary asset documents and paperwork needed to apply for the loan. Assets statements include bank statements and retirement account statements. 

Next, you should get together proof of employment, including two years of tax returns and W-2 forms. If you’re self-employed you should also find the last two years of your business tax returns. If you receive Social Security or pension income you should gather your most recent pension statement and annual Social Security statement.

Once you have this information ready, it’s time to call 800-720-0250 and speak to a VA Home Loan Expert.

Who Pays VA Closing Costs on A VA Mortgage?

The VA home loan program offers benefits to active military members, veterans, and surviving spouses. Some of these benefits include no down payment and lower interest rates. However, just like any other loan, there are closing costs and a VA funding fee involved.

Closing Costs And VA Loans

When it comes to VA loans, the answer to who pays the closing costs can vary. Generally, both the buyer and seller can negotiate who pays before the closing date. However, with a VA loan, there are certain fees that cannot be charged to the veteran borrower.

The seller is allowed to pay up to 4% of the total home value in concessions toward closing costs. These concessions can cover things like title fees or prepaid taxes and insurance. If these concessions exceed 4%, then any excess must be returned to the seller.

Be aware that the borrower may need to pay appraisal and inspection costs.

Understanding who pays for what during the VA loan closing process is essential when planning your VA home-buying budget. Be sure to discuss this topic thoroughly with your lender and real estate agent before finalizing any transactions!

What Lenders Can Charge for VA Loan Closing Costs?

One important aspect of obtaining a VA loan is understanding the closing costs associated with it. Closing costs are expenses that occur when buying or refinancing a home. They vary based on factors like location, property type, and lender’s fees.

Generally speaking, closing costs for a VA loan range from 2% to 5% of the total cost of the home. This means that if you’re purchasing a $250,000 home, your closing costs could be anywhere from $5,000 to $12,500.

Closing costs for VA loans typically include:

• Appraisal fees
• Title insurance premiums
• Recording fees for deeds and mortgages
• Credit report charges
• Origination fees charged by lenders

It’s worth noting that sellers can also contribute towards some or all of these costs through what is called “seller concessions.” However, seller contributions have limits set by law – they cannot exceed more than 4% of the purchase price.

While it may seem like an extra expense at first glance, closing costs are necessary to complete any real estate transaction. This will help you prepare financially for closing on your new home with a VA loan.

Conclusion

VA loans offer numerous benefits to eligible veterans, surviving spouses, and active-duty service members. One of the advantages is that the borrower can save money on closing costs. 

It is true that someone must pay the fees associated with a VA loan. However, the borrower does not have to pay for them alone. Sellers or lenders can contribute to the fees.

It’s important to understand what goes into closing costs and how they differ from regular loans. Working with an experienced VA lender, like HomePromise, helps borrowers gain clarity on the loan terms. Such lenders specialize in VA loans and can provide insight into what borrowers are agreeing to.

VA loans have helped millions of military families achieve homeownership over the years. Veterans choose this financing option due to its low-interest rates, no need for mortgage insurance, and flexible credit requirements. It’s easy to understand why this option is so popular.

How Do VA Home Loans Work?

Are you a veteran or current member of the military looking to buy a home? Are you eligible for a VA Home Loan benefit? The VA loan experts at HomePromise can explain the VA loan program. This type of loan can help you buy a home (primary residence), and improve or use the equity in your home for various purposes.

Qualifying For Your VA Loan Benefits

Qualifying for a VA mortgage requires certain military service requirements and demonstrating financial stability. To be eligible, you must be an active duty service member, veteran, or surviving spouse of a deceased service member. For a surviving spouse to qualify, the deceased service member must have died in the line of duty.

Also, you must have served at least 90 consecutive days during wartime or 181 consecutive days during peacetime.

You must obtain a Certificate of Eligibility (COE). This COE is issued by the Department of Veterans Affairs. Your COE proves that you meet all the required criteria. You can apply to get this document from HomePromise by calling our VA home loan experts at 800-720-0250.

Another important factor that affects your eligibility is your credit score and income. VA loans do not have a minimum credit score requirement. However, lenders may have their own minimum credit scores which may be 640 or higher.

If you have a low credit score then HomePromise may be able to help. HomePromise has helped many veterans get their VA loans with credit scores as low as 580.

Finally, in order to qualify for a VA home loan, you must show proof of stable income. You must submit your employment history which will be verified. This includes providing W2 forms or tax returns from previous years to verify your income.

Is It Hard To Apply for a VA Home Loan?

VA home loans are an excellent option for military personnel and veterans who want to buy a house. These loans have many benefits, including no down payment requirement, competitive interest rates, and flexible credit requirements.

Applying for a VA home loan is not as complicated as many think. In fact, the process is designed to be straightforward and easy to follow, with clear guidelines like the requirements mentioned above.

To apply for a VA home loan, you will need to complete an application which can be done over the phone by calling HomePromise at 800-720-0250. You’ll need to provide documentation that verifies your eligibility based on your military service. You must also provide information about your income, credit history, assets, and debts.

While there are specific requirements involved in applying for a VA home loan; it’s generally not considered difficult. Working with experienced lenders, like HomePromise, who specialize in VA loans can help make the process easier.

What Are VA Home Loan Closing Costs?

As with all mortgages, VA home loans will have closing costs. These costs can include appraisal fees, title insurance, origination fees, recording fees, transfer taxes, and prepaid items. Examples of prepaid items are real estate taxes and homeowners insurance.

The total of these fees and prepaid typically ranges from 2% to 5% of the purchase price, depending on the interest rate you choose and your state or local government charges.

It’s essential to understand these costs before applying for a mortgage so that you can budget accordingly. HomePromise will give you an estimate of all closing costs related to your loan when you apply and also at least three days before closing. This will give you the opportunity to review the costs and be prepared for the closing date.

How Do VA Home Loans Differ From Conventional Loans?

VA home loans differ from conventional loans in several significant ways. One of the biggest differences is that VA home loans are backed by the government, while conventional loans are not. This means that lenders have less risk when offering VA home loans, allowing them to offer more favorable terms.

VA home loans usually do not require a down payment. In contrast, conventional mortgages typically require a down payment. This is often 20% or more of the purchase price to avoid a monthly mortgage.

To give you a sense of a home big as 20% can be, a $300,000 home with a 20% down payment would be $60,000. This can be a huge barrier to homeownership for many veterans and active duty service members.

One other thing to know is that regardless of your down payment, there are no monthly mortgage insurance requirements (often called “Private Mortgage Insurance” or “PMI”) for VA home loan borrowers.

In terms of credit requirements, VA home loan applicants can have lower credit scores compared to conventional loan applicants. Lenders must consider other factors when evaluating an applicant’s credit eligibility for a VA loan. These factors include reviewing past bankruptcies and foreclosures.

The rules for bankruptcies and foreclosures for VA loans are complicated. But, the good news is that under the VA home loan program, you can qualify faster after bankruptcy or foreclosure compared to conventional loan programs.

There is another great benefit of VA loans that is unavailable for conventional mortgages.  It is the VA IRRRL program.  Using the VA IRRRL program, you may be able to refinance your existing mortgage using a streamlined process with no appraisal or income verification required.

It is important for veterans and active-duty military personnel to understand the differences between VA home loans and traditional mortgages. This will help you make informed decisions about homeownership.

For most veterans, the VA home loan program is the best option. But, your individual circumstances may be unique. Call and get guidance from a HomePromise VA home loan expert at 800-720-0250. Depending on individual circumstances, both types of mortgages may be suitable options.

Types of VA Home Loans Available

The VA home purchase loan is the most common type of VA loan for veterans and active-duty service members. It requires little or no down payment and often allows the seller to pay all of your closing costs.

Another type of VA home loan is the Interest Rate Reduction Refinance Loan (IRRRL) mentioned above. This loan helps veterans lower their interest rates at a lower cost than VA home purchase VA loans. This program is available only if you already have an existing VA loan.

The VA Cash-Out Refinance Loan is another option for VA homeowners. You can use this loan type even if you don’t have a VA home loan right now. It enables you to access your home equity for many purposes including paying off debt, making home improvements, or covering unexpected costs.

VA loans are very flexible and accommodating for those who have served our country. Call 800-720-0250 to talk with a VA home loan expert at HomePromise to understand all the available options.

Can You Buy an Investment Property with a VA Loan?

While you may not purchase an investment property with a VA loan, you can purchase a multi-unit property that could generate rental income to help pay some of all your monthly mortgage payments. By “multi-unit” we mean 2, 3, or 4-unit properties.

There are 3 main conditions that must be met in order to accomplish this.

 1) The veteran must occupy one of the units as their primary residence. 

This means that if you’re planning on buying a fourplex, triplex or duplex using your VA loan, you will have to live in one of the units for at least 12 months after closing.

2)  Existing rental income from additional units may be used to qualify for the mortgage. 

This means that in certain circumstances, income from existing leases on the home you are buying can be used as income.  Some VA lenders won’t allow this kind of income, but HomePromise does.

3) Limit on how many units can be financed through a VA loan. 

You cannot use a VA loan to purchase a home with more than four units.

In summary, it’s possible to buy a multi-unit property with a VA loan as long as certain conditions are met. The key is to plan carefully and work with an experienced lender, like HomePromise, who understands these requirements well.  When buying a multi-unit property you can use your VA home loan benefits to invest in real estate and help secure your financial future!

Summary and Conclusion

A VA home loan is a mortgage option for eligible veterans, active-duty service members, and surviving spouses. This loan is backed by the VA. No down payment or private mortgage insurance is required. The process begins with the borrower obtaining a Certificate of Eligibility from the VA to prove their eligibility for the program.

This program has a special feature. Borrowers can finance the entire value of their home without needing to make a down payment. This eliminates one significant barrier many people face when buying a house – saving enough money for a down payment.

VA loans typically have lower interest rates than conventional mortgages. This is because they are backed by the government. Additionally, there are no prepayment penalties on these loans, so borrowers can pay off their debt early without incurring any fees or penalties.

VA home loans are an excellent option for many veterans and active-duty service members. They provide low-interest rates and eliminate the need for expensive monthly mortgage insurance and large down payments. Purchasing or refinancing a home is made much more accessible using the VA home loan program.  Call a VA loan expert at HomePromise to see if you qualify 800-720-0250.

VA Certificate of Eligibility Letter

Are you a veteran or an active-duty service member looking to buy a home? If so, then you may need to obtain a VA Certificate of Eligibility letter (often called a “COE”). This document is crucial for accessing the benefits offered by the Department of Veterans Affairs (VA).

However, many people are unsure about what this letter is and how to get it. Today’s blog post will answer questions and provide tips on what to do with a VA Certificate of Eligibility letter. We will also explain what actions to take once you have the letter in hand.

What is a VA Certificate of Eligibility Letter?

A VA Certificate of Eligibility letter is a document. It verifies a veteran’s eligibility for benefits from the Department of Veterans Affairs. These benefits are provided by the VA. This letter confirms that you have fulfilled the criteria for receiving VA benefits.

To obtain a VA Certificate of Eligibility letter, you must first meet specific criteria set by the VA. These requirements include serving in active duty, being an honorably discharged veteran, or qualifying as a surviving spouse of a veteran.

Some veterans think a Certificate of Eligibility is a one-time benefit that can’t be used again.  This is not true – your VA home loan benefits are lifetime benefits that you can use over and over.  In fact, you can actually use your home loan benefits on more than one home at the same time.

How to Get a VA Certificate of Eligibility Letter

To obtain a VA Certificate of Eligibility letter, you must first determine your eligibility for this benefit. You may also contact a VA-approved lender, like HomePromise for guidance regarding your eligibility. Their VA loan experts know the requirements for eligibility and can help you through the process.

A fast way to get a Certificate of Eligibility letter is through the VA loan experts at HomePromise.  You can call to speak with them today at 800-720-0250.  HomePromise provides your Certificate of Eligibility at no cost to you.

Having this document can simplify the home-buying process as a veteran or active duty service member. It can provide peace of mind, knowing you are eligible for VA home loan benefits.

What to Do With a VA Certificate of Eligibility Letter

Once you receive your VA Certificate of Eligibility letter, it is important to understand its value. This document means you can access your VA home loan benefits including a no-money down mortgage to buy a home.  Some other benefits of VA home loans are competitive interest rates, no monthly mortgage insurance, and easier credit guidelines than conventional loans.

It is important to know that the Certificate of Eligibility does not mean you are automatically eligible to buy a home.  You still need to qualify for a mortgage and meet VA guidelines.  For expert guidance please call HomePromise at 800-720-0250.

HomePromise will review your income, credit, debt, and assets to determine if you’re ready to buy a home. The HomePromise VA loan experts will tell you if you can begin the process of searching for a home and tell you the maximum you qualify for.

Conclusion

A VA Certificate of Eligibility Letter is essential for veterans. It enables them to access the benefits provided by the Department of Veterans Affairs. This letter serves as proof that you meet the eligibility requirements for VA loans and other benefits.

To get your Certificate of Eligibility, make sure you have all of the necessary information and documentation ready. You can request your Certificate of Eligibility by calling HomePromise at 800-720-0250 today.

Who Can Be a Co-Borrower On My VA Loan?

A co-borrower is someone who shares responsibility for the loan with you. Co-borrowers can help you qualify for a loan, but there are some things to consider before adding one to your application.

To be eligible for a VA-backed loan, your co-borrower must:

• Be 18 years or older and a spouse, unmarried partner, family member, friend, or anyone else you would like to buy a home with
• Have sufficient income to qualify
• Have an acceptable credit history

Your co-borrower does not have to be an active duty service member or veteran.  If you choose to use a co-borrower, both you and your co-borrower will be jointly responsible for repaying the loan. This means that if either of you fails to make payments, the other person is still responsible for the entire loan balance. You should only add a co-borrower to your loan application if you are confident that both of you can afford the monthly payments.

Can My Spouse Be A Co-Borrower?

Yes, your spouse can be a co-borrower, regardless of whether your spouse ever served in the military.

If you are married and both spouses are veterans, then it may be to your benefit to include your spouse as a veteran co-borrower on your VA loan even if they are not currently serving in the military. There are some requirements that must be met in order for this to be possible, such as both spouses being eligible for VA benefits, both spouses being able to get a Certificate of Eligibility (COE), and both being listed on the loan application. 

However, if you meet these requirements, then including your spouse as a co-borrower can help you qualify for a larger loan amount.

Can a Friend or Family Member Be a Co-Borrower?

If you have a family member or friend who is not a veteran, but would like to help you with the purchase of your home using a VA loan, they can apply to be your co-borrower.

The co-borrower must be a U.S. citizen or permanent resident alien, and meet all other credit and capacity requirements for the loan. If approved, they will be jointly responsible for repaying the loan.

Some VA lenders won’t allow this kind of VA loan and even will tell veterans that these kinds of loans are impossible. The VA loan experts at HomePromise know how to get these loans closed so please call today at 800-720-0250.

Does My Co-Borrower Need to Have Good Credit to Qualify?

If you’re looking to apply for a VA loan, you may be wondering if you and your co-borrower both need to have good credit in order to qualify. The answer is that both you and your co-borrower must have a history that meets VA guidelines. But, some VA lenders have guidelines tighter than the VA.  So, finding a flexible lender that will handle a difficult credit history can be very important.

HomePromise will make VA loans with a credit score of 580. Call today at 800-720-0250 to see if you qualify.

Will a Co-Borrower Increase My Chances of Approval with a VA Loan?

If you’re looking to get a VA loan, you may be wondering if having a co-borrower will help your chances of getting approved. The answer is yes, having a co-borrower may increase your chances of getting approved for a VA loan. Having a co-borrower can help you meet the income requirements for a VA loan. Note that the co-borrower may have debts that will have to be considered which may hurt your chances of getting approved.

So if you’re looking to get a VA loan and want to improve your chances of getting approved, consider finding a co-borrower who has a good income and doesn’t have debt levels that will hurt your loan application.

How Many Co-Borrowers Are Allowed on a VA Loan?

Some lenders will restrict VA loans to only a veteran and their spouses. More flexible lenders allow additional co-borrowers. HomePromise will allow up to four total borrowers on a VA loan – the veteran, spouse, and two additional co-borrowers who may or may not be veterans.

There are some unique VA rules that have to be understood and followed when these kinds of VA loans are closed.  Call the VA loan experts at 800-720-0250 to see if you qualify.

Can I Remove or Add a Co-Borrower During the Life of My Loan?

If you have a co-borrower on your VA loan and circumstances change so that you no longer want them on the loan, there are a few things you must do in order to remove them. You’ll first need to get their permission to take their name off of the loan and then refinance the loan into your name only.

This process can be complex, so it’s best to reach out to an expert VA lender like HomePromise for help. If you want to add a co-borrower during the life of your VA loan, the same process would apply.  You would refinance your loan so that two borrowers would be obligated. 

Does a VA Co-Borrower Have to Live in the Home?

When it comes to a VA loan with co-borrowers, there’s often a misconception that they must live on the same property as the primary borrower. However, this couldn’t be further from the truth! In fact, one of the most significant benefits of having a co-signer on your VA loan is that they don’t have to occupy the same residence. 

This means that you can enlist a trusted family member or friend who doesn’t necessarily need to move in with you but still wants to help you secure better financing terms. Very few VA lenders will allow this kind of loan but HomePromise does.

Thanks to this flexibility at HomePromise, you can maximize your chances of getting approved for a VA loan while keeping your living arrangements separate and independent. So if you’re considering adding a co-borrower to your application, know that distance isn’t an obstacle – it’s an opportunity!

What Happens if My Co-Borrower Defaults on Their Portion of Payments?

If your co-borrower is making part of your monthly payment and defaults on their portion of the payments, you will still be held responsible for the entire loan. 

This is why it’s so important to choose a co-borrower wisely and to make sure that you can trust them to make their payments on time.

If you’re not sure whether or not your co-borrower will be able to make their payments, it’s best to avoid taking out a loan with them.

Call the HomePromise VA loan experts at 800-720-0250 to get specific advice about your VA home lending plans.

Buying A Home During A Permanent Change Of Station

If you’re in the military, then you know that change is inevitable. Permanent Change of Station (PCS) orders can arrive suddenly. This can cause you to quickly relocate to a new place. You must be prepared to pick up your life and move on short notice.

While this process can be overwhelming, it also presents a unique opportunity – buying a home!

Yes, buying a home during a PCS may seem like an added stressor but trust us – it’s worth considering. In fact, there are plenty of benefits that come with purchasing a home during this transition period.

You may have a Permanent Change of Station (PCS) coming up soon or in the future. Now is the ideal time to stop throwing money away from renting a home.

What Is a Permanent Change Of Station (PCS)

A Permanent Change of Station (PCS) is a term used in the military. It means relocating an active duty service member from one duty station to another. The move is typically due to changes in job assignments, and it can occur within the United States or overseas.

A PCS (Permanent Change of Station) can be overwhelming. Many elements must be taken into consideration, including:

• Relation assistance
• Finding housing
• Securing schools for children
• Obtaining new licenses and registrations

This process differs from temporary duty assignments (TDY) as TDY involves shorter moves lasting less than 6 months.

Buying a home during a permanent change of station presents a unique opportunity for active military members. Plus, if your PCS move is your last one before retirement or leaving the military, buying a home is a great idea.

PCS orders usually come with detailed information about your travel arrangements and any allowances you may receive during the move. As a service member, you are eligible for government-funded resources during a Permanent Change of Station (PCS). These resources include moving companies and storage facilities if necessary.

It is essential to gather any documents needed for your transfer. Such documents include clearances and medical records needed at your next assigned destination. Knowing what documents are needed ahead of time helps ensure a smooth transition between stations.

The Benefits of Buying a Home During a PCS

Buying a home during a Permanent Change of Station (PCS) can bring several benefits to military families. One of the major benefits is that people can build equity in their own property. Rather than giving money to a landlord through rental payments, you can invest in your own asset.

Homeownership also provides stability for families who might be moving frequently due to their service obligations.

Buying a home during PCS (Permanent Change of Station) can be advantageous. It could lead to significant savings on taxes. Homeownership may have tax deductions, such as mortgage interest, property taxes, and closing costs.

Additionally, owning a home allows military personnel and their families to personalize the home according to their preferences without worrying about violating lease agreements or losing security deposits.

Purchasing a house during PCS can provide financial security. This will create an additional source of income after retirement from service. This can be done by renting or selling the property. A well-chosen property could appreciate over time, leading to a nice return on your investment.

A HomePromise VA loan expert can be a valuable resource to guide you through the home buying process. Give a call to 800-720-0250 to find out more information.

What to Look For When Buying A Home During a PCS

When buying a home during a PCS, it’s important to keep certain factors in mind. Use this guide to help get organized before purchasing a home during PCS.

• What location do you prefer? Do you want to live close to your new duty station or are you OK with some traffic and commuting farther away?
• What size and layout of the home do you want? Do you need multiple bedrooms or bathrooms?
• Will you be entertaining guests often? Would you prefer an open floor plan for guests?
• How much space do you need for your furniture and other possessions?
• What about safety? What is the crime rate in the area?
• How about schools for any children you may have or plan to have? What schools are available and how far away are they?

Make sure to set realistic expectations when it comes to what you can afford both upfront and long-term with mortgage payments and maintenance costs. By taking these factors into consideration when searching for a new home during a PCS, you’ll ensure that your next move is smooth sailing!

Call 800-720-0250 and talk to a HomePromise VA loan expert today to get more information about buying a home during a PCS.

HomePromise Helps Active Military Members

Buying a home during a permanent change of station can seem like a daunting task, but it may be the best decision you make for your family and your finances. By purchasing a home, you’ll have stability and security in an uncertain time.

While there are certainly challenges that come with buying during a PCS move, the benefits may outweigh them. You’ll have more control over where you live and how much your housing costs. Plus, owning a home means you’re building equity instead of throwing money away on rent.

If you decide to buy during your PCS move, make sure to research the area thoroughly before making any decisions. Find an experienced real estate agent who understands military moves and can help guide you through the process. Your HomePromise VA loan expert may be able to make some suggestions about how to find the best real estate agent.

With some preparation and planning, buying a home during your next PCS move could be the right choice for you and your family. Not only will it provide financial benefits in the long run, but also peace of mind knowing that wherever life takes you next, you’ll always have somewhere to call home.

While there are some challenges associated with buying a home during PCS like finding the right real estate agent or managing finances while relocating; the long-term benefits make it worth considering as an option for military personnel looking for more stability and ownership in their living situation. 

Call a VA loan expert at HomePromise for help today at 800-720-0250!