Five Tips for Buying Your First Home
Five Tips for Buying Your First Home
We all hope to own a place of our own someday. Homeownership shows that you are committed to your goals. A house can also serve as an investment in your future. From a practical point of view, anyone hoping to live in a certain area for the foreseeable future should at least consider homeownership over renting. It just makes sense to build equity while you are paying for housing each month. Thankfully, there are tons of resources available to help Veterans through the home buying process. If you’re considering buying your first home and need help getting started, these tips are sure to inspire your house hunt:
#1. Understand How Much You Can Afford
They say knowledge is power. This is definitely true when it comes to house hunting and home financing. Before you hit up your first open house, use a home loan calculator to better understand how much house you can afford. You’d be surprised at how far your current monthly rent payment goes towards a mortgage payment! In some areas of the country, , you wind up paying less for your mortgage payment each month than you would towards your rent.
While there are plenty of calculators online for this kind of thing, Veterans should use one that factors in their service. Because of the special programs and options available to Veterans and those servicemembers on active duty, it’s worth including your particular details in your calculations. We think our VA mortgage home loan calculator is a great place to begin!
#2. Know Your Options
You served your country. Now take advantage of the benefits you have earned. VA home loan programs are designed to help Veterans realize their goals of homeownership. SoCalVA Homes offers three such programs for both active duty and retired servicemembers.
The Dreamweaver Home Purchase Process is our flagship program, giving Veterans the chance to buy a custom renovated home with no money down and zero out-of-pocket closing costs.
In some cases, Veteran home buyers are rejected by sellers because the VA offer can be less desirable than cash offers and offers with conventional financing. Our Veterans Angel Program can give you the competitive advantage you need to get your VA offer accepted by listing agents and their sellers.
Want to build your own home or renovate an outdated property? Our VA construction loans can help. One hundred percent financing means you can afford to build the home of your dreams.
These programs are just the tip of the iceberg. With so many opportunities out there for Veterans interested in buying their first home, there’s no excuse not to explore the possibilities!
#3. Give Yourself Time to Search
Military personnel are often goal-oriented and driven to meet deadlines. Unfortunately, though, the home-buying process can be a lengthy and unpredictable one. Give yourself plenty of time to search for the right home. There’s no harm in getting to know the market before you’re ready to buy. Take up house hunting as a new hobby. It will give you a better idea of what a good deal looks like when you are ready to put an offer in on a home.
#4. Forget Stressing About Upfront Costs
Buying a home doesn’t have to put stress on your finances. A “VA No-No” or no money down no closing cost transaction breaks down barriers. Even if you don’t have the cash on hand for a down payment, you’re still a good candidate for buying a home. Traditional home sales require expensive down payments and private mortgage insurance for those putting less than 20 percent down. With a VA home loan, you’re not subjected to these same kinds of expenses.
#5. Remember: VA Loans Aren’t a One-Time Offer
VA loans are not a one-time benefit. You may be focused on just one home for now, but you will be able to use your benefits again in the future. Whether you are purchasing your first home or eyeing your second or third, your VA loan benefits aren’t going anywhere. You earned them, so don’t be afraid to use your benefits.
Just like in the service, it’s important to work with experts to help you meet your goals. Our team at So Cal VA Homes is eager to help you and your family find the house of your dreams. Whether you’re buying a starter home or upgrading to a larger house for your growing family, we’re here to help you find financing that works best for you. Take the next step towards getting the right home for you and request your copy of The Plan. The Plan contains everything you need to begin right here and finish with the keys to your new home! (949) 268-7742