Archive for the ‘buy homes’ Category

Homeownership Tips for Military Personnel

Monday, December 5th, 2011

It is a given fact homeownership is quite expensive and is not for everyone. Of course, there are certain advantages of owning your very own home, one of which is considering it as an investment instead of essentially throwing away your money on rent.

Homeownership Tips for Military Personnel

Now, if affordability is an issue, you will be glad to know those in the service has options which will make homeownership within reach. Consider the following:

1 — Low Down Payment

Typically, homebuyers are usually asked to shell out at least 20 percent of the sale price as down payment before getting approved for a home loan. The good news is the Department of Veteran Affairs agrees to as low as 3.5 percent and sometimes, even zero down payment. You only have to pay extra for the insurance required by the lenders to cover the risks.

The government insures the loan through the VA, Rural Housing Service or Federal Housing Administration. If you have been honorably discharged, on reserve or active duty, you are qualified to take out a home loan insured by the VA.

2 — Homeownership thru HUD

You can also explore the affordable housing options offered by the Department of Housing and Urban Development or HUD. The said department has been helping members in the service as well as their families so they can afford to buy homes. You have plenty of choices from to . There are also instances when the HUD agrees to shoulder the closing costs as well as the agent commission, depending on the initial agreement.

3 — State Housing Finance Agencies

These agencies offer home loans with interest rates well below market levels. In addition to home loan, they can also provide rehabilitation financing and even homebuying counseling, which first timers should take advantage. To be eligible, you need to simply comply with the required documents which will show you belong to low to middle-income families.

– helping you realize your dreams of homeownership.

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