Are you transitioning out of the military? Whether you recently became a civilian, or you soon will be joining civilian life, you will need to make a decision about where to live. A lot of people separating from the military end up living in Virginia, where there is an extensive network of retired military members and ample job opportunities.
Buying a home as a civilian can be a bit different than buying one as an active duty service member. Here are some tips as you are shopping for your first civilian home.
- Start with a plan for your future. Before you can make a smart purchase, you need to figure out what your basic plan is for your future.
- What kind of job will you have after separation? How long do you plan to stay in it?
- Do you want to stay in Virginia for the long term, or just a few years?
- Are you shopping for a starter home, or a forever home, or your next home on the housing ladder?
- What are your plans in terms of family, kids and pets?
Once you answer these questions, you will have a better idea what you need in terms of a home and mortgage.
- You may want to rent, then buy. If you are currently transitioning out of the armed forces, it may be hard to picture what life will look like afterwards. You have been living within the military’s structure for years, maybe your whole adult life in some cases. Civilian life has a lot less structure. It is okay if you don’t yet know exactly what path you want to take in your civilian life. But if you have a lot of uncertainty, it may be wise to rent for a while before you buy. This gives you a chance to explore different paths and also get used to what your finances look like as a civilian.
- Think about stability over the long term. You might be planning to move again in a few years, as you are used to doing in the military. There is nothing wrong with that if you have a plan for your work and financial future that makes that possible. But unlike in the military, you may not have to relocate frequently going forward. it might not even be to your benefit. So, think about long term stability when you are shopping for a home. Pick a home that can contribute to that stability, and where you can be happy for more than a few years.
- Consider applying for a VA mortgage. One of the most important tips we can share with you when you are shopping for your first home as a civilian is to check if you are eligible for a VA home loan. VA loans are available to active duty and retired service members as well as eligible surviving spouses. You need to meet a minimum service requirement to qualify (which is based on the era of your service). VA mortgages have a lot of advantages compared to other types of home loans. They have loose credit requirements and competitive rates. There is zero down payment required, and you don’t have to get PMI. This makes a VA loan a flexible, affordable option, and may bring homeownership into easier reach than it would be otherwise. In some cases, it could also help you afford more home.
- Work with a mortgage company that has experience with VA homebuyers. Not all mortgage companies have the same amount of experience with VA mortgages. Those that do can walk you through the process more quickly and smoothly than those with less experience. For example, we can get you Certificate of Eligibility (COE) for you and help you quickly figure out whether you qualify.
Buy a Home in Virginia
First Residential Mortgage is based in Blacksburg. We can help you buy a home or refinance in Blacksburg or anywhere in Virginia. We have extensive experience working with active duty and retired military homebuyers. To get started, please call (276) 782-1677 to schedule your consultation. Let’s get you into your first civilian home.
