As a military homebuyer, there are some excellent opportunities for you to take advantage of when it comes to loan programs. Investing in a home can also be a great financial opportunity, whether you are active-duty or retired from the armed forces. There are certain common mistakes you need to watch out for, however. Let’s go over some recommendations that will help you to steer clear of common pitfalls for military homebuyers.

- Be aware of the benefits of VA loans. Not all military members are aware that VA mortgages exist, or that they offer benefits such as zero down payment, affordable interest rates, an no PMI. Few other lending products can compete with VA loans in terms of flexibility and affordability. Some people also do not realize that VA mortgages are available to both veterans and active-duty military members, as well as surviving spouses. You just need to meet certain eligibility criteria.
- Work with a mortgage company with experience in VA loans. The VA loan process has some complexities that inexperienced lenders may stumble with. These stumbles can lead to delays, making it harder to meet your time schedule for closing. But a mortgage company that has successfully processed many VA mortgage applications will be able to guide you smoothly through the process from start to finish. That way, you can close on time. So, always ask how much experience the company has with VA mortgages before you decide to move forward.
- Skipping home purchase while you’re still active-duty. Some military members wait to buy a home until they are retired from active-duty and ready to settle down somewhere long term. But buying a home as an active-duty military member can still make sense. For one thing, it can act as an investment. If the home gains in value during the time you are living in it, you can profit off of the sale of it in a few years when it is time for your next relocation. For another thing, having a place to call your own, even temporarily, can be a big quality of life upgrade. Even after you sell the home and relocate again, the memories you built in it will last a lifetime. Active-duty service members also can take advantage of adjustable rate mortgages. While fixed rate mortgages are ideal for many homebuyers, ARMs make sense when you know you plan to sell in a few years. You can save money on the low introductory rate, which you can then put toward your next home purchase a few years from now.
Buy a Home or Refinance in Virginia
First Residential Mortgage is based in Blacksburg, and works with military homebuyers throughout Virginia. To buy a home or refinance, please give us a call at (540) 838-5868 to schedule your consultation. During your consultation, we can answer your questions and find out if you qualify for a VA mortgage. We are grateful for your service, and look forward to helping you achieve your homeownership goals.