Homeownership is more accessible than ever for veterans thanks to the passage of recent legislation.
When a service member transitions out of the military, there are many things to consider like where to live. Many veterans find themselves moving back to the place they consider “home,” or a location where they can sustain competitive-paying civilian employment. Once the place is chosen, the question of whether to rent or buy begins. With interest rates being lower than they’ve ever been and the passage of the Blue Water Navy Vietnam Veterans Act in 2019 (BWNVVA), VA loans may be more accessible than ever.
Although the COVID-19 pandemic is wreaking havoc on the world, interest rates are still at a historic low. This can signal that buyers have purchasing power and may be indicative of a more affordable home mortgage— something veterans and civilians alike seek to obtain. For those considering purchasing a home, now might be the time for your family to buy.
Not only are the rates super low but thanks to the BWNVV Act, the VA now allows the no down payment option on guaranteed loans, regardless of the mortgage amount. This may be especially impactful in high cost of living areas. The law also waived the funding fee for Purple Heart recipients still serving on active duty, which can be a huge cost savings.
Once you’ve lined up employment and made the decision to buy, lender shopping begins. It is important to research each prospective lender and find the one that works best for your family. Veteran buyers should investigate each lender’s customer service rating, closing costs and rates. Keep in mind though, some lenders won’t maintain the loan which means you may start with a specific lender, but your loan could be moved. One thing you can guarantee is starting your loan process on the right foot by selecting a respected lender.
Caliber Home Loans is focused on customer service, community engagement, transparency and setting policies that have a positive impact on military families. Many of the loan officers and customer service representatives are veterans or military spouses themselves.
Its team is also highly effective and knowledgeable regarding VA home loans and offers a specialized, in-house education curriculum that prepares team members to meet the changing needs of military borrowers. This sets them apart from typical lenders and makes the home buying process as smooth as possible.
Caliber also offers full-service mortgages in all 50 states and retains the servicing on the majority of their VA home loans.
As each veteran begins their transition out of active-duty service, the to-do list is probably rather long and may be complicated. But your home buying experience doesn’t need to be. Let a military lending professional from Caliber Home Loans do the hard work and serve you.
Interested in exploring your home buying benefits? Connect with Caliber Home Loans at https://www.caliberhomeloans.com.
