Wednesday, November 12, 2014

Why Now is the TIme to Buy for Veterans and Military Members

Buying a home is in reach with great lending options!
If you are currently in the service or have served and were honorably discharged, you have a great benefit available to you in the form of your VA loan. You are probably familiar with this benefit and know the basics - the VA doesn't actually lend money, but instead guarantees the loan up to a certain amount. When the VA backs a loan they also have certain rules that must be followed, including allowing you to borrow with no money down and eliminating mortgage insurance. In addition, VA loans are easier to qualify for, and often come with lower interest rates. All of these elements combined can really open up the amount of home available for you to purchase.

If VA loans are so great, how come more qualified people don't use them?
There are many misconceptions out there about these loans, mostly based on information that is flat out wrong or out dated. One of the common misconceptions is that it takes a long time to close a home with a VA loan. This is not true! Generally the longest "wait" for VA funding is how long it takes the appraiser to get the property on the schedule, which can take up to two weeks. However, after that hurdle has been cleared, funding can happen very quickly, with the entire process taking as little as 21 days (and in some cases even quicker) if you have the right loan officer working for you.

There are other loan programs available to active military and veterans, and in Nevada the Hero to Home program is one to consider. Here are some of the great features of the Hero to Home mortgage program:
  • Below Market Loans (2.75%)
  • Use of any loan type (not just VA)
  • Low upfront costs
  • Increased purchase power with lower monthly costs
  • HURRY! Only available while funds last!
Of course getting a loan is only on half of the home buying equation - the other half is finding the right home for you! That is where a focused Buyer's Agent comes in, ready and willing to help you through the entire home buying process. And as a military spouse, I understand some the complexities that come with moving and deciding to put down roots. I am available to help you achieve your home ownership goals! 

Beth Sandland, Buyer's Agent, Foster Beckman Group, Keller Williams Realty Las Vegas. 702.672.6791