4 Things for Veterans to Know When Buying a West Chester or Liberty Township Home
Date: November 7, 2018
With Veteran’s Day just around the corner, there’s no better time to talk about how veterans can become homeowners. Fortunately, there are a lot of great programs out there to assist veterans in the homebuying process. But the process isn’t foolproof.
Here are 4 important things for veterans to know when buying a West Chester or Liberty Township home for sale.
You want a West Chester or Liberty Township realtor that understands the VA loan process.
One of the biggest benefits military members – past and present – have when buying a home is the Veteran’s Administration (VA) loan program which allows veterans to put down as little as 0% when buying their home.
However, there are certain procedures that must be followed when utilizing this program. The VA won’t underwrite just any house, so veterans will want to work with a West Chester or Liberty Township real estate agent who understands the VA system, VA property requirements, its appraisal process, and all of the boxes you need to check to get the deal across the finish line.
It’s important to communicate with your lender.
The 0% down loan option we mentioned above is perhaps one of the most desirable loan products on the market, but according to the VA, one in three veterans don’t even know that they have this mortgage option! When you’re shopping around for lenders (and we always suggest you do), veterans should clearly communicate their military status to learn more about the benefits available to them when it comes to buying a West Chester or Liberty Township home for sale.
Don’t forget to ask lenders about their own benefits for veterans. Some banks have additional programs available to veterans, such as waiving the appraisal fee or origination fee, for veterans meeting certain requirements.
You shouldn’t overlook the “true” costs of buying a home.
Although the VA has programs available that allow veterans to put 0% down when buying a home, that doesn’t mean they don’t need to fork over some cash as part of the home buying process. There are other costs and fees associated with buying a home. For instance, veterans will still have to pay for their appraisal and inspection. These aren’t particularly steep costs – usually only a few hundred dollars apiece – but you should be prepared to have this cash on hand so it doesn’t come as a surprise when these costs come up.
And of course, it’s always good to be prepared by having a little extra money in the bank for after closing. This will help cover the costs of moving (if the military isn’t picking up the tab). It will pay for miscellaneous expenses, like filling the oil tank in your new home or buying new furniture to outfit your recently acquired West Chester or Liberty Township property for sale.
Be sure to consider your time horizon.
As you search for West Chester and Liberty Township homes for sale, ask yourself: how long do I plan on being here? If you’re a retired veteran, maybe the answer is “forever”. But if you’re still enlisted and there’s a chance you’ll be moving in the next 2-4 years, maybe this changes the type of home you look for. For example, you might decide to spend less on a house that doesn’t have all of your “must haves” if you don’t plan on being there long-term anyhow.
For veterans that fall into the latter category, consider what you plan to do if and when you need to relocate. Do you want to hold the property and rent it out as an investment? If so, consider a popular home size and style that will be appealing to renters (your West Chester or Liberty Township real estate agent can help guide you in this process). If you think you’ll sell the home, you’ll similarly want to search for houses that have broad-based appeal to local buyers to make the sales process easier down the road.
If you’re a veteran in the market for West Chester or Liberty Township homes for sale, give us a call today. We truly value the relationships we’ve build with our local servicemen and women over the years. We’d be honored to work with you on your home purchase, as well!