It is hard for regular people to get great financing these days. If you are military or a vet, there are still some great low down payment programs to buy a home. Here is a great checklist for military for home buying.
How Can I Use Military Benefits To Buy A Home? Pleasanton CA Realtor Rhonda Fee & Pleasanton Mortgage Consultant Neil Clifton are on a path to educate military men and woman, both past and present about VA loans to buy a home. VA benefits are available to those who currently serve or have served in the Army, Navy, Marines, Air Force or National Guard. To qualify, you must be active or have actively served for 90-days and received (if inactive) an Honorable Discharge. If you meet that criteria you are eligible to take advantage of the California Vet Program.
Active Members Must Provide these copied documents to their lender:
- Last 2-Years W2's
- Your Service Statement
- Your Orders to Respective California Base
If your status is NON-ACTIVE, be prepared to provide the information listed below:
- Your DD214
- Your Last 30-Days Pay stub
- Your Last 2-Years W2's
- Proof of VA rated Disability (if applicable)
If you have a home chosen and have a purchase contract, that information is needed as well as the purchase price of the home. If you have not yet found the right home, this information will be provided to your lender at a later point.
Interesting VA Facts You May Not Know:
- The home you intend to purchase must be owner occupied. The VA loan is not intended to purchase homes for investment purposes.
- If you've previously had to short sell a property, your benefits allow you to re-purchase after waiting only 12-months~!
Having heard the question, 'how can I use my military benefits to buy a home" so many times leaves me believing the information is not being provided or understood by recipients of the benefits. Imagine being able to purchase a California home with no down payment for a purchase price of up to $417,000? If you chose a home over the available loan amount of $417,000 you are able to do so, but must come up with a percentage of down payment.
With your military VA benefits, the rates are generally better that that of a conventional loan. If you were discharged with a disability, this too may affect your interest rate in a positive way. Your Realtor can even negotiate the closing costs to be paid by the seller!
You don't have to wonder 'how can I use my military benefits to buy a home' any longer. The answers are here. You just need to ask!