I have to admit that one of the great things about living and working in the Fort Hood area is the opportunity I have to get to know and help military families. While credit markets are suffering around the country, we are making home ownership a reality for military families on a daily basis. The sourse of our ability to sell homes to these buyers is the VA guaranteed loan. The qualifying standards for these loans has not changed and the local lenders have money ready to go for them.
Just this week, we were working with a young soldier and his wife who originally approached us about a rental. They quickly realized that in this market, they could own a home for the same, or less, than what they would pay for rent. Additionally, with this particular transaction, we were able to negotiate with the seller to pay all of the buyers closing costs and prepaid items and, since there is no down payment required for a VA loan, they are actually buying a house for FAR LESSout of pocket than they would have had they rented. As if that wasn't enough, they will also qualify for the new homebuyer tax credit ($7500 or $15000).
Of course, as part of the process, we guided them on whether homeownership was right for their situation (ie. how long would they be here), how to buy so that, should they have to leave sooner than expected, they will have an asset that can continue to work for them (hold the house as a rental), and the possible pitfalls of the real estate investment business (stock away any excess positive cash flow for the inevitable unforeseen circumstance). With all that in mind, they were ready to move forward. Today, we found them a New House that met all their wants and needs, negotiated a deal where the builder would pay all of their closing costs and prepaids and would get them moved in before closing on a very reasonable Buyers Temporary Residential Lease. They have been prequalified, will go to loan app on Monday and they will be closing in a little more than 2 weeks.
Are these buyers happy? You better believe they are. Are they gonna say good things about our company? Without a doubt. Are we doing what's right for the client? Absolutely. Is the economy still strong in Central Texas? HOOAH!!! It's ARMY STRONG!!!