If your military retirement date is coming up, we want to thank you for your service and say congratulations! You may be thinking about settling down and using your VA benefits to buy your “forever” home. You also may have some questions about the process. We have answers on how to overcome some of the common challenges and tips on buying your dream home after military retirement.
4 Tips to Buy a Home After Military Retirement
If you are ready to buy your home for the next chapter in your life, here is how to get started.
1. Assess Your Financial Situation
Much like any home buying situation, before you go house hunting, it’s vital to determine if you’re financially ready to purchase a home. For example, many military members entering retirement consider getting a VA loan. To qualify, you typically need a credit score of at least 620 and a debt-to-income ratio of 41% or less. And, although you won’t have to make a down payment, you’ll need enough savings to cover closing costs.
2. Get Pre-Approved
After examining your financial situation and determining how you want to move forward with finding and financing your new home, the next step is to get pre-approved. Getting pre-approved before you begin house hunting will help you find out what interest rates and terms you qualify for. This is especially important in today’s current housing market, which is competitive and there is low inventory across the country.
3. Using a VA Loan to Buy a Home After Military Retirement
As you are aware, your VA loan entitlement is a lifetime benefit, so you can use it even after you have retired from the military. Your VA loan provides you with a few advantages, like no down payment or private mortgage insurance. Here’s a great resource from the U.S. Department on Veterans Affairs to help you figure out your VA loan entitlement.
4. Use a Qualified Real Estate Agent from Realogy Military Rewards
Now that you are prepared to purchase a home during your military retirement, it’s time to work with a qualified real estate agent who understands military families. Realogy Military Rewards will connect you with a top real estate agent who can help make your home buying experience so much simpler. Our team will be able to help you use a VA loan, and you can earn $350-$7,500 in cash back after closing. When you’re ready to get started, visit Realogy Military Rewards and hit “Sign Up” or call 1-800-752-3642 today!