There are many reasons you may want to buy a property after leaving military service. You may wish to settle down, start a family or have a stable home for your existing family. Leaving the military can be a challenging time in a veteran’s life, as your support system changes and you readjust to life as a civilian.
You should be sure you are ready for the commitment and responsibility of owning property before you make the leap. Here are some of the ways you can tell if you’re prepared for this next step.
Find A Steady Job
Ensure you have a good job with a steady income. Find a job you love and want to stay in for the long haul. Switching careers while paying a mortgage can be difficult. Waiting six months after getting a job can help you decide if you want to commit to the career path.
Decide If You’re Ready To Settle Down
Owning property makes travel difficult. Consider if you want to be tied to a place long term. If you are still interested in travelling freely, it is a sign it is best to wait.
Consider The Needs Of Your Family
If you have a growing family, consider how your living situation impacts them. Owning property allows you to put down roots and build a support system. It will give children a sense of stability.
Make Use Of VA Loans
Understand the loan options for military veterans. VA loans are guaranteed by the U.S. Department of Veterans Affairs and allow you to get a mortgage with low or no down payment. Ensure you qualify for a VA loan.
Get Your Debt Under Control
Ensure your debts are low before buying property. Consider ways to reduce debts, such as consolidating debts into low-interest loans. Use any savings you have to reduce your debts. Look at this information on DTI Ratio Requirements for VA loans. Hero Loan are a leading provider of VA loans, which offer an uncomplicated, bespoke service to veterans.
Shop Around For Properties
Choose a suitable property with space for your family and all the features you want. Avoid rushing into the process. View multiple houses before settling on one. Get advice from friends and family, and have any property surveyed before you purchase.
Save A Decent Down Payment
The size of your down payment determines the mortgage terms you receive. The larger your down payment, the better terms you will receive. VA loans don’t require a down payment, but it can be beneficial to save one regardless.
Understand The Process
Understand each stage of buying a property. Know what you need to qualify for VA loans and have all of your military documentation to prove your service, including the DD214 document showing you have separated from the military.
Be Ready For The Responsibility
Homeownership is a long-term commitment. Know how to fix minor issues around the home. Have a cushion of savings in case of unexpected costs.