Monday, December 5, 2011

Veterans

When you are in the military, housing is often a tough call when your family is getting moved to another base. You have to decide if you are going to rent a house or apartment or purchase a home. If you are purchasing, it brings up an entirely new set of questions. What part of town do you want to live in, how long are you going to be in the area, what is the resale value, how long will it take to sell, and finally where to get a loan from.

Veterans are fortunate to sometimes qualify for a Military VA Loan, which gives a lower rate, and the government guarantees it, which is appealing to lenders. It is also available to veterans for refinances. We always rented when Nick was in the Navy. We considered buying in Jacksonville, but then found out the squadron was being relocated within 2 years, so we decided it wasn't a good option. It turned out to be a good decision because Nick ended up getting a medical discharge due to an injury.

When we bought our house in OK, we didn't use the VA Loan because our broker was able to get us a better deal, but it is nice to know we still have that option down the road, should we need to refinance or if we ever sell this home and purchase another one.

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