Joining the military is not just a profession. It’s a vocation that involves a lot of risks and sacrifices, which is why I believe you deserve to have your very own piece of American dream: a house you can call a home. To help you get closer and closer to this goal, here are a couple of home buying tips to live by if you are part of the military.
- Work with a Military Relocation Professional (MRP)
Realtors who are certified MRPs will help you explore the full range of homes for sale in Las Vegas and financing options specifically for military home buying. They are usually well-versed in VA loans and can understand your needs as a military member better.
Note that realtors can’t easily call themselves MRPs. They need to apply with the National Association of REALTORS®, complete the MRP course (which includes webinars), pass the examination, and must be in good standing with the organization.
- Take advantage of VA financing benefits
Of course, you have the freedom to choose another kind of financing. The benefits of getting a VA loan, however, are too good to be ignored. Some of the perks include no down payment and private mortgage insurance requirement, both of which can significantly ease total home buying and ownership costs.
- Do your research
A dislocation allowance helps you cover household relocation costs, while Temporary Lodging Expense (TLE) takes care of meal and lodging expenses for you and your dependents as you look for houses. If you are using your own vehicle for the move, you may be entitled to a Monetary Allowance in Lieu of Transportation (MALT), which will reimburse your gas, toll, and other transportation-related expenses.
If you hire a realtor who is also an MRP, exploring military allowances and entitlements will be much easier. There are also various resources online that outline these benefits such as this article about military pay allowances.
- Prepare for closing costs and fees
There are instances that home buyers don’t have to pay closing costs, but this depends on the seller. To err on the safe side, make sure you have enough saved up for closing costs as well as other processes, such as home appraisal and inspection.
- Take care of your credit score
The usual rules in keeping your credit score within the good range applies to military home buyers. Pay off outstanding debts and, as much as possible, avoid making big ticket purchases and opening new lines of credit until the loan and the home sale are finalized. Even if you find yourself pre-approved for a mortgage, take special care not to lower your credit score.
Are you looking for a Military Relocation Professional?
There is no need to look further. Since 2001, I have been the go-to Military Relocation Professional serving Las Vegas real estate and military home buyers. To learn more about buying a house in the military or to start your home buying process, get in touch with me today at 702.419.3212 or loralee(dotted)wood(at)cbvegas(dotted)com.