You answered the call to make the ultimate sacrifice, but that shouldn’t have to be affordable housing. When you or your spouse is in the military, you have enough on your plate to worry about. Trying to buy a house can feel like another level of stress piled on top of that.
Hero Home Programs extend to the military and their families to help you get into the home of your dreams without breaking the bank. We work with you to help you find the best mortgage loan, the perfect house, and keep more money in your pocket.
Here we’ll go through everything you need to know about getting home loans for military families, the types of loans available, how to get one, and how Hero Home Programs™ can help. After reading, and if you decide that a Hero Home Program sounds like the right fit for you, be sure to send in a consultation request so we can get you started down the path to owning a home.
How hard is it to get a military home loan?
The biggest problem with getting a military home loan can be time. It can be hard to lock into a long mortgage when you don’t know how long you’ll be staying. There is nothing worse than constantly finding the perfect home at every new location and starting back at square one with a whole new team.
And can we talk about the paperwork? It can seem like endless paperwork and forms needed for any home loan, but when it comes to getting all of the forms in one place (especially if you’ve moved a few times), it is a nightmare. And that can be just at the pre-approval process.
Needless to say, getting a military home loan is nothing short of exhausting.
What are military home loans called?
Military home loans are often called VA loans. The Veterans Administration (VA) often funds these types of loans, hence the name. But within the VA loans, there are a variety of loan options available for home loans.
Benefits of military VA loans
There are many benefits to VA loans, and all of these benefits help you to save money. Many VA loans are interest-free or low interest with competitive rates. All of them do not require Private Mortgage Insurance (PMI). VA loans are easier to qualify for than traditional loans, as they look at a holistic application rather than just the numbers.
Types of VA loans
As mentioned above, there are many different types of VA loans. Each one is unique. This section is dedicated to giving you an overview of what to expect in terms of VA loans. It is important to note that these policies vary by lender and institution, so be sure to check before applying.
VA Purchase Loan
A VA Purchase Loan allows service members and veterans to purchase new or existing homes, condos, manufactured homes, multi-unit properties, and new construction for a down payment of $0. Essentially, it entirely removes the down payment aspect, rolling the entire purchase price into the loan.
Also called the VA Streamline, this loan is one of the more popular refinancing options. The VA Interest Rate Reduction Refinance Loan (IRRRL) is used to help lower interest rates on your current mortgage. Only those who have a current VA loan qualify, given that it is a refinancing program.
VA Cash-Out Refinance
This is another refinance option, but you don’t need a current VA loan to qualify. These loans allow homeowners to refinance their mortgage and ‘cash out on their home’s equity. With the Cash-Out Refinance Loan, you can refinance up to 90% of the home’s value.
VA Energy Efficient Mortgage
The Energy Efficient Mortgage (EEM) allows you to borrow money to pay for energy-efficient upgrades to your home, either as part of the purchase or refinancing. Those that qualify can earn up to $6K to spend on making their home more energy-efficient.
Who is eligible for military home loans?
Active Duty: If you or your spouse currently serve in any branch of the Armed Forces, you qualify for military home loan programs and assistance. All that is needed is proof of current service and identification documents, along with anything else required by the specific guidelines.
National Guard/Reserves: If you or your spouse serve in your local National Guard or any of the Reserves chapters, you can qualify for military home loans. All you would need is proof of the current status of being in the Guards or Reserves, identification documents, and anything required by the specific program.
Retired: If you or your spouse have retired from the service, you also are eligible for military home loans. You would need to provide statements of service, any disability reports, statement of discharge, and identification documents, among other documents required by the specific guidelines.
Widows: If you have lost your spouse who served, you may be eligible for military housing assistance. You would need to provide all of their statements of service, including any disabilities, marital records, and a certificate of passing, along with anything else required by the specific loan.
How we can help
We help military families get their dream homes and save money. How? By working to find the programs, grants, and loans you qualify for. And for the military, we include VA loans too, helping to tackle the frustration head-on. Not to mention, our specialists don’t just for first-time homebuyers. If you’re selling, we can help too!
Hero Home Programs work by:
- finding the things that you qualify for
- giving you discounts and rebates on services
- helping with costs associated with down payments
- giving you closing cost credits
There are no hidden fees. It is free to apply. And if you continue working with your agent, you know the cost.
Our team serves a variety of regions in the United States. So, if you find yourself moving onto a new beginning, be sure to see if we service that area too! No more switching realtors and teams and lenders—we can help you smoothly transition into your new home.
Whether you’re a seasoned mover in the military or this is your first rodeo, we encourage you to look into how Hero Home Programs™ can help you. Whether discussing the loans available, how to increase eligibility, and so much more, our agents are dedicated to helping you. Request a consultation with us today!