Since most military families move around so much, most prefer to rent instead of buy. However, if you are hoping to stay in one place for a longer period of time, you might want to think about buying a home. Since you are used to renting, buying a home is a new experience.
Here are some homebuying tips for military families.
- Figure out what your credit score really is. It is important to know what your credit score is before you buy a home. Really look at all three of them closely and try to resolve any problems that you might see. Though you might have to work on your credit for a few months, it will be worth it in the long run.
- Start saving for a down payment. Before you even start to look at homes, it is important to have enough money in your savings to cover a down payment. Most loans require ten to twenty percent down, though the more money that you have upfront, the nicer your home will be.
- Shop around for your mortgage. Though most military families look for VA loans, there are other options. You might be able to find a much better interest rate somewhere else, allowing you to buy a better home!
- Don’t spend too much. Many people try to buy a home at the top of their budget. However, this doesn’t give you any wiggle room at the end of every month. It is important to realize that you will be in charge of other expenses like taxes and maintenance, along with your mortgage. For this reason, you shouldn’t spend more than thirty percent of your take-home pay.
Buying a home can be a new experience for military families who are used to renting. However, by checking your credit and saving as much money as you can, you could be in a new home in a short time!