The 5 Biggest Mistakes Veteran and Military Home Buyers Make-Metro Detroit Real Estate, Oakland County Properties, Macomb County Properties, Wayne County Properties

According to an article by Realtor.com, here are the five biggest mistakes Veteran and Military make when purchasing a home.

Mistake No. 1: Not getting a Realtor who knows VA loans.

Getting a VA loan is a process, be sure to find a Realtor who understand this process. Also, when buying through VA, be sure to find a home that meets VA property requirements. In order to avoid the hassle of making an offer on a house that may not get VA approved, work with a realto who has VA experience.

The James Silver Team has over 100 years combined experience in all types of real estate transactions, including VA loans. We can help you find the perfect VA-approved home in your desired area.

Mistake No. 2: Not communicating with your lender

About one in three home-buying veterans doesn’t know they have a home loan benefit, according to the VA. When you first meet with your lender, be sure to discuss your military status so they can inform you on all of the potential advantages. The biggest advantage with a VA loan is the ability to buy with 0% down, low-interest rates, doesn’t require mortgage insurance, and have more forgiving credit requirements.

Mistake No. 3: Forgetting about all the home-buying costs

While you’ll have a ton of financial advantages with a VA loan, you will still have some costs to deal with. You will still need cash for a home appraisal and inspection. It will speed things along if you come prepared knowing what you’ll have to shell out.

Mistake No. 4: Not thinking of your home as an investment

You may not think buying is a good move if there is a chance that you might be relocated in the near future. But that doesn’t mean you shouldn’t buy; that home could end up being a smart investment. By buying a home in high-demand area with popular home style and size, you’d give yourself a better chance at resale, or as rental property, once you have to move.

If you don’t like the idea of becoming a landlord, a VA loan is assumable, which means you can transfer the loan and property to another vet. You could also sell the home to a nonmilitary buyer. The best part is that you can use your VA home loan benefits again and again, so you could potentially own a rental home and a new home.