Military Programs When Buying a Home

Close up of military uniform with painted rustic boards of USA flag in background.

Military borrowers now have plenty of options when it comes to purchasing a home.  A VA loan comes complete with little to no down payment, no PMI, and is topped off with the seller paying the closing costs.  Other programs such as the Military Housing Assistance Fund can help buyers with grants for closing costs, meaning the money is a gift and does not have to be repaid.  With military families and veterans as the focus, these programs are designed to get our hometown heroes into home ownership at the same rate as non-military Americans.  Let’s take a look at some of the loans and programs offered….

The VA Loan

The VA loan, which is offered by the Department of Veteran Affairs, is strictly for use by military service members or veterans.  VA loans are insured by the federal government and require no down payment.  Standards for qualifying for these loans are less strict than the Conventional loans backed by private lenders, making it more likely for those with lower credit scores to qualify.

The VA Specially Adapted Housing Grant

This grant, amazingly, offers up to fifty percent of the home value for veterans who require special accommodations for disabilities.  The grant can be used for new construction or to modify an existing home.  For more information on this program, go to http://www.benefits.gov/benefits/benefit-details/4733.

 Military Housing Assistance Fund

The MHAF is designed to help military personnel qualify for non-military loans such as an FHA or Conventional loan.  These loans usually require a down payment or closing costs.  The Military Housing Assistance Fund gives qualified military workers and veterans, alike, grants to cover these costs.  Funds from this grant are a free gift, and the service is also free of charge.  Visit http://usmhaf.org for more information.

Dream Makers Grant

The Dream Makers Grant offers a program to cover down payments and closing costs for first-time homebuyers with modest means.  These grants are open to any Active Duty, Reserve, National Guard, or Veteran who are first time homebuyers or who have not owned a home for the past three years.  For more information on requirements and qualifications, visit www.pentagonfoundation.org.

There are many state and local grants and programs available to military service members and veterans as well.  The federal government even offers programs for homeless veterans.  With some research and probing, funds and grants can be uncovered for the men and women who serve our country.  Websites such as www.grantwatch.com and www.grants.gov can be instrumental in your search.  If you’re ready to move toward home ownership, contact the Scherer Team at 888-300-4431.

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Tips to Choosing the Right Neighborhood for You

houses_M1H6_8t_There’s nothing like coming home at the end of the day to your very own home-sweet-home.  Upon turning into your neighborhood, flowers begin to bloom, birds begin to chirp, and the laughter of children can be heard in the distance.  A permanent rainbow seems to be hovering overhead and, neighbors out visiting with one another smile and wave as you pass.  Ah, yes…..you’ve chosen the perfect home, in the perfect neighborhood, in the perfect town.  Life couldn’t be better.

Okay, so maybe this is a bit of an exaggeration.  But there is a little truth in there somewhere.  The neighborhood in which you choose to buy your home can be a big deal.  It can make the difference in whether you are truly happy in your new residence.  So, let’s go over a few tips to assist you in making the choice and avoid making a mistake.

First of all, make a “lifestyle list” and prioritize.  Start with the most important qualities and work your way down.  Here are some of the items you may want to consider when composing your list…..

Schools

If you have children, this is a biggie!  Oftentimes, finding a home in one particular school district is the single most important goal for parents.  In this case, the choices are narrowed down right off the bat.

Commute

The perfect home in the perfect neighborhood can sometimes become a source of contention if you have a long and exhausting commute.  Decide, ahead of time, how far you are willing to travel to work, and stick with your decision.

Restaurants, Shopping, Cultural, and Entertainment

Consider all of the places that you frequent.  Choosing a neighborhood in close proximity to your favorite grocery store or athletic club will save you time and money.  If you spend your free time visiting art museums and libraries, a neighborhood with a more urban feel that is close to these types of businesses may suit you well.

Transportation

If you or any of your family members use transportation other than a personal vehicle, you may want to search for homes in neighborhoods close to public transportation services or with bicycle routes.

 

Neighborhood Amenities

Many neighborhoods have clubhouses, tennis courts, swimming pools, or golf courses.  If you enjoy an active lifestyle, chances are that a neighborhood with these perks will be filled with folks like yourself.

Traffic

Let’s face it; some areas are more congested than others.  If the noise from traffic is something you can’t live with, again, decide now.  Traffic tends to get worse in highly congested areas, not better!

Home Owner’s Associations

Nowadays most neighborhoods have them, and most people want to live in these neighborhoods.  But, some do not.  Either way, do some research on the HOA in the neighborhoods you are considering.

A few other points to consider….

*Property values

*Crime rate

*Airports for easy traveling

For help with finding the ideal neighborhood and home for you and your family, contact the Scherer Team at 888-300-4431.

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Homes for Sale in Bellaggio

Homes for Sale in Valencia Isles

Homes for Sale in Tivoli Reserve

Homes for Sale in Stonebridge Country Club

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