- Find a Realtor That Understands How A VA Home Loan Works – you would think that most realtors understand this, but they don’t. When looking for a realtor, ask your friends who they used, and about their experiences with the realtor. VA home loans are different from other loans, and there are many things that you can be exempt from paying, such as down payments, and other fees. These exemptions can be based on disability ratings from the VA, so be sure that you know what you are entitled to. If your realtor is experienced in VA home loans, they can save you a lot of headaches when it comes to getting your home loan approved and funded in time for you to move into your new home.
- Know the Occupancy Requirements – As with most loans, there are rules and regulations that go with the VA home loan. One of the little-known requirements is the occupancy rules. When using a VA loan, you will be asked if this will be your primary residence for at least one year. While this timeline can change, one year is the current standard. This is something that you will want to keep in mind as you prepare to purchase your new home. If you are still active duty, this can affect your loan, if you are coming up on orders soon.
- Know your credit – Your credit plays a huge role in any loan. With the VA loan, you need to be sure that you have clean credit. The VA will dive into your finances, looking to be sure that you have a reliable income in order to cover the loan. They will also look for any nuances that might need to be explained, such as any income that is not claimed on our taxes, bank account information, and any little dings on your credit that might need to have a letter of explanation.
If you are like most military families, bills, money and finances, in general, are fresh in your mind. Most military families have credit card debt, mortgage payments, large grocery bills, auto loans and countless other bills and expenses required to support and raise a family.
Every store we visit right now is bombarded with marketing posters, ads with sales on toys, holiday decorations, the latest electronics to look for and more. With all of the distractions, military families are often enticed by the buzz of holiday shopping. Are you tempted to spend too much this holiday season? Check out these quick tips on how to enjoy the holiday shopping season, while not derailing your future financial health.
It’s an unpleasant thought, but a financial crisis could strike when you least expect it, so you’ll want to be prepared. Protect yourself by setting up a cash reserve so you have funds available in the event you’re confronted with an unexpected expense. Otherwise you may need to use money that you have earmarked for another purpose–such as a down payment on a home–or go into debt.
Access to technology is a major advantage that benefits military families for helping manage finances.
These days, there’s virtually an app or a program for everything, and that includes financial basics. Do your homework and find out which ones could be the most helpful to you. Do you need alerts to remind you to pay bills on time? Do you need help organizing your finances? Are you looking for a program that allows you to examine your bank, credit card, investment, and loan account activities all at once?