As a veteran or active duty military member, you’ll likely face the decision of whether to rent or purchase your own home. Low interest rates have made home buying a more appealing prospect, and VA home loans help veterans achieve their home ownership dreams.
Is purchasing a home the right decision? There are a few features of VA home loans that support owning a home rather than renting.
You’ve probably already heard of VA home loans, and you may be aware of some of the benefits of these loans compared to traditional mortgages. Here are a few unique VA loan benefits that make buying a home the most logical choice for most veterans and many active duty service personnel:
- Relaxed Qualifying Terms. It’s easier to qualify for a VA loan than a conventional loan, making home ownership more within reach for many veterans. According to VA guidelines, your debt-to-income ratio must not exceed 41%, and the VA does not require a minimum credit score. If you’re able to prove that you can pay your mortgage, you’re likely to be approved for a VA loan even if your credit score is less than perfect.
- No Down Payment. Huge down payments stand between many would-be homeowners and the homes of their dreams. As a veteran or active duty military member, you can buy a home with $0 down. Considering that most landlords require a significant security deposit, buying your own home could actually require less money upfront.
- Opportunities to Upgrade. When you purchase a home using a VA home loan, it’s yours to improve. If you plan on making “green” upgrades, you may be able to roll the cost into your loan. Borrowers can qualify for up to $6,000 to make their homes more energy efficient.
As a home owner, the money you spend on your home is an investment. When you rent, you’re spending money monthly on something that will never be your own. For most veterans, purchasing a home is a much better use of money, and VA home loans make home ownership more obtainable.
If you’re looking to buy a home in Boulder, I can help. As a Veteran Realtor and former member of the US Navy, I understand the unique challenges and benefits of homeownership for veterans and active duty military personnel. To learn more and get started on your Boulder home search, contact me today!