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Veteran Homebuyers: A Guide to the Home Buying Process

March 30, 2022 by Writer Leave a Comment

Veteran Homebuyers: A Guide to the Home Buying Process

The transition from military life to civilian life can be difficult, especially if you’re looking to buy a home for the first time. However, the government has provided options that will make your home buying process easier and cheaper. Here are a few tips to guide you through buying your first property as a veteran.

Consider a VA Loan

A Veteran Affairs (VA) loan is a type of military loan that mortgage lenders give to qualified veterans, active service members, and spouses. This loan is sponsored by the Department of Veteran Affairs. A VA loan offers flexibility and lower requirements such as little to no down payment, lower requirements on credit scores, low-cost mortgages, and lower interest rates. Since they make credit requirements lower, they’re considered non-conventional loans. The VA doesn’t issue this loan, but they decide if you qualify for it and determine who is the best lender for you. 

Even though the benefits are great, you may not qualify for a VA loan. It’s important to know the qualifications for it and prepare your finances if you don’t align with the requirements qualify. Below are the qualifications you need to apply for this loan:

  • Served 181 days of active service during peacetime.
  • Served 90 consecutive days of active service during wartime.
  • Served more than 6 years of service with the National Guard or the National Reserve or 90 days under Title 32 with at least 30 of those days being consecutive.
  • Are the spouse of a service member who lost their life in the line of duty or as the result of a service-connected disability. You generally cannot have remarried, although there are exceptions.

Chose the VA Loan that Suits You

There are several types of VA loans that you can qualify for. It’s important to choose the one that is the best fit for you and your family. Here are a few types of VA loans and their benefits:

VA Purchase Loan

A VA purchase loan is the most common type of mortgage that can be obtained through a VA loan. This loan helps you purchase a home with no down payment, and has better terms and interest rates than other loans offered by private lenders like mortgage companies, banks, or credit unions. However, terms vary by lender, and this type of VA loan is not available from all lenders.

VA Cash-Out Refinance

A VA cash-out refinance loan allows you to take cash out of your home equity, and use it to pay off your debt, medical bills, school fees, home improvements, or refinance a non-VA loan into a VA-backed loan. This option is available to both borrowers with and without present VA loans, and it can be used as a rate-and-term refinance if desired.

VA Interest Rate Reduction Refinance Loan (IRRRL)

A VA IRRRL, also known as “VA streamline refinance,” helps you reduce your monthly mortgage payments or creates stability by switching to a fixed interest rate rather than one that changes over time. When deciding whether or not to pursue this option, borrowers should evaluate their closing fees.

VA Native American Direct Loan (NADL)

If you are a Native American veteran or happen to be married to a Native American, you may be eligible to obtain a Native American Direct Loan. This loan allows you to buy, build, or improve a home on federal trusted land. Qualified borrowers can also refinance a current NADL loan to obtain a lower interest rate. Some benefits of this include, limited closing costs, and private mortgage insurance.

It’s imperative to consider which VA loan suits your household needs before investing in your loan. Also, make sure you obtain this loan with a lender that understands these options and can provide favorable rates.


Prepare All Required Documents

As a veteran, you will need certain documents ready before applying for your loan and mortgage. These documents include the Certificate of Eligibility (COE), DD Form 214, and other general information.

The COE document verifies the length of your service to confirm that you qualify to your mortgage provider. It’s important to get this document from the VA through eBenefits early, even though you won’t need to show it at the beginning of the loan process. It’s best to have this document ready to make this process go as swift as possible.

DD Form 214 is a document that confirms your military discharge. Using the eVetRecs filing system, you can request your DD Form 214 electronically.

The General Information you may need for this includes tax returns and W-2s from the past two years, recent pay stubs, bank and investment statements, any rental history you may have, an employment verification letter, and a copy of your driver’s license.

To further expedite this process and reduce stress, we recommend getting pre-approval on your mortgage and all loan-associated documents organized ahead of time. The earlier you start these preparations, the less stressed and more excited you will be throughout this milestone achievement. From there, you can finally start house hunting to find the best home that fits your budget and your preferences.

Purchasing a home is a significant investment toward your future and can lead to some anxiety within a family. It can be challenging for anyone, but especially for veterans if they don’t entirely understand their potential benefits. Make sure you take advantage of all available benefits and resources. This is a huge commitment that will always be remembered so make it worthwhile.

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Filed Under: Money Tagged With: military life, military money, VA Loan

7 Truths About Money and Military Life

April 17, 2019 by Julie Leave a Comment

7 Truths About Money and Military Life

Having a career in the military can be a great way to provide for your family with a steady paycheck. In addition to basic pay, your service member will also receive BAH, BAS, and other special pays based on what they are doing during their military career. If they deploy, they might earn extra military pay, and when re-enlisting, they might earn a bonus.

Money can be a sticky subject but there are some things to be aware of when it comes to money and military life. Here are a few things to keep in mind whether you are new to military life or have been a military spouse for some time.

Usaa and NavyFed pay a day early

Both USAA and NavyFed will pay a day early. This can get a little confusing when the 1st or the 15th falls on the weekend or even a Monday. There always seems to be some questions about when you will actually be paid. Here is a list of 2019 USAA Paydays and 2019 NavyFed Paydays.

Raises might take time

Your spouse comes home and tells you they got a raise. You re-do the budget to reflect the raise, but then, the next time they get paid, you don’t see the extra money. Raises are not always going to happen in a timely manner. The good news is, they will receive back pay based on the date they did get the raise, once it goes into effect.

If the military screws up pay, you will have to pay it back

Is your spouse still getting extra deployment pay after they get home? Does it seem like you are getting extra BAH? If you notice anything like that, please know that eventually, the military will figure it out, even if you don’t tell them.

And when they do, they will take that money back quickly. If you or your spouse notice an issue, your service member should talk to Finance, and make sure not to spend any of that extra money or you will find yourself in trouble when the military takes it back.

Saving money is always a good idea

Savings during military life is always a good idea. You never know when you might need that extra cushion. A PCS might cost you more than you think, military pay could get messed up and your spouse might end up with a less than normal paycheck, or you might need to take an emergency trip back home.

Setting up automatic savings is easy. You can usually do so with your bank. Even if you can only save $20 extra dollars a month, that can add up. Take a look at your budget and figure out where you can start saving.

You 100% need a budget

If you don’t already have a budget, start today. Having a budget is going to help you stay on top of your money. You need to take a look at all the income you and your spouse are bringing in and where all of your money goes.

Keeping a budget will also help you stay on track at the grocery store, what you spend on fun, and for clothing and other items your family needs. USAA has free budgeting tools and Mint has some free budget templates you can use.

Moving back to the US can shock your budget

If you have been stationed overseas, and move back to the US, you can be in for some sticker shock. There are a lot of expenses that can come up when you move back to the states from overseas.

You might end up living in a hotel longer than you thought you would, and could be tempted by all the stores and restaurants you have been without during your time in another country. Be smart with that and try not to go too crazy when you first move back. You will also be losing COLA, which you might have gotten used to receiving each month so make plans to redo your budget, even before you arrive back in the states.

Use a bonus wisely

During your service member’s time in the military, they might be able to earn a bonus. If they do, you are going to want to make sure to use that bonus wisely. Think about what would be best for your family.

You can use a bonus to pay off debt, put towards a new home, take a trip, save for retirement, or pad your savings. While spending a bonus upgrading all your electronics or buying a brand new car can be tempting, make sure to make wise choices with any extra money that comes into your home.


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Filed Under: Military Life, Money Tagged With: military life, military money, money

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About Soldier’s Wife, Crazy Life

Soldier's Wife, Crazy Life

Welcome to Soldier’s Wife, Crazy Life! I am so glad you are here.

My name is Julie and I have been a military spouse for 16 years!

My husband of 19 years has served in the active-duty Army and now the Army National Guard. We have lived in Germany & Tennessee during our time as a military family.

We have three boys and have been through four deployments together.

I hope that you can find support for your own deployments, PCS moves, or anything else military life brings you 🙂

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