Myths About Buying a Military Home
The dream of homeownership is something that can drive the financial decisions of many families and individuals. Unfortunately, there are many members of the military and those that have loved ones serving that can fail to accurately consider this option due to believing one or more misconceptions about the process of buying a house while serving.
Myth: Military Members Must Always Live in On-Base Housing
Those that have loved ones serving in the military may assume that the service member will have to live on the base at all times. However, this is only a misconception. Military members can purchase a military home or otherwise live off base. As a result, family members should avoid giving their serving loved ones advice that assumes they will live on the base for the entirety of their time being enlisted.
Myth: It Is Harder for Military Members to Be Approved for Home Loans
Another assumption that can discourage some people from pursuing homeownership is assuming that it will be far more difficult for military members to be able to be approved for a mortgage. In reality, this is not the case as service members will largely be evaluated as any other individuals by reviewing their credit history and current debts and income. Furthermore, there are even special programs that are designed to help military members with being approved for a home loan. These programs are administered through the VA, and they can be an invaluable option for service members that are in the market for a new home. While there will be minimum credit requirements that must be met, the requirements may be more relaxed than what could be received from other traditional lending and finance options.
Myth: VA Loans Can Be Used for Rental and Commercial Properties
While using a VA loan to help purchase military homes can be an important option, it is important to appreciate the limits of this program. For example, it is usually required for the home that is being purchased to serve as the service member's primary residence. Furthermore, they will be required to move into the home within a couple of months of the deal closing. If it is found that the loan was used to purchase a rental or other commercial property, the loan may be foreclosed. This makes it necessary for all applicants to be informed about the requirements for these loans so that they can stay in compliance.