With Veterans Day being just around the corner, I thought it would be a good time to remind our men and women that served this proud Nation that you have benefits that come along with your service regarding home ownership! Being a qualified Veterans Home Specialist, we have the education and have worked with VA qualified lenders that can help you see your dreams come true of owning your own home!
This goes for purchasing a home and for refinancing your existing mortgage. Interest rates are at historic rates! And like most things, rates will not stay low forever, so it may be a good time to check it out. What Texas Land Group is always here for is to also be a resource for all of our clients. If you have a question, give us a call. We will put you in contact with the right people or answer any questions that you may have. Navigating real estate can be overwhelming and having a trusted source that you can rely on for direction is very reassuring! And this does not cost you anything.
Back to the VA benefits:
- VA benefits is one of the few, if only, loans that you can have as a military member that you do not have to have any money down for a home loan
- VA home loans are a little easier to qualify for than some traditional conventional loans
- VA interest rates are competitive with no private mortgage insurance which means that your monthly payments are lower
These benefits are really helpful too for a first-time home buyer!
There are some costs involved when you purchase a home that you still have to incur. Such as home inspection. A home inspection is really important to know the condition of the home that your purchasing. A seller will provide you what is called a “Sellers Disclosure Property Condition Disclosure.” This document is filled out to the best of the seller’s knowledge. However, it is not a home inspection conducted by a state licensed inspector. I cannot stress enough how important this step is. The cost for this is somewhere between $350-$500. But it is a pretty inexpensive insurance policy for something you are investing several hundreds of thousands of dollars into and going to live in for many years to come. Any issues that arise from this inspection, you can 1) go back to the home owner to try to negotiate repairs, 2) ask for an allowance for the repairs, 3) accept the items on the report as they are acceptable at the price you paid for the house, or 4) terminate the contract as you are under the option period of you contract (discuss this with your agent if you have questions).
There is one more fly in this real estate ointment, the lender may require repairs. Those are typically not to negotiable. Lenders will not accept structural issues, rotten wood/peeling paint, or exposed electrical issues to name some major ‘pinging points.’ When they send out the appraiser to inspect (not to be confused with an actual inspection) or evaluate, that appraiser may make notes on the report about any issues that is deficient and should be addressed. And until those items are addressed, the transaction cannot move forward.
If there is a water well on the property, you will need a water test. Again, inspections are the cost of the buyer.
I do not want to turn this into contract 101 blog, but it is just to give you a snapshot about the few costs you will have during buying your new home!
As November 11th is Veterans Day and as I started this blog this afternoon, I guess it really hit me this year for some reason missing my Dad. My Dad, CPL James C. Morton, served in the Pacific during WWII as an airplane mechanic. The stories he told me were sometimes really funny and sometimes, a bit scary. I cannot imagine the things he saw and was always so extremely proud of the service that he provided to our fantastic country. I remember a little dog that he made friends with and have a great picture of this brave young 17-year-old holding this puppy. Another story about how he and his buddies concocted alcohol beverages from the coconuts they collected from the trees. Then they had the bomber guys take the coconuts up in the airplanes during their runs where their air was cooler so the fermented beverage would be refreshing to drink as they endured the hot tropical heat!
I got the distinguished pleasure of calling this great man my Dad. It has been over 10 years now that he has been gone, and I miss him every day. But on the 11th, I think of him with even more honor and even more respect for his service.
And to all of our brave men and women that served or is currently serving, we cannot thank you enough!
Texas Land Group