Military families can navigate homebuying
Like many Americans, the coronavirus pandemic may have you thinking a lot about your current living space and about buying a home. If you're a military service member, veteran or family member, both new and tried-and-true tools and resources can streamline the process.
To get you started, Wells Fargo Home Lending provides these insights:
• Assess your readiness.
“The decision to buy is personal. Take into account your goals and financial circumstances,” says Greg Murray, vice prersident of Wells Fargo Home Lending's national client relationship military program.
“Interest rates are at historic lows, so if you feel financially ready, this is a great time to look.”
If you decide to move forward, it' s important to be realistic about what you can afford, and having a rainy day fund is a good sign of your readiness. Leave yourself with the ability to weather economic cycles and afford run-of-the-mill expenses for home repairs.
• Build your team.
Enlist a home mortgage consultant who can help you navigate the process, as well as discuss financing options that fit your needs.
“Consider working with a military lending specialist who can help you make the most of the home loan benefits you've earned,” Murray says.
• Know your down-payment options.
Not all financing options require you to put 20% down. For military service members and veterans, Veterans Affairs loans provide l ow- and no- down payment options for qualified borrowers, and don't require monthly mortgage insurance.
Other low down payment options to explore include Wells Fargo's your First Mortgage program, as well as Federal Housing Administration and rural lending programs.
• Leverage digital tools.
At a time when health and safety are top-of-mind, digital tools can offer a contactless experience. In an effort to keep clients safe, many Realtors offer home walk-throughs using video chat apps.
When it comes to the mortgage process, lenders like Wells Fargo offer digital tools allowing you to handle many aspects of the process remotely, including signing disclosures, uploading documents and simply getting started.
To contact a home mortgage consultant, go to wellsfargo.com/military .
To access free resources that can help you be a savvier home shopper, go to Wells Fargo's educational page, myfirsthome.wellsfargobank.com.
Also be sure togo to www.va.org for instructions to get a “Certificate of Eligibility,” the first step to getting a VA-backed loan and a key document in using VA loan benefits.