Buying a home will likely be one of the biggest purchases of your life. Having a knowledgeable real estate agent to walk you through the process is imperative for a smooth transaction. This is especially true if you’re purchasing with a VA home loan.

VA mortgages come with a host of benefits, including no down payment, low interest rates, and no private mortgage insurance. Along with these benefits come some unique loan requirements. Here are three key reasons why using a military-friendly real estate agent benefits VA home buyers.

1. They understand the unique needs of VA home buyers

Active-duty service members relocate frequently. When receiving permanent change of station (PCS) orders, service members receive 10 days of leave to scope out the new duty station and complete a home search. Choosing an agent who understands this short time frame and can dedicate the time necessary to find a home during this compressed period of time is essential.

Due to frequent relocations, it’s also important for agents to understand the importance of strong resale value. Agents who work with active-duty service members understand they’ll need to identify a home that not only fits the service member’s current needs. The agent also needs to make sure the home has the potential for a quick and profitable resale if the service member receives PCS orders again.

2. They’re passionate about serving those who’ve served

Agents who identify as military-friendly frequently have a passion for serving those who’ve served. Some have served themselves, others have close ties to someone who has, and others simply have a desire to give back to those who’ve given so much for our country.

They’re also passionate about educating veterans and service members about VA home loan benefits. Many of these agents now ask every buyer “Did You Serve?” so they can identify buyers who may be eligible for a VA loan.

3. They understand the unique requirements of the VA loan

The Department of Veterans Affairs has created a few unique requirements for VA loans, to ensure buyers purchase homes that are a solid investment. The VA established a set of minimum property requirements (MPRs) to ensure all homes purchased by veterans and service members are safe, sanitary, and structurally sound.

VA appraisers are tasked with the responsibility of outlining any features not meeting the MPRs, and any issues will likely have to be fixed prior to closing. An agent who’s worked with VA buyers and understands MPRs is a great asset when doing a walk-through on a potential property—he or she can point out possible MPR issues before going under contract.

When selecting an agent to work with on a VA home purchase, buyers should ask the agent about any VA loan expertise.  Make sure they have several of these under their belt.

4. They will have all the local contacts and experts you need.

For example, as your Expert Military and Veteran Agent I already have knowledge of the best VA lenders, appraisers and inspectors who are also experts in their field.  Not only are they the best but they provide discounts to my military and veteran clients.  That gives you peace of mind that you are being taken care of by all the experts to the best of our ability!

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

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The home-buying experience changes vastly from season to season. Depending on when you’re looking to buy, you’ll face different levels of pricing, housing inventory and competition from other buyers.

For veterans and military members, the challenge is you don’t always get to choose your home-buying timeline. Active duty service members often move every two or three years, meaning military families relocate 2.4 times as often as civilians.

While most people buy in spring or summer, that doesn’t necessarily mean it’s the right time. Each season has its pros and cons, and the best time to buy depends on your own circumstances.

We’re here to help. Let’s take a look at the four seasons of real estate and what veterans and military families might encounter during each.

Spring

Pro: If a home isn’t blanketed in snow (and it likely wont be here in Louisiana), it’s much easier to spot potential problems. Issues with the roof, air conditioning and pool are more detectable after the spring thaw, says Sharon Voss, president of the Orlando Regional Realtor® Association.

Also, there’s a lot less pressure. It’s likely there will simply be fewer buyers in spring, especially on the early side of the season. So buying frenzies aren’t as plentiful—or as frenzied. (But beware: In some markets, the spring season heats up right after the Super Bowl.)

Con: Slightly fewer choices than summer, when inventory hits its peak.

Summer

Pro: It’s simple—there are more homes on the market.

“Inventory is at its peak in June, July, and August. On average across the U.S., a buyer is going to have more choices in those months,” says Jonathan Smoke, chief economist of realtor.com®.

“This can be very good, especially if you’re looking for specific features or want to live in a particular neighborhood,” says Dave Fry, co-owner of the Fry Group in Saint Paul, MN. You’re more likely to find your dream home when more homes are on the market.

There are lots of reasons why summer is the hot season for real estate. High on the list: If you have kids, it’s easier to move the family. “Summertime moves are less likely to conflict with the school calendar,” Voss says.

Con: Of course, there’s more competition. Lots more.

“The potential for bidding wars can be greater during the busy late spring and summer seasons, so you may not be able to get the bargain you were hoping for,” Fry says. Voss notes that you’ll be vying for attention from busy agents, lenders and home inspectors as the market heats up.

And you can expect firm asking prices.

“You may not be able to negotiate, as someone else may swoop in and offer more,” Fry says. Sellers may reject any lowball offers or any offer that comes with specific contingencies or requests. 

Fall

Pro: It’s prime time to negotiate.

“Off-season sellers are typically more motivated, thus more willing to make a deal,” Fry said. Since there are fewer buyers, sellers may be more inclined to entertain lower offers or pay for needed repairs. Lenders may also be willing to negotiate closing costs to win business from a smaller buyer pool.

You might just find a steal. Sometimes a house is on the market during the off-season because of an urgent event—for example, a death in the family or a sudden job change, Smoke says. If you’re in an area that’s dealing with massive employee layoffs, or where companies have left town, there could be a glut of homes on the market priced to sell. 

Con: Once again, less inventory. Most buyers prefer to wait at least until spring to list their home, so buyers looking for that perfect house can end up frustrated.

So there’s a chance you could end up with a straggler. “Some of the homes that are on the market during the slow seasons are available only because, in essence, they’ve already been rejected by the market earlier,” Fry says. Ask your agent why a home hasn’t sold if it’s been on the market for a while.

Pro and Con: Don’t have kids in school? This could be a good time to shop.

“If you’re not as sensitive to the school calendar, you might find it easier to find a home in the fall and winter months,” Smoke says. But if you’re just as much a slave to the school bus as your kids, moving during the school year could be a major challenge.

Winter

Pro: Less competition. By a lot. With fewer people looking for houses, potential buyers are treated with tender loving care. It may be easier to land a better deal when you don’t have to elbow other buyers out of the way.

It’s also a nice time to make an investment. If you’re looking for a home for investment potential rather than a place to live forever, the off-season is a smart time to buy. According to Smoke, investors are more likely to snap up foreclosures and REOs during the off-season.

Con: You thought the pickings were slim in fall? The flow of homes going on the market gets smaller and smaller into the end of the year, and usually reaches its lowest point in December.

It can also be a hassle. Bad weather makes it difficult to get around, holiday obligations can slow down your search and homes become harder to inspect. Snow on the ground—and on the roof—makes an inspector’s job substantially more difficult.

“The cold weather and snow can hide aspects of the home that wouldn’t be as easy to miss if the inspection were conducted in warm weather,” says Mike Mishkin, founder and CEO of Love Where You Live Realty. And while it may not be a structural issue, the same holds true for the landscaping.

Ultimately, the best time to buy a house depends on your own specific needs. But let’s face it: Military members and their families may not even have a choice of timing. That’s where a great real estate agent can be invaluable. So can having an understanding of the seasonal advantages and disadvantages when it comes to buying your home.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

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Veterans, service members, and their families believe in homeownership. In fact, the homeownership rate among veterans far outpaces that of civilians.
But the financial toll of military service can make it tough for some veterans to get a financial foothold, let alone land a home loan.

The good news is those who serve have access to a host of home-buying benefits and protections, from what’s arguably the most powerful home loan on the market to financial safeguards and more.  Let’s take a closer look.

VA loan program

Since the VA loan program’s inception in 1944, the Department of Veterans Affairs has backed more than 21 million loans for veterans, active-duty military members, and their spouses. This program has made buying a home more accessible to those who most deserve the American dream they helped build and protect.

VA loans feature many benefits that help make home buying possible, including the following:

• No down payment requirement
• No mortgage insurance
• Lower average interest rates
• Limits on closing costs
• More lenient credit requirements

VA home loans have boomed in recent years, attracting many veterans and military members who may not qualify for conventional loans, which have stricter credit requirements.

Still, many eligible buyers are unaware of the benefits of VA home loans and the protections they offer. Some buyers also make the mistake of assuming a government-backed loan comes with endless red tape and miss an opportunity to benefit.

Typically, veterans and active-duty service members are eligible for a VA home loan if they served in the following capacity:

• 90 consecutive days on active duty during wartime
• 181 consecutive days on active duty during peacetime
• 6 or more years in the National Guard or Reserves

Some spouses of military members who died in the line of duty or of a service-related disability may also be eligible for a VA loan.

Talk with a VA lender about obtaining your Certificate of Eligibility and getting a sense of your purchasing power.

Occupancy & power of attorney

VA loans are focused on getting buyers into homes they’ll live in full time. But the program makes exceptions for some veterans and active-duty service members.

For example, a spouse or children may be able to fulfill the occupancy requirement on behalf of a VA buyer. Also, a VA buyer who is deployed or otherwise unable to manage the loan process can typically assign a power of attorney to a spouse or family member to manage the loan process and sign documents.

There are two types of power of attorney: general and specific. The type needed depends in part on what loan-related documents the VA buyer can sign.

The occupancy and power of attorney options mean an eligible VA buyer’s spouse and children could buy a home during a deployment or unaccompanied assignment, helping alleviate the emotional toll of multiple moves on military families.

Basic allowance for housing

Many active-duty military members who receive a monthly housing allowance are surprised to learn that they can use this money to qualify for a home loan. Lenders can count Basic Allowance for Housing (BAH) as effective income. That can help service members make the leap from renting to owning, especially in higher-cost areas.

BAH is based on several factors, including the location of your duty station, your pay grade, and your family size. The housing allowance can change on an annual basis. To calculate your BAH, refer to the BAH calculator on the Defense Department’s website.

Financial protections

Even after becoming homeowners, active-duty service members can face unique financial challenges. Deployment and changes of station can strain a family emotionally and financially.

The Servicemembers Civil Relief Act (SCRA) provides active-duty military personnel and their families financial protection involving interest rates, income tax payments, eviction, foreclosure, and more.

For example, military personnel can ask creditors—including their mortgage lender—to cap their interest rate at 6% during their term of service. The SCRA also forces lenders and servicers to seek a court order to foreclose on active-duty military members during their time of service and up to nine months afterward.

Veterans Affairs also offers foreclosure avoidance protection assistance for homeowners. The VA has a team of experts who work with lenders and servicers on behalf of struggling homeowners to find alternatives to foreclosure. Their efforts have helped nearly 500,000 veterans and service members avoid foreclosure in the past six years alone.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area.  Connect With Me Here

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