GUEST POST: Tips for Veterans Looking to Buy A Home (Cody McBride)


Over the last year and a half, record-low interest rates have left many people wondering whether or not it’s time to buy a home. However, interest rates are only part of the picture. With many buyers on the market – and in most areas, limited housing inventory – prices are rising fast almost everywhere. Buyers need to have competitive offers in order to have a chance at getting the property they’re hoping for.

Many veterans might think that they can’t compete in this market, but you may be surprised. You don’t have to have a massive down payment saved up to make a move on a house right now – and indeed, there are VA-backed options that may require no down payment at all. Finding a home might be easier than you think, especially with a real estate agent on your side. Here’s a look at what veterans need to know when entering the housing market right now, presented by Truths-Half-truths, and Sea Stories.

Investigate Your Housing Market

The first step you need to take in any house hunt is researching what’s happening in your local housing market. Remember, listing prices can be deceiving. It’s relatively common for homes to actually sell for substantially less – or, in this market, often more – than the original listing price. Sort homes by “sold” to get a better sense for how much properties are actually going for in your market.

This process will help you get a good sense of your foundational options. You can start to build a rough budget based on the prices you can expect for properties that fit your wants and needs. It’s also a good way to start narrowing your search down to the neighborhoods that best fit your price range.

Get Finances in Order

Once you have some basic housing market research under your belt, you can start looking into getting preapproved for a mortgage. As a veteran, you have more options to choose from than the average civilian. In addition to the conventional and FHA loan options, you can also investigate VA-backed loans.

These loans, offered by private lenders, can help you to get into a nicer home with a lower – or in some cases, zero – down payment. Most low- or no-down-payment plans come with private mortgage insurance or PMI. This increases your monthly rate without contributing to paying back your loan or interest, so it’s just money lost. VA-backed loans, however, don’t have PMI, so your monthly payment all goes toward your investment. Also, research VA interest rates today before you decide this is the route you want to take.

Start House Hunting

Once you’re pre-approved for your mortgage, you can start looking for a home in earnest. As we said above, markets are highly competitive right now, so you’ll need to be prepared to make quick decisions. Create a “wants and needs” list you can use to quickly and consistently evaluate homes you tour. If they don’t cross off all the needs, you can move on. If they meet “needs”, but offer very little in the way of “wants,” you should probably pass as well. High scores in both categories, however, signal a winner.

This part of your search is going to be far easier with a trustworthy real estate agent on your side. The right housing professional can make finding properties, scheduling tours, and making offers a breeze. Local experience is a must, but you should also prioritize finding an agent you get along with. Although you don’t need to be best friends, you’ll work one-on-one with your agent a lot through your house hunt, and it’s best to have a good rapport.

These steps should be plenty enough to get you started on your house hunt. Owning a home is one of the most exciting steps you can take in life, and we hope this article inspires you to explore your options and get started. Soon, you might be holding the key to the home of your dreams!

Photo Credit: Pexels

Editor’s Note: Cody is an IT professional by trade. He reached out to me last year about submitting a Guest post. One thing lead to another, schedules got mired in events. With all the COVID issues mostly behind me and excuses run through –  I am belatedly publishing his submission. Good advice for anyone seeking to get into the home market, particularly now that prices are not exploding upward daily. You can read more about all thing’s tech – how to keep up with your Iphone -savvy pre-teen and other wisdom at Cody’s site Tech Deck – The Internet’s Tech Experts

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