Serving Those Who Serve: 12 Resources for Helping Military Clients Find a Home
Saturday is Armed Forces Day. Unlike Veteran's Day, which celebrates those who previously served in the military, Armed Forces Day honors those who are currently serving. Though the needs of veterans and active personnel who want to purchase a home do have some overlap, those currently serving in the military have special needs of their own. How can real estate agents serve them better?
Today, we're going to highlight housing resources that you can share with these special clients. (But, first, a resource for you: Want to better serve those who serve? Consider earning a Military Relocation Professional (MRP) certification to learn how to handle the unique needs of military personnel.)
Here are 12 housing resources you can share with active-duty clients:
VA Home Loan Program
1. Department of Veterans Affairs (VA) Home Loan Program:
Website: VA Home Loans
Benefits: No down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs.
Eligibility: Active-duty service members, veterans, and certain National Guard and Reserve members.
Financial Assistance and Counseling
2. Veterans United Home Loans:
Website: Veterans United
Services: Specializes in VA loans, provides educational resources, and offers 24/7 customer support.
3. Navy Federal Credit Union:
Website: Navy Federal
Services: Offers VA loans, mortgage calculators, home-buying education, and services tailored to the needs of active-duty personnel.
4. PenFed Credit Union:
Website: PenFed Credit Union
Services: Offers competitive mortgage rates, educational resources, and home-buying tools.
Homebuyer Education
5. HUD Housing Counseling:
Website: HUD Housing Counseling
Services: Provides free or low-cost housing counseling services, including pre-purchase advice and foreclosure prevention.
6. Consumer Financial Protection Bureau (CFPB):
Website: CFPB
Resources: Provides guides and tools for homebuyers, including specific information for military personnel.
Relocation and Deployment Considerations
7. Military OneSource:
Website: Military OneSource
Services: Offers comprehensive support for relocation, financial counseling, and home-buying resources tailored to active-duty members.
8. Defense Finance and Accounting Service (DFAS):
Website: DFAS
Resources: Provides information on military pay, allowances, and financial planning, which is crucial for home-buying decisions.
Local and State Programs
9. State Veterans Affairs Offices:
Website: National Association of State Directors of Veterans Affairs
Services: Many states offer additional benefits for military personnel, including property tax exemptions and state-sponsored home loan programs.
10. Local Community Programs:
Action: Check with local housing authorities and military bases for additional assistance programs tailored to active-duty service members.
Online Resources and Tools
11. Military.com Home Buying:
Website: Military.com
Resources: Articles, guides, and tips specifically for military homebuyers.
12. Homeownership for Military Personnel:
Website: Homes for Heroes
Resources: Discounts and benefits for military personnel in the home-buying process.
Practical Tips for Active-Duty Personnel
Pre-approval Process: Encourage them to get pre-approved for a VA loan to understand their budget and strengthen their offer.
Deployment Considerations: Help them plan for potential deployments and relocations by choosing flexible mortgage options and considering the resale or rental potential of the property.
Basic Allowance for Housing (BAH): Ensure they understand how their BAH can be used to help cover mortgage payments.
Credit Score Improvement: Advise on improving their credit score if necessary to get better loan terms.
Local Support: Connect them with local military housing offices and relocation assistance programs.
By providing these resources and practical tips, you can help current military personnel navigate the home-buying process effectively, ensuring they make informed decisions and use the benefits available to them.
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