Aside from college tuition, one of the most common reasons young people join the military is to unlock possibility of living the American dream of owning a home. Because of the economic downturn during the last ten years this dream has, of late, been a lot tougher to see through. However the housing market is the object of much scrutiny, and things are changing in the world of real estate.

In hopes to open the market to more potential buyers, new housing incentives for military personnel have been put into place.

Whether one is an active service member looking for a home near the military base, or a veteran looking for a nice place in the country, VA loans are available to active and retired military personnel. If you are considering applying for a VA loan, it is important that you learn all you can before you begin the process, as these are much more complicated than conventional home loans. As with a regular home loan, VA loans vary according to one’s income and collateral. VA loans are more flexible than many home loans, in that they can be applied to a greater variety of properties. VA loans can be applied to single-family homes, to rentals, and to condominiums and townhouses.

The minimum amount of duty one must serve to be considered a candidate for a VA loan is 90 days during wartime or 180 days during peacetime. However, if you are currently serving, you may be able to apply on a contractual basis.

Beginning your search online is the best plan of attack, as you will be able to objectively study what properties are available with a VA loan, you can take virtual tours of homes you are interested in, and you can discern what sort of payment options you might have before you speak to a real estate agent. Many sites will also have links to realtors who specialize in finding homes for military families, so once you have done your research, you can start talking to an agent. Throughout your search, be sure of what the requirements of your contract are.

You may find it preferable to rent, in which case you will want to make sure a VA loan is right for your needs. If you are on active duty, you may have to relocate often, so make sure you discuss this with your agent so you will have a contingency plan. Being stuck paying on a home you do not live in can be very taxing. If you don’t expect to be away long, your family may elect to stay behind. Just make sure your contract allows for the signatory to live elsewhere, or you could lose your house. Leaving your family high and dry with no where to stay. As with any home loan, the best thing you can do is be alert. Constantly ask questions throughout the process. No one likes a surprise when it comes to buying a home. The home buying process can have many pitfalls, but being aware is the first step to avoiding them.

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Author Bio: Visit www.DabneyProperties.com for more information. Check out our TDY allowance funded apartments at Fort Lee VA.

Category: Advice
Keywords: Home, Loan, Vetran