I hate white walls.
I know that white, Crate & Barrel style homes are all the rage. And yeah, they’re pretty. But I, like many military spouses, have been required to keep white walls for the last decade.
Army housing does not allow paint. Heck, when we moved in to our Army housing in Hawaii the government agent asked us to please not hang pictures on the walls.
Welcome home – don’t touch anything.
Retirement equals a colorful, creative burst of home decorating that many of us have been struggling to contain for years. I personally have the inexplicable desire to paint a room creamsicle orange.
But first, you have to buy your canvas, err, home.
Service members, including retirees, have a fabulous benefit at our disposal: the VA mortgage program. The VA guarantees a portion of your loan so the lender can offer you better terms. Rates are usually lower and you can purchase a home without putting any money down. The VA also limits the amount you can be charged for closing costs and lenders cannot charge you a fee for paying the loan off early.
Some things to know as you begin your home search:
- Do not pick a house and then apply for your loan. Each state has a maximum loan allowance set by the VA. You can be pre-approved for your loan. It makes the process shorter and gets you into your home quicker.
- If you’ve already used your benefit to purchase a home, you can only use the remaining balance of your VA allowance to purchase a second home. For example, if your allowance is $100, and you buy a home for $50 you only have $50 worth of loan left.
- Money down is great but will not change the terms of your loan. Your debt to income ratio and your credit score are still used to qualify you for the loan and will help earn you better terms.
- Everyone who applies for a VA home loan must first obtain a certificate of eligibility. This is easy to do and can be done online. Go to http://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp for links and instructions
If you already have a VA loan the Interest Rate Reduction Refinance Loan, also known as the streamline refinance loan, can help you lower your interest rate. These loans do not require an appraisal and are done with no money out of pocket.
Disabled veterans can apply for adapted housing grants through the VA to build, purchase or modify a home that will allow them to live more comfortably with their disability.
There are several non-VA affiliated companies that specialize in processing VA loans. You can contact them to begin your home-buying adventure or work with your local lender.
It’s time to enjoy your home. Happy buying and happy painting!
