We all know that military life can be challenging and a lot more difficult if you have to move frequently. Here’s a list of useful tips for securing a mortgage when you’re in the military.
Why Military Home Mortgage?
Military Home Mortgage is a loan program designed especially for military personnel and their families. Military Home Mortgage will finance your home purchase while also providing you with the comfort of knowing that your loan can be paid back in monthly installments of 3%.
The Military Home Mortgage program was created in an effort to help transitioning military members and their families find affordable financing for a home. The MHM program offers both fixed-rate and adjustable-rate loans with low down payments, no mortgage insurance premiums, and no prepayment penalties.
In addition, the MHM program has a dedicated point of contact to answer any questions you may have before, during, and after your loan application process.
Important Tips to secure a mortgage
The first step is to shop around for the best mortgage rates. Know what you are getting into. Will your income be enough to cover the interest and principle? Will any points or fees apply? Make sure you have as many options as possible and that at least five lenders are considered. The last option, if you don’t find anything in your area, is to go online and search for a lender in another city or town.
Home loans are a popular option for many people, but those who work in the military may not be able to secure it. There are several tips to consider when pursuing this type of loan. The first step is to make sure that you have enough income to support your monthly payments. Be aware of any VA mortgage program or other opportunities that may be available through your employer. You should also figure out what type of home you can afford which will determine how much money and time you need to save up looking into alternatives such as a VA loan.
Tips for getting the best loan
Many military members are eligible for an FHA loan which is a loan with flexible underwriting guidelines. Getting the best loan is important to understand the many factors that come into play when applying for a loan, such as credit score and down payment. One way to find out your credit score or get started on building one is through eTuantia which is an online application that provides social security numbers, income information, and tax returns.
One of the best ways to find out if you qualify for a military home loan is to contact your local military base and speak with someone there. They can provide you with the necessary information on what type of loans are available and how to go about qualifying for one. They can also help you find an independent mortgage broker who specializes in military home loans.