If you’re an active-duty military member, you might assume that renting a home in a new city makes more sense than buying a home. If you are subject to frequent moves, that assumption may be true – with one huge exception. Quite often, buying a new construction home can be an excellent investment even for military personnel on active duty. As a reputable builder located near a major military base in Montgomery, AL, Lowder New Homes has sold many new construction homes to military members who want more from their living experience than just a place to stay.
What Are The Advantages Of Owning A New Construction Home While Serving In The Military?
Simply put, it gives you a chance to build valuable equity on a piece of property that is easy to rent or sell. The housing market is thriving in Montgomery, so your home will likely increase in value even if you only live here for a couple of years. If you are transferred, you can always keep the home and rent it out – or, if you decide to sell, newer homes are in high demand and typically require little or no repair. And with record-low interest rates and eligibility for VA loans with little or no down payment, it’s much easier to become a homeowner than you might think!
Below are our top tips and insights for buying a home while in the military.
Tips for Buying a Home While on Active Duty
While owning your own home brings many advantages on its own, there are still some things you can do as an active-duty military member to make the buying process as simple as possible. Let’s explore some tips that can help:
1. Check Your Eligibility for a VA Loan.
A VA loan is by far the best and most cost-efficient way for military personnel to purchase a home. As someone on active duty, all you currently need to be eligible for a VA loan is to have 90 continuous days of active service. If you haven’t achieved this yet, it’s worth waiting a few months to purchase a home so you can accumulate those service days to qualify for a VA loan.
2. Work With a Lender Offering VA Construction Loans.
The VA construction loan is specifically designed for new construction homes. It starts as a construction loan to fund the building of a home, then converts to a mortgage when construction is complete.
3. Find a Builder with MRP-Certified Builder Representatives on Staff.
MRP stands for “Military Relocation Professional.” An MRP-certified representative specializes in helping military personnel with homeownership. They understand the specific challenges involved with military relocation. They can work with you to coordinate the entire process of finding the right home for you, including connecting you with the right builders and lenders. Lowder New Homes has several MRP-certified representatives on staff.
Military Homes In Alabama
As a strong supporter of Alabama’s hard-working military community, Lowder New Homes has helped many servicemen and servicewomen get into new construction homes in the Montgomery area. We build in some of the most popular Montgomery neighborhoods, featuring easy commutes to and from the Maxwell Airforce Base. Our MRP-certified staff members can help you navigate all challenges along the way.