As a member of the military or a veteran, you’ve dedicated yourself to serving our country. Now it’s time to let your service work for you as you transition into the exciting world of homeownership.
There are several unique home loan programs designed specifically for military personnel and veterans that can make your dream of owning a home a reality. Let’s explore some of the top options available to you.
ARC Military Realtor Rebate
One standout program is the ARC Military Realtor Rebate. Here’s how it works: when you work with a participating real estate agent to buy a home, you’ll receive a cash rebate after closing based on the purchase price. The higher the price, the bigger your rebate – we’re talking potentially thousands of dollars back in your pocket.
What’s great is that ARC partners with a huge network of agents, so you have the freedom to choose the realtor you want to work with. They’ll help guide you through the process and ARC will take care of getting you that sweet rebate cash, usually within a couple days of closing. It’s a no-brainer way to save some serious money on your home purchase.
Fill out the form below to sign up for the ARC Military Realtor Rebate:
VA Home Loans
If you meet the service requirements, a VA home loan is hands down one of the best ways to finance your home. Backed by the Department of Veterans Affairs, these loans come with significant benefits. For starters, you can often buy a home with zero down payment. Yep, you read that right – no need to spend years saving up for a hefty 20% down.
VA loans also tend to have super competitive interest rates and lower overall borrowing costs compared to conventional loans. Plus, there’s no private mortgage insurance required, which means lower monthly payments. And the cherry on top? You can use your VA loan benefit over and over again throughout your life as long as you meet the VA requirements. It’s a gift that keeps on giving.
Welcome Home Veteran Program
For veterans and active duty military in Missouri, the Welcome Home Loan program is definitely worth checking out. It’s designed to help veterans and service members buy a home affordably in the Show-Me State.
Some highlights of the program include below-market interest rates, forgivable closing cost assistance up to $1,500, and up to 100% financing available. And if you’re a first-time homebuyer, or haven’t owned a home in the past 3 years, you can even combine the Welcome Home program with the Missouri First Place Loan program for additional assistance.
Veterans United Home Loans
Veterans United is a lender that specializes in helping veterans and service members secure VA home loans. They’re known for their stellar customer service and support – they hold your hand through the entire process, from pre-approval to picking up your keys.
One unique thing about Veterans United is that they have a network of real estate agents, called Veterans United Realty, that specialize in working with military homebuyers.
These agents understand the ins and outs of VA loans and the unique needs of veterans and service members. Working with a VU Realty agent and getting your VA loan through Veterans United can make for a seamless, stress-free experience.
Frequently Asked Questions About Military Home Loans
Can you get a home loan in the military?
Yes, active duty military members can absolutely get home loans, often with special benefits like no down payment, lower interest rates, and no mortgage insurance. VA loans are a popular option, but there are other programs like the Welcome Home Veteran program too.
Do military get better mortgage rates?
In many cases, yes. VA loans backed by the Department of Veterans Affairs often have very competitive rates compared to conventional loans. Programs like the Welcome Home Loan in Missouri also offer below-market rates for veterans and service members.
What are the disadvantages of a VA loan?
Overall, VA loans have significant advantages. But a couple potential drawbacks are the VA funding fee (though this can be rolled into the loan amount) and the fact that not all sellers will accept VA loan offers because of extra requirements. However, benefits like $0 down, low rates, and no mortgage insurance usually far outweigh the cons.
Final Thoughts
As a veteran or service member, you have access to some phenomenal home loan programs that can make homeownership more affordable and accessible. Between VA loans, state-specific programs like Welcome Home Veteran, lender-specific options like Veterans United, and money-saving opportunities like the ARC rebate, you’ve got lots of great paths to explore.
Take some time to research the eligibility requirements and benefits of each, and don’t hesitate to reach out to lenders and realtors who specialize in working with military homebuyers. With the right program and team in your corner, you’ll be unlocking the front door of your new home in no time. Happy house hunting!