Sunday, April 16, 2017

Base Housing vs Buying a Home

Relocating to start a new tour? Exploring housing options available near your base? Or debating between remaining on base or moving off-base and buying your own home? There are pros and cons associated with each of these two options. A closer look will help you to determine which is the best option for you.

What to Expect from Base Housing
Many military professionals enjoy base housing because it is affordable and conveniently located. There are usually amenities close by. A store, a pool, a park for the kids and more. Typically, officers live among other officers. Enlisted personnel live close to others of a similar ranking. If relocating to a new base, you generally do not need to worry about buying out a lease or selling a home. However, many people may be looking for a home that is larger, nicer or otherwise more removed from their workplace. This allows them to “get away from it all” during their off-duty hours. Others may find that the wait list at their home base is longer than their tour length. They may be forced to look for an off-base house.

The Benefits of Buying a Home
Buying a home off-base is a popular alternative to base housing. It provides you with a comfortable place close to the base yet in a removed location. And it is entirely your own. It may provide you with more space to enjoy if you have a family. You can also enjoy the financial benefits of home ownership. For example, each mortgage payment you make is partially applied to principal reduction. As a result, you generally may see your equity increase over time. In addition, you can enjoy certain tax benefits. These benefits include write-offs for your mortgage interest and property taxes. In the event you are relocated, you can sell the home. Or you can rent/lease the home quickly. This can generate a stream of rental income.

The Importance of Reviewing Your Budget
VA loans for military professionals provide you with a wonderful financing solution for paying for your new home. With a VA loan, you will not have to make a down payment. And closing costs are typically affordable. You can expect competitive interest rates and great loan terms. You will still receive a housing allowance if you buy a home. This can be counted as income when you apply for your VA loan. It is important that you review your budget to determine a mortgage payment that is comfortable for you. And, also, to ensure that you can pay for the closing costs.

Whether you are in the military or not, the decision to buy a new home is not a matter to take lightly. Getting pre-qualified for a VA loan will tell you a couple of things. The maximum sales price you can consider. And the mortgage payment for which you can qualify. After pre-qualification, you can then explore local homes for sale in your desired area. These steps can help you to better determine if buying a home is the right move to make.

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage. For more details call us at 619-350-1951 or visit our site

The views expressed here are those of the individual author and do not necessarily represent those of First Choice Bank (NMLS #: 177877) and First Choice Loan Services Inc. (NMLS #: 210764), 959 South Coast Drive, Costa Mesa, CA 92626. Equal Housing Lender.

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