How to Buy a Home in Colorado Springs While On Duty Overseas

Buying a home in Colorado Springs while you’re deployed in a different country may seem risky, but it’s actually very common for members of the military. In fact, it’s now easier than ever to buy a home long distance thanks to virtual showings, online application processes, and builder incentives for military members. If you’re thinking about buying a home while on duty overseas, these are some tips to make the process go smoother.

For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.

Work Out Your Budget

Before you begin searching for a home, you need to know how much you can afford. Do a thorough review of your financial situation including your current and expected income, credit score, and debts. Check to see if you’re eligible for a Veteran Affairs Loan. In addition, a mortgage calculator can give you a good idea of how much your monthly payments might be for homes you are interested in.

Look Into a VA Loan

If you're an active duty military member, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs (VA) loan. There are many benefits to getting a VA Loan including no down payment, lower interest rates and no need for private mortgage insurance. Many lenders offer VA Loans including banks and mortgage companies. To qualify for the loan, you’ll need a Certificate of Eligibility.

Research Neighborhoods

There are Colorado Springs communities to suit all lifestyles. Whether you prefer to own a home in the city close to a wide array of amenities or in a rural location surrounded by spectacular natural beauty, there is a neighborhood perfectly suited to you and your family. A quick online search will show you which Colorado Springs neighborhoods have the best schools, amenities, affordable real estate, and more.

Work With a Military Relocation Specialist

The military relocation specialists at Military Home Search know the unique challenges that military homebuyers face, as well as the unique benefits that are available to members of the military. We can advise you on suitable neighborhoods, market trends, and how to go about applying for VA Loans and more. We will work with you every step of the way to ensure your home buying experience is as stress-free as possible.

Take Virtual Property Tours

One silver lining of the pandemic is that it made it much easier for home buyers to view properties online from any location in the world. Check the latest Colorado Springs MLS Listings to see full property details and take virtual tours to see those details for yourself. Your military real estate specialist may also be able to do virtual tours for you in real time, giving you the opportunity to ask questions and see more of particular details.

Consider Setting Up Power of Attorney

One of the biggest challenges to buying a home while deployed overseas is that you will have to sign documents such as the loan agreement and closing contract. While you may be able to sign some documents electronically, others will require an actual ‘wet’ signature. Many military members set up a Power of Attorney, which is a legal document that allows someone else such as a spouse or family member to sign on their behalf. 

Are you considering buying a Colorado Springs home while deployed overseas or out-of-state? Contact Military Home Search online or call 719-338-7294 to speak to one of our military relocation specialists today!