Information For Military Homebuyers

Found 55 blog entries about Information For Military Homebuyers.

House keys by a sign that says property tax

Members of the military, veterans and family members of service members and veterans in Colorado have a wide range of military benefits available to them. For military homeowners, one of the biggest questions is whether property tax exemptions are included in those benefits. The short answer is yes. However there are a number of criteria you must meet to qualify for military and veteran property tax exemptions.

There are two types of property tax benefits available to active military members and veterans: the Colorado Disabled Veteran Property Tax Exemption and the Colorado Property Tax Deferral for Active Military Personnel. Read on to find out if you qualify for either of these benefits.

Colorado Disabled Veteran Property Tax Exemption

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Military benefits package with American flag

The state of Colorado offers numerous benefits for Military Service members, veterans and families of veterans and Service members. These include VA loans, property tax exemption, employment benefits, tuition assistance, family relief funds, grants and recreation benefits. 

If you are an active or retired Service member, a veteran or a family member of a Service member, you may be eligible for some of these benefits. Eligibility depends on a number of factors including career status, residency status, military branch, and disability status. 

VA Loans

A VA Loan is a special mortgage loan for active Service members, veterans and their surviving spouses. It is offered through a US Department of Veterans Affairs program. The VA Loan allows

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Military member holding a replica of a home

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

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Service member holding a small child in a Colorado Springs home

Are you a service member planning a PCS to Colorado Springs? If so, you’re probably wondering whether living on-base or off-base is the right choice for you. There are advantages and disadvantages to both, so the decision you make really comes down to your unique circumstances.

To help you with the decision, we’ve put together a list of pros and cons for living off-base and on-base in Colorado Springs. This guide should help you confirm whether you want to make use of military housing, rent a home off-base or buy your own home in a Colorado Springs community close to your military base.

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

Pros

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Considering Selling For a Military Related Move? Here's How Property Liens Can Affect PlansThere are no two military moves that are exactly alike, and some work out smoother than others. Orders and instructions may be delayed, students in the household may be disrupted during the school year, and some moves may occur to another time zone or even continent.

Case in point, several things can go wrong even when following a military-focused moving checklist, and this isn't even taking into account concerns or additional effort involved in selling a currently owned home for military members and veterans. Liens can sometimes remain undiscovered until days before the sale is finalized. Keep reading to learn what property liens are, the various types of liens, and what military personnel need to know about them before selling.

For

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VA Loan Alternatives to ConsiderVA mortgage loans are a very valuable benefit available to service members, but there are situations in which they aren't the best choice for military homebuyers. For example, when managing an investment property in the military or saving VA loan entitlement for later use, it may be best to research other mortgage options. Fortunately, there are other options that service people can take advantage of other than a VA loan for home buying. Keep reading to learn about alternatives to VA loans that are worth considering.

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

FHA Home Loans Vastly Differ From VA Loans

Loans issued by the Federal Housing

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What Buyers Should Know About VA Loan Funding FeesVeterans, service members, and their spouses have an array of perks offered by the Office of Veteran's Affairs. Those who apply for a VA loan can potentially finance a mortgage with no down payment options and reduced interest costs. However, to continue to offer these benefits for years to come, the VA has what is known as a VA funding fee. Keep reading to find out what these fees entail and other vital things to consider about VA loans for home purchases.

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

How Much is the Standard VA Funding Fee?

Generally, the VA loan funding fee is a one-time expense, typically 2.3% of the total loan amount

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Why Military Members Need Renters InsuranceIf you're a military member living in on-base housing, it may seem like you don't need renters' insurance. Since a PCS could arise so suddenly, it might feel like there's no sense in adding another monthly fee to your budget. Regardless of whether you choose to rent or buy as a military member, insurance is vital for everyone, including military members. Renters' insurance protects military members if personal belongings are damaged in a natural disaster, they're the victims of theft, or if they experience other property damaging accidents. Keep reading to learn why military members need renters' insurance.

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction.

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Got OCONUS Military Moving Orders? These Tips Will Simplify the TransitionIt is not uncommon for those in the military to receive orders for a Permanent Change of Station (PCS). When those orders indicate moving outside of the continental U.S., it is considered an OCONUS move. Due to the distance, these moves can be tricky, but they don't have to be overwhelming. Keep reading to find a few tips to simplify the challenges of OCONUS military moves.

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

What to Do Once an OCONUS Assignment Arrives

Notification of a possible reassignment will come via letter, phone call, or email, and this is when a service member needs to start thinking about relocation plans. While these orders may

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What Is Veterans' Mortgage Life Insurance (VMLI)?Veterans' Mortgage Life Insurance, or VMLI, is protection available to veterans. The coverage is extended specifically to veterans with service-connected disabilities who have modified their homes to be more accessible. For example, they may have widened doorways or added wheelchair ramps are home improvements that qualify for the program. The purpose of the coverage is to make payments to the mortgage in the event of the policyholder's passing. Are you researching what housing grant options are available to veterans? Keep reading to learn more about veterans' mortgage life insurance.

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

How Does VMLI Coverage

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