Using your VA Home Loan Benefit: Where to Start


[upbeat music} TEXT: What’s the First Step of the VA Homebuying Process?>>Text: Mark Connors
VA Home Loan Guaranty Service>>Speaking: This is a topic that I’m passionate about and I’m going to start off with education. You know, think about it, when we go out to buy a vehicle or we are going to plan on going on a vacation, we’re going to do a tremendous amount of research on that. However, I think too often with home ownership we don’t do the research that is necessary to educate ourselves. You know, there’s a saying that I heard that I really like. It’s called ‘know before you owe,’ and how it relates to the homebuying process is that when we rent we have certain fees that go along with the home. However, home ownership involves fees that we’ve never thought of; there’s taxes, there’s insurance, there’s maintenance, there’s upkeep. What happens if the water heater breaks? Do we have the emergency funds necessary to take care of that problem? One that I would recommend is the CFPB or the Consumer Financial Protection Bureau. They actually have a site that is specifically geared towards Veterans and Servicemembers and there’s a lot of information about home ownership on that. Another site that I would recommend would be HUD, the Housing and Urban Development. They have great tools on there about home ownership. an appointment and go in and see your facility financial counselor. They are there specifically to provide you information as it relates to your finances, and they would be a great resource to help you understand the homebuying process and how much that is actually going to cost you. If you’re no longer in the military, I think it might be very prudent to consult a financial adviser or financial planner specifically on letting them know that you are interested in purchasing a home and you want to find out how much of a home that you can afford.>>Text: TO LEARN MORE ABOUT VA’s HOME LOAN GUARANTY Program, visit www.benefits.va.gov/homeloans

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