Should You Buy A Home in Biloxi While Stationed at Keesler Airforce Base

Are you currently stationed at Keesler AFB and considering buying a home? There are plenty of advantages to buying while on active duty. Thanks to a new series of VA home loan programs, military homes are easier to come by than ever before. If you want to take the plunge, you can do so with a great deal more confidence.

Why Buy a Home in Biloxi?

There are plenty of reasons why an active duty military member may wish to buy a home in Biloxi. You may be nearing the end of your service time and thus searching for a comfortable place to live in once you retire. You may be tired of living on military bases and looking for a quiet and private residence to call your own.

You may have a spouse and family that you prefer to see grow up in a home that is bigger and more luxurious than the typical housing you will find on military bases. You may even be looking for a property to invest in and sell for a profit once your duty station changes and you get the call to move on.

The Time to Check Your VA Home Loan Eligibility is Now

The best way for you to secure a home with the minimal outlay of cash is to secure a VA guaranteed loan from a reputable lender. While most lenders offer VA backed loans not all offer the same fees and rates. It’s important to compare the APR offered at each lender, not just the basic rate. There are many advantages to this loan program that are well worth consideration if you want to plant down roots in Biloxi.

Making your final choice should be a matter of weighing the odds on whether buying a home in Biloxi or surrounding area is right for your personal needs or the the needs of your spouse and children.

What is the Current VA Home Loan Plan?

There were some changes to the VA home loan program starting on January 1, 2020. At this time, loan limits were eliminated. The loan funding fee structure has also changed. As regards first time use, fees for active duty, Guard, and Reserve are now identical. Also keep in mind that the funding fee can usually be rolled into your loan.

The VA loan funding fee structure can be summarized in the following manner:

• First-time use with no money down – 2.3%
• 5 percent down – 1.65%
• 10 percent down – 1.4%

A schedule for second-time use VA loan funding fees can be summarized thusly:

• First-time use with no money down – 3.6%
• 5 percent down – 1.65%
• 10 percent down – 1.4%

You should also note that the VA loan rules for funding fee waivers have been altered. Starting on January 1, 2020, the following persons may be exempted from having to pay these loan funding fees:

• Veterans who are receiving compensation for disabilities connected with their service
• Veterans who are able to receive VA compensation for disabilities connected with their service, but who instead opt to receive retirement pay or active service pay
• Surviving spouses of veterans who have died in active service or from a disability connected with their service
• Service members currently on active duty who provide proof of having been awarded the Purple Heart at the time the loan closes or prior to that event

Determining Your VA Home Loan Eligibility

The first step in the process of purchasing a home using your VA benefits is to get your Certificate of Eligibility (COE). Click here to apply for your COE directly from the VA however it’s often easier just to let your lender request it for you.

Other Benefits of a VA Guaranteed Mortgage

Two huge benefits for service members and veterans are no down payment or mortgage insurance. This is due to the fact that the VA will guarantee a certain portion of your loan against future loss. This will allow your lender to furnish you with more favorable terms for your loan. Also, there are generous seller contribution limits to your closing costs. This means with a great REALTOR by your side you can possibly purchase a home with almost no cash in hand.

You do need to keep in mind that the home you buy will need to be your primary place of residence. You should also note that there will be conditions on the exact types of properties that you will be able to purchase using this type of loan.

It’s Up to You to Make the Call

There are plenty of good reasons for you to consider owning a home in Biloxi. Buying while on active duty is easier than ever. The VA is guaranteeing loans for veteran featuring some of the best terms the agency has ever backed. If you feel that owning a home is a goal worth pursuing, the time for you to do so is now.