Buying a home is an exciting time! Knowing that you are purchasing a place that will be completely yours is indescribable. For the military family who has to replant their roots every two to three years feeling like they are home is vital, and finding the right Realtor® and lender can help make the transition a smooth one.
Every year, upwards of 500,000 military families are relocating and while the perception that military families live on base, only 20% do. The rest choose to rent or purchase homes and live within their communities, and we aren’t necessarily like the typical American family when it comes to making this big decision.
Here are some tips to assist military families with a seamless experience when buying a home:
The military member doesn’t have the typical nine to five job, their hours can be unpredictable at times due to their responsibilities. When setting times for showings or for intakes, flexibility is important to the military member and their spouse. This quality in a realtor or lender can help set them apart from the rest.
The spouse of the service member may not have continuous employment due to frequent moves, and some may be working part time if there are children involved. These factors can make the loan paperwork challenging for some lenders. Patience and understanding the way the process works for military families can go a long way to earn respect (and referrals) from these clients.
Although we understand this is a business, military families know what they want and don’t have time to be shown homes or products that don’t fit our lifestyle. Military families are typically on a set budget, when we home and mortgage shop, many are looking for a payment around $300 less than our basic allowance for housing (BAH). There is not usually flexibility in our housing budgets and we only want to look at houses that are strictly within the guidelines we have shared.
Although we don’t expect lenders and realtors to know everything about military families, taking the time to understand VA loans, learn some of our lingo, and how to read our service members LES, go a long way to building rapport. This gives us confidence in the ability of a Realtor® to take care of our family.
We must close on time. When a military family is PCS-ing (moving), everything is structured and organized to help the process go as smoothly as possible. While we understand life has its hiccups, the confirmation of a timely closing gives us a sense of assurance during what can be a very hectic time. A service member must report on a certain date which typically leaves a short period of time to set up housing - timeliness is vital.
The military community is a tight-knit group because of our unique lifestyle. We have social media groups in most areas and when a new family receives orders, these are our resources for lenders, realtors, and all the things we need to make a smooth transition. Being knowledgeable about our lifestyles and needs, Realtors and lenders can establish long-term relationships within our community.
To understand more about what Caliber Home Loans and our Caliber Military and Veteran Loan Program (CMLVP) Team can do for you, reach out to us today at Military@CaliberHomeLoans.com.
*Caliber Home Loans, Inc. is committed to our nation’s Veteran and Active Military homebuyers through the creation of specialized, in-house education curriculum that prepares our team members to meet the changing needs of our military borrowers. This blog is written by military spouses in an effort to share the unique experiences shared within the military community. The thoughts and opinions are strictly representative of the writer and do not necessarily reflect the official position or policy of Caliber Home Loans, Inc.
Military Spouse & Blogger
© 2022 Caliber Home Loans, Inc. NMLS #15622
Caliber Home Loans, Inc. is a mortgage servicer registered with the Superintendent of the New York Department of Financial Services. If you are a customer whose property is located in the state of New York, you may file a complaint and obtain further information about Caliber Home Loans by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.