Mortgage brokers are jumping ship left and right today, as lending institutions everywhere have tightened their purse strings, and no longer offering those easy to achieve sub prime loans. In Houston currently many home loan specialists are going to back to school for new career paths in order to make a living. In San Antonio, the real estate market is staying with its huge military base of homebuyers.
With Fort Sam Houston, plus Lackland, and Randolph air force bases teaming with support personnel looking to purchase single-family homes, the VA mortgage options for San Antonio homebuyers is a thriving industry. Whether they are still serving their country, are veterans, or retired there is a VA mortgage to fit a service person’s needs in the housing market. Actually with the guarantee of the government behind each home loan, this is probably the majority of home mortgages being approved currently. There are several real estate firms that work closely with all branches of the military, and have many resource on speed dial to help in gaining a first time buyers, or even a VA home refinance loan. Military service persons on active duty, and have a modicum of rank (E5 and above), have a handsome BAH allowance each month, and can easily make a mortgage payment with a little money left over for incidentals.
This is a perfect time to start making a permanent home for one’s self prior to retirement, or opting of the service to work in the private sector. The interest rates are never going to get better than they are currently, and since it is a buyers market, it is like the perfect storm for someone wanting to finally own a home. A VA loan does not give a person a pass on bad credit, and if there are past due bills, or writes off on the applicants credit file, then they will need to be taken care of prior to applying. Having hardcopy, proof in hand that these old bills have been taken care of will trump the credit report any day of the week. Be warned, honesty is the only policy when applying for any type of credit today. After the fraudulent mortgage fallout, government backed lenders are prosecuting fraud cases to the fullest existent the law will allow. VA loans are a great benefit after having served your country, but they should not be taken lightly, as they are a privilege and not a right