When it comes to relocating and buying a home in Irvine, CA, military families can access various benefits to maximize the value of their real estate transaction. Here are 5 of those key advantages.
1. VA Home Loans
This is the best financial resource available to military home buyers. Certificates granted by the Department of Veterans Affairs are very attractive to mortgage lenders because they offer a reasonable level of protection in case of default. Depending on the financial situation of the borrower, a VA home loan may be issued without a down payment or private mortgage insurance requirement. VA loans are not just for separated members. Borrowers can also be reservists or on active duty, and their spouses can also access this benefit.
2. PCS DITY Reimbursement
Military families going through a permanent change of station (PCS) can coordinate a home purchase and save money on the cost of moving by means of a Do It Yourself (DITY) move requested from the base Transportation Management Office. Depending on the rank of the active duty member requesting the PCS DITY, cash may be provided in advance and up to 95 percent of moving expenses will be refunded by the TMO.
3. USDA Loans
Veterans, reservists and active duty members who want to purchase rural land and live in the country should ask their mortgage lenders for home loans certified by the U.S. Department of Agriculture. These special mortgages are designed to help low income borrowers.
4. Housing Choice Vouchers
This federal initiative, which is managed by local public housing departments, consists of vouchers that can help military families manage the cost of buying and owning a house in Irvine. The vouchers help pay for monthly payments so they can be kept at a level under 30 percent of household income.
5. FHA Mortgages
Depending on the financial objectives of military families, a mortgage guaranteed by the Federal Housing Administration may work out better than a VA loan under some circumstances. Loan officers and mortgage companies approved for VA lending are usually able to issue FHA mortgages as well.
If you’re in the military and are interested in learning about available Irvine homes for sale or buying a condo in Irvine, call trusted local real estate agents at 714-454-6304. We can help you determine the best course of action for purchasing your dream home and help you find it as well.