A PCS (permanent change of duty, or the military acronym for moving to another base) can be stressful on everyone. If you aren't worried about the TO (transportation office) losing your HHG (household goods), you are trying to remember everything you need to place in your UAB (unaccompanied baggage). If you are planning on buying a house this time around, you want a real estate agent who understands the ins and outs of the military and who can help answer your questions.
Do you have to live on base?
If you are single, you have to live on base until you reach E-4 or E-5 level, which is four to five years of service. If, however, you are married or a parent, you have the option of living off base, regardless of military status.
Will you still receive a monthly housing allowance if you purchase a home?
BAH, or basic allowance for housing, is payable whether you live on or off base. You can use those funds to pay for rent or you can apply the money towards a mortgage payment. This is money in addition to your military paycheck.
Are there real estate agents who understand how to work with military families?
There are many real estate agents that specialize in working with military service members and their families during their PCS. They may have grown up military, retired from service themselves, or have specialized training from the National Association of Realtors, or NAR, as a military relocation specialist.
What is a military relocation specialist?
NAR has a complete training program that teaches its agents how to best help military families during their home buying process. Successful completion of the course results in a the MRP designation, or Military Relocation Professional. Working with an MRP can help your PCS move smoothly.
What is a VA home loan?
Another key benefit for military members buying a home is the VA home loan program. VA home loans were established when the Veterans' Readjustment Benefit Act of 1966 was passed into law. Much like an FHA loan, the government does not loan money, but rather guarantees the loan. This means that they guarantee the lender repayment should you default on the loan.
Do you need to work with a lender who specializes in VA loans?
While most lenders can underwrite VA loans, be sure to work with someone with extensive experience. Like the DOD (Department of Defense), a VA loan has many complicated moving parts that require an experienced professional to ensure everything runs according to plan.
Buying a house can add to the stress of your PCS, but owning your little piece of the American dream is worth it. To learn more, contact a military real estate agent like Lorraine Santirosa - HomeSmart Realty West.
Share1 July 2020
If you want to buy or sell property, read this blog to learn how a real estate agent or broker can help you make a successful purchase or sale. We don't work in real estate, but we do know the difficulties of trying to buy or sell without consulting with a real estate agent. We've done our research and we've also spoken with several agents and brokers to get information for this blog. As you read these posts you'll learn about the duties of an agent including showing properties, negotiating prices and preparing contracts. We hope that our blog gives you a better understanding about the responsibilities of real estate agents and how they can help you when buying or selling.
