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Getting out of the military and want to buy a home.

My enlistment is up in 1.5 years and I want to buy a home (currently overseas). VA requires you to be in a home buy 60 days of closing. I dont know whats the best route to go.. Should I wait till I can use the VA but ill only have a steady pay check for 2 more months and will the banks reject that (but ill have 25000 on hand for a nest egg) or do a conventional mortgage and buy sooner? Can I still get a VA loan without income when getting out and not having a job right away? My score is at 710
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August 27 2012 - Bella Vista
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Answers (2)

Dear User0584772,

I would suggest getting pre-qualified on a loan prior to beginning the search for a home. Our contracts in Arkansas are 10 pages long & once you locate a home that would be suitable (with the help of a Realtor), you can negotiated when you will close/take possession. If the house that you end up liking it should be possible to have a longer closing (typically they take 30 days here in Arkansas). It's also possible that a local agent can help you navigate things like inspections & repairs even while you are still overseas.

I helped a veteran late last year in the same exact position that you are in. We communicated via Skype & email, I handled the inspection & repair process & took additional photos of the home & met his local family members so we could all keep him informed. When he came over to close the transaction & begin work on the home that was the first time we met in person!

If you are planning on moving back to Arkansas there are a number of qualified real estate professionals that would be ready to assist you. Depending on what area you are interested I may be able to be of service.

Your excellent credit score should afford you many loan options at competitive interest rates.

Best of luck & thank you for your service!
Respectfully yours,
Julann Carney  
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August 29 2012
Hello User,  
    I hope you and your family are having a great night!  First let me say thank you for the work you do out there as a part of our Armed Forces.  The best thing for you to do when you get a chance is talk to a lender or Realtor™.  You can either talk to a lender at any bank that you currently use or you may talk to a Real Estate Professional who can direct you to a broker and other resources that are available, if needed, like Credit Counseling or Property Managers...etc.  Once you speak to a lender, he can help you make sound decisions and plans.  You'll be out in 1.5 years.  So your cool now.  Who knows what's will happen in that time.  If you have a good property manager, they can make sure you're in the green once you come home.  Since it may be looked at as an investment home.  You might be looking at 20% down.  Talk to a lender buddy and take care of yourself. 
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August 27 2012
 
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Getting out of the military and want to buy a home.
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August 29 2012 | 2 answers
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