In the midst of COVID-19, there is really good news for veteran and military home buyers: It is the perfect time to buy.
Kevin Parker is the Vice President of Field Mortgage Originations for Navy Federal Credit Union. Parker shared that now, more than ever, is the perfect time for veterans, service members and military families to buy. He explained that the market currently has great rates, no "junk" fees and experienced VA loan lenders ready to work for them.
Parker advises the new service member to do their research first though. "Talk to lenders early and become familiar with the company that funds them. Many who provide [originate] don't service the loan. Navy Federal Credit Union services every one," he said. Parker also shared that it is important to compare both the rates and the fees. He explained some lenders will even offer an estimate of fees before you apply, making it easier to understand the total costs associated with the home loan.
For many active duty military families, purchasing a home can be intimidating and even anxiety provoking. This can be attributed to the frequent moves associated with military life and the concern of being able to sell the home when it is time to PCS again. But Parker wants military families to be at ease when considering purchasing a home. "Historically, it is a good investment and can create investment power in terms of future income," he explained.
He also suggested that military families work with Realty Plus through NFCU.
Realty plus is a program through NFCU that pairs you with a coordinator who then connects you to a real estate agent who is specifically trained to work with military families. This program also comes with a cash back offer if you close on your home with one of those agents.
Veterans or recently separated service members may have different ideas in mind for their home purchase. Many are looking at states which will be their retirement homestead. Parker suggests that they pay attention to the economy in general and seek areas with good value for their money.
Parker also said that finding an area with NFCU branches wouldn't hurt either.
The NFCU website states that they aim to, "Be the most preferred and trusted financial institution serving the military and their families." NFCU was Founded in 1933 and is the world's largest credit union. When they opened their doors, they had seven members.
Now, they have over nine million members.
Membership is open to all Department of Defense, Coast Guard Active Duty, veterans, civilian and contractor personnel and their families. They pride themselves on their original charter being to the military community and for having over 40 years of experience in servicing loans. In fact, half of their loans are VA home loans.
Parker credits NFCU's success to the company's commitment to the culture of focusing on the families. The NFCU website also promises that, "Once a member, always a member. You can leave the military, change employers, move, retire, get married – yet always stay with Navy Federal. Your life is our mission."