Top 5 things to know with Military Retirement and purchasing a home:

1. If you are retiring in less than 6 months from the military and you want to use your VA loan to buy or refinance, the loan process may be more complicated. The lender cannot use your current Military pay and you may have to provide proof of future employment and retirement pay. 

2. If you receive a 10% or more disability rating once retired, the VA funding fee will be waived. If you close on a home prior to your disability rating, then you will need to apply through VA to receive a refund for your funding fee.

3. Consider this statistic when purchasing a home around your military retirement: Institute for Veterans and Military Families 2014 survey of military families indicate that 43% of them stayed in their first civilian job for less than a year and 65% of veterans left that first job within two years. 

4. VA rules for occupancy require a veteran to move into the property within 60 days of closing. Some veterans who purchase a home are close to retirement but can’t move within 60 days because their military retirement date is several months away. VA will review each case for any special needs requests for this requirement. Additionally, if a spouse can move into the home within 60 days this meets the occupancy requirement.

5. Use a lender who KNOWS VA loans (yes, all CAPS is obnoxious, but I found it necessary). You would be surprised that most lenders do not know VA loans. There have been a few times when I have spoken with lenders who did not even know about the Blue Water Navy Vietnam Veterans Act of 2019.   If you are not retiring around a military base then local lenders may not know as much as local lenders located near a military base. Listen to your Realtor on this topic, I can assure you that have recommendations of lenders who will take care of you and your VA loan needs.