What Is A Military Discount On Homes?
Military discounts on homes are benefits and savings that U.S. Armed Forces service members enjoy when purchasing, selling, or refinancing a home in the United States. Military service members include active military or military on active-duty status, veterans, disabled veterans due to service-connected disabilities, military family members whose military service member relative died because of a service-connected disability, national guard and reserve members (U.S. Armed Forces Reserve Members). The Department of Veterans Affairs also provides other programs for military veterans and their families. These programs include education opportunities, rehabilitation services, compensation payments on service-connected disability or death on service-connected causes, home loan guarantees, pensions, burial, and health care. Heroes Home Advantage provides discounts or rebates to our military service members when buying, selling or refinancing a home.
Finding Military Discounts On Homes
The good news is, there are Military Discounts on Homes in the U.S. The discount that is provided is in the form of a rebate or money back either at closing or after closing, depending on state laws. Heroes Home Advantage’s Military Discount on Homes program for U.S. Armed Forces service members include closing credits or rebates, lender credits, attorney fee credits, home inspection discounts, chimney inspection discounts, remodeling services discounts, furnace or AC cleaning discounts, and more. These discounts depend on the purchase price of the house and the number of partners with Heroes Home Advantage in your area. Members of the military can enjoy discounts for purchasing, selling, and refinancing homes in the U.S during or after their time of service in the military.
Military discounts on homes are offered by Heroes Home Advantage (HHA). Heroes Home Advantage is a network of realtors, lenders, lawyers, home inspectors, title companies, and other professionals who want to give something back to our heroes. Our heroes are those who serve, protect and take care of our country and community, such as the military, law enforcement, firefighters, health care, emergency personnel, and teachers in schools.
Heroes Home Advantage consists of professionals who are mostly former veterans, police officers, firefighters, health care professionals, emergency personnel, medical field personnel and teachers in schools. Other members are military family members, which is why Heroes Home Advantage is very passionate about giving back and using their time and money to give back to our heroes who are planning to buy or sell a home.
Mortgage Discounts on Military House Purchase
The military discount amount depends on the home price and Realtor commission. Heroes Home Advantage offers a military discount from $750 to $5000+ in credits or rebates.
In addition to the Realtor contribution, Heroes Home Advantage offers military discounts from the other partners in the amounts of up to $500 worth of mortgage lender fees and $250 worth of attorney fees. Other fees from home inspection ($25), chimney inspection ($40), and furnace cleaning ($10) are also given military discounts by Heroes Home Advantage if there is a participating partner.
Military Home Loan Programs
The VA loan is the primary military home loan program available to the military when looking to buy a house and with Heroes Home Advantage, there are three main avenues to receive a discount or rebate by using our program::
- Receive discount assistance on selling your home
- Receive discount assistance on buying a new home.
- Receive discount assistance refinancing.
The first option is receiving discount assistance on selling your home. Selling a home includes fees, such as real estate agent commissions, attorney fees, transfer taxes, and income taxes. Real estate agent commissions range between 4% to 6% of the home sale price. Heroes Home Advantage offers up to a $5000 discount on real estate commissions through credits or rebates.
The second option is receiving discount assistance on buying a new home. Buying a home includes fees like a down payment, closing costs, and inspections. Closing costs may include appraisal fees, tax service provider fees, title insurance, government taxes, and prepaid expenses, such as property taxes, homeowner insurance, and interest. Heroes Home Advantage offers up to a $500 discount on mortgage lender fees through a credit, as well as the other credits.
The third option is receiving discount assistance on refinancing. Refinancing costs include mortgage lender fees, such as application fees, appraisal fees, attorney fees, and title search and insurance. These fees account for 2% to 6% of the loan balance. Heroes Home Advantage offers up to a $500 discount on mortgage lender fees through a credit.
Members of the Military Get A Discount On Homes
Yes, the military can get a discount on homes through Heroes Home Advantage. Heroes Home Advantage is a network of realtors, lenders, attorneys, home inspectors, title companies, and other professionals related to real estate. These professionals are offering discounts, cash backs, and credits to our heroes when they purchase, sell, or refinance a home in the U.S.
Heroes Home Advantage gives gratitude to our heroes, including military service members, nurses, police officers, firefighters, emergency medical technicians (EMTs), medical field personnel and teachers in schools. These modern heroes can benefit not only through discounts, cash backs, and credits but also through high-quality professional services offered by Heroes Home Advantage.
Heroes Home Advantage offers types of services such as discounts, cash backs, and credits in different ways. The first way is through reduced real estate commissions. Real estate commissions are voluntarily reduced by the realtors under the Heroes Home Advantage network. Heroes Home Advantage heroes can get up to $5000 worth of credits and rebates when buying or selling.
The second way is through bonus credits from mortgage lender fees and attorney fees. Another way is through discounts for home inspections, chimney inspections, remodeling services, and furnace and AC cleaning services in the U.S.
Military Get Lower Mortgage Rates
Sometimes. The rate on VA loans is usually lower than other loan types but that is not always the case. There are many factors that determine rate such as credit score, loan amount, market conditions, etc but many times a VA loan does have lower rates than other loan types. VA loans do not have mortgage insurance which definitely makes the payment lower than other loan types that do require mortgage insurance.
Military Closing Cost Credit
Heroes Home Advantage offers loan rebates, closing cost credit between $750 – $5000+ worth of closing cost credit or closing cost rebate to U.S. Armed Forces service members. The closing cost credit or closing cost rebate depends on the area and local and state guidelines. Aside from the area and local and state guidelines, credits and rebates can be affected by other factors like new construction homes, for sale by owner and reduced commissions for the buyer’s agent.
Does The Military Cover Your Mortgage?
No, the military does not cover your mortgage. But, part of the compensation for active duty military is BAH (Basic Allowance for Housing), which is designated to pay the housing expense for the service member. The amount of the BAH is dependent on the location of your service, your pay grade and the number of people in your household. This amount should be similar to the cost of rent in the particular area of service. The discounts and rebates offered by Heroes Home Advantage does help cover some of the closing costs associated with obtaining a new VA loan. These credits and rebates can be substantial and in some cases be enough to cover all of the closing costs.
Heroes Home Advantage gives discounts on realtor fees, which is given to the hero. The realtor fee discount depends on the home price. Other factors may affect the realtor fee discount, such as area, local, and state guidelines, new home constructions, and buyer’s agent commissions.
Heroes Home Advantage also gives an additional discount on attorney fees if there is a partner in your area. Real Estate Attorneys usually have a flat fee for the loan closing plus other fees such as title search, deed preparation, etc. and usually adds up to $1500 to $3000, depending on the area and purchase price.
Heroes Home Advantage also gives an additional discount on home inspections and chimney fees, when there is a partner in your area. Home inspection fees for a full home may cost between $300 and $1000. For chimney fees, an inspector may charge between $200 and $500.
If you are searching for Military Discount on Homes be sure to contact Heroes Home Advantage today to start saving today!