People who serve our country deserve a few special perks for their dedication, including specific advantages when buying a Boston condo for sale. If you’re active or retired military and are looking to purchase a Boston Beacon Hill condo here are 5 benefits available for you to use.
1. VA Loans
The VA loan program is a useful tool that has helped many service members achieve the status of homeowner. VA loans have a variety of features for both active and retired military personnel, including:
- Lenient lending requirements
- No down payment
- Reduced interest rates
- No mortgage insurance
- Reduced closing costs
There are grants available to assist active and retired military with the funds necessary to purchase a Boston condo. Programs like the Military Housing Assistance Fund (MHAF) gift funds to the buyer to reduce closing costs. The objective is to keep out-of-pocket expenses to a minimum.
3. Occupancy Exceptions
Mortgage loans require occupancy of the Boston condominium within an acceptable amount of time, usually 60 days. Exceptions are made for military personnel who are on active duty and cannot personally occupy the home. In these cases, a spouse or dependent child living in the home can satisfy the occupancy requirements.
Active duty military personnel receive a monthly housing allowance known as Basic Allowance for Housing, or BAH. Lenders can use this money as re-portable income. This is a valuable perk that can help Boston condo buyers in areas where housing is more expensive.
5. Protections from Financial Burdens
The Service members Civil Relief Act is an act that helps protect active duty military from the financial burdens of home ownership, including interest rates, tax payments, and foreclosure. This act can force lenders to seek a court order prior to foreclosure for individuals who are currently serving and for up to nine months after they complete their service. Veterans Affairs offers protection against foreclosure as well, working with lenders to find other options aside from foreclosure.
Whether you’re current or ex-military or even a civilian, there’s much to love about living in the downtown Boston area. If you’re considering condos in Beacon Hill is an amazing place to live with a variety of options currently on the market. Get in touch with Ford Realty today to see what’s available and find the home of your dreams.
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