As a veteran, you are entitled to a VA home loan. However, achieving homeownership isn’t always easy. Here is a fantastic article that lays out six things you can do to prepare for homeownership. The article is geared towards military and veterans; and gives some really great advice for cleaning up your credit, seeking preapproval, creating a budget and sticking to it, building a savings account and keeping an eye on mortgage rates.
Here’s the Article: 6 Simple Ways to Prepare for Homeownership
In order to obtain approval, as well as the best mortgage terms and interest rates available, veterans and active duty service members alike will need to meet a lender’s minimum credit score requirement. In today’s mortgage environment, VA lenders are typically looking for a score of at least 620. That’s considerably lower than what conventional lenders require, but it can still be a tough benchmark for military members. If you’re not quite ready credit-wise, marshal resources to pay down high-interest debt, scour your credit report for errors and pay everything on time. You can get a free copy of your credit reports at Annual Credit Report.com.
Veterans, service members and military families can also check out the Lighthouse program at Veterans United.