financing home repairs to avoid further damage

Are You A Veteran? Expel The Myths So You Can Buy A Home

9 December 2015 by Albane Francois

If you're a member of any of the branches of the Armed Forces and have been reluctant to purchase a home, now is a good time to reconsider that notion.  There are a number of benefits available to you designed to make the home buying process as easy for you as possible.  Debunking some of the myths that you have concerning buying a home can help you determine if you should take the leap today.

Myth 1:  You Need Good Credit To Qualify For A Home Loan

This myth is quite popular, and for good reason.  For civilians, credit rating often does play a major role in determining whether or not an individual can qualify for a home loan.  

However, as a service member, even if your credit is less than perfect, or even quite bad, you should know that there is no minimum credit score requirement to qualify for a loan.  The reason why credit score is not a huge factor for service members is because the money is guaranteed by the Department of Veteran's Affairs (VA.)  The VA essentially says that even if for some reason the service member is unwilling or unable to pay, the mortgage will get paid with the guaranteed funds.  This is an excellent deal for both you and lenders, since your credit history won't prevent you from getting a loan, and the lender knows without a doubt that they will get their mortgage repaid.

Keep in mind that although the VA only requires that you have a VA certificate to qualify for a home loan, individual lenders may have their own credit requirements before they'll extend a loan to you.  Use the Internet to find those lenders who are military-friendly, since they may be more likely to overlook a few of the slights on your credit report.

Myth 2:  You Need A Down Payment

Another myth that may be standing in the way of you making the decision to purchase the house is your misconception that you'll need a sizable down payment before you can get the home.  This is also untrue, since most VA loans do not require a down payment.  If one is required, it will usually be in cases where you haven't built up any credit at all, or have had a significant number of credit issues in recent years.

Don't let fears and myths keep you from getting the home you desire.  If you are a service member, go speak with VA home loan professional right away so you can get the ball rolling on purchasing the house of your dreams.

Share